On StockTwits.com this morning I posted the AAPL option max pain for the weekly Jan. 10 maturity.

$AAPL Max Pain = 550.00. Maturity = 01/10/2014. Previous close = 543.93.

Pete O. replied to me, saying he would like to see a 515 stock price as an entry point

@maximum_pain_cm would be a nice number to get in, don't think it will get down that low, thought I'm waiting & watching

The advice I gave Pete O was sell put options for the Jan. 10 expiration at the 515 strike. There are two possible outcomes from this strategy.

One, the stock goes to 515 or lower. The option exercises and Pete O. must buy AAPL stock at 515, which is the entry price he wanted. Plus, he already collected the option premium slightly reducing the cost of buying the stock.

Two, the stock price never reaches 515. The put options Pete O. wrote expire worthless. Pete keeps the premium he collected as profit.

If you identify a weekly strike price that you would like as an entry point to establish a long position, selling or writing puts is a strategy you can use. If Pete O. truly wants to establish a long, he can try selling puts the following week until he gets the long position he wanted.