Apple shares are at all-time highs, but if you missed out on the rally there might be a way to play the mega-cap tech name for less.

On CNBC's "Fast Money" on Tuesday, Dan Nathan of RiskReversal.com offered a stock replacement strategy on the stock. "You may want to consider a defined risk strategy, and that's buying a call. Options prices are relatively cheap in Apple right now," he said.

In other words, Nathan is suggesting that investors may not want to buy the stock outright, but turn to buying options calls instead that would take them through Apple's earnings and define their risk.

One trade Nathan said investors can do is buy the May 145-strike call for a total of $3.75, expiring May 19. The trade's breakeven point is at $148.75, meaning that if Apple were to close over 3 percent from Wednesday's levels, the trade would see a profit.

"This is a stock that on earnings over the last few years has moved about 5 percent in either direction," added Nathan. "So this is one way to continue to play the momentum, define your risk to the downside."

Apple has rallied about 24 percent year to date.