Home Options AMZNReports

AMZN

Amazon.com, Inc.Close $250.56EOD only

Max Pain

$240.00

Next expiry Apr 20, 2026

Expected Move

±$4.03

1.6% from close

Price Gap

-10.56

Distance to max pain

IV Rank

100

High premium

P/C OI

0.59

Slightly call-heavy

Consensus

6.0/10

Neutral tilt

Published snapshot: Apr 17, 2026 close

End-of-day snapshot

This page reflects AMZN options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Apr 17, 2026 close

AMZN Directional Report

Analysis based on market close April 20, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

Lean bullish: AMZN is pinned near $248 with dealer long-gamma and net bullish flow supporting mean-reversion into the $243–253 short window and upside into $256+ next week; conviction high but fragile if large downside prints breach $240 support.

Confidence:

9 / 10

Strong positive dealer GEX (+$292.7M) and DEX (+144.8M shares), spot ~At MP/pin, normal IV, VIX ~19; price ranges narrow near pin.

Supports: Dealer GEX +292.7M, DEX +144.8M shares, spot ~MP ($248), compact 2d range $243.6–$253
Conflicts: Gamma flip far below (~$200) limits dealer support in a sharp selloff; broader market weakness (SPY/QQQ slightly negative) could widen ranges

📌Pin at $248 reinforced by option OI and dealer positioning

🟢Positive short-term mean-reversion into $243–$253; next-week upside to $256+ if holds

⚠️Gamma flip ~200 implies limited dealer support under large downmoves

Regime Classification

Vol Regime

Normal

Normal IV vs market (VIX ~18.9) — no elevated event premium.

Gamma Regime

Pinning

Pinning regime: concentrated near-term OI pins $248; dealer GEX large positive, gamma flip ~200 well below spot.

Flow Regime

Bullish

Net bullish flow (put selling/ call buying skew) supports dealer short-delta hedging that buys spot into dips.

Spot vs Max Pain

Spot at/near MP (~0.3% from pin) — high likelihood of short-term pin/stability unless breached.

Thesis duration: Multi-week — Sustained dealer positioning and OI concentrations create multi-week pin/mean-reversion unless macro selloff pushes toward gamma flip.

Price Range Forecast

Next 2 days

$243.58$252.98

Dealer GEX/MP pinning likely keeps price inside 2d guardrails

Next 1 week

$240.20$256.35

Momentum and flow needed to clear resistance at $250–$256

Next 2 weeks

$227.65$268.90

Holds above $240 keeps trend; breach risks deep pullback toward $228–$230

Key Levels

Max pain pins: $248 (2026-04-20); $240 (2026-04-22); $230 (2026-04-24)

EM guardrails: 2d $243.58/$252.98; 1w $240.20/$256.35

Support: $247.50 · $227.65

Resistance: $250.00 · $260.00 · $268.90

Gamma flip: ~$200.00 — Approx — based on put OI concentration of 36,070 (19.4% below spot)

Structural: Key pins: $248 (4/20), $240 (4/22), $230 (4/24). Structural guardrails: 2d $243.58/$252.98; 1w $240.20/$256.35. Support cluster: 247.5, 227.65; resistance: 250, 260, 268.9. Gamma flip ~200.

Dealer Positioning (GEX/DEX)

GEX: $+292.7M

DEX: +144.8M shares

Gamma flip: ~$200 (Approx — based on put OI concentration of 36,070 (19.4% below spot))

NTM gamma: GEX +$292.7M, DEX +144.8M shares; near-term dealer buy-the-dip hedging dominant; gamma flip ~ $200 (put OI concentrated ~19.4% below spot).

IV Analysis

IV vs VIX: AMZN IV is in line with VIX (normal) — option premium not richly priced, favors directional/hedged stock plays over pure vol buys.

Term structure: Term structure flat-to-slightly-sloped; short-dated expiries show kinks at pinned dates (concentrated OI around 4/20–4/24).

Skew: Modest put-heavy skew below spot; opportunity to sell premium or structure call-overlap/put-spread income while dealer gamma supports dips.

Flow Analysis

Net premium: Flow shows heavier call activity in the listed prints; no verified aggregate net premium or P/C ratio provided.

Directional prints: 11.8 call 247.5 ITM 2026-04-20 — High intraday volume vs OI (vol/oi elevated) consistent with aggressive call buying or call-spread activity; buyer/seller side not confirmed. 7 call 250 OTM 2026-04-20 — Significant volume and notable OI suggests directional call accumulation or roll; cannot confirm intent or counterparty. 12.1 put 245 OTM 2026-04-20 — Large put flow present; plausible hedge or speculative put buying, but trade-level details (buyer/seller, timestamp) are absent.

Unusual: 54.9 call 242.5 ITM 2026-04-20 — Very high IV with small OI and short-term volume — hypothesis: one-off speculative buy or structured trade; buyer/seller unknown. 54.6 call 247.5 ITM 2026-05-01 — Elevated IV for near-term May expiry with limited OI — hypothesis: directional longer-dated speculation or part of multi-leg; unconfirmed.

Risks & Catalysts

!Macro selloff widening ranges and flipping dealer gamma support

!Breaches of $240/$230 which would invalidate near-term pin

!Sudden IV spike around earnings or surprise news increasing hedging costs

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Strong	Sell 2026-05-08 $235.00/$225.00 put spread Why now: Pin near $248, dealer long-gamma and bullish flow support mean-reversion; defined-risk put spread profits if $240–$255 holds into May expiries.	Macro-driven gap below $240 or IV spike around news could widen losses/hedging costs.
Bull call spread	Moderate	Buy 2026-05-08 $260.00/$275.00 call spread Why now: Call-heavy flow and mean-revert bias support upside; defined-risk spread reduces capital and vega exposure vs naked long call.	Earnings or macro shock could spike IV and move price below short strike, reducing spread payoff.
Cash-secured put	Moderate-Weak	Sell 2026-05-15 $235.00 cash-secured put Why now: If willing to own AMZN on weakness, sell put slightly below current pin to capture premium and target entry ~$243–$245.	Assignment into a gap lower or IV spike; macro selloff can widen losses before entry.

Top Plays

Short put spread (May 8 235/225)

Sell 2026-05-08 $235.00/$225.00 put spread

Sell 235/225 put spread to collect premium while limiting downside; expresses mean-revert/bullish dealer-gamma backdrop.

Why this play: Defined-risk income that profits if pin holds near $248 and $240 support remains intact; best risk-adjusted play vs earnings-week vega.

Credit: $2.01-$2.45

Max loss: $7.55

BE: $232.55

Mgmt: Entry near quoted band; tighten or buy back if price prints below $240 or IV spikes; roll wider/later if held into earnings only with clear support.

Traders seeking limited-risk income with multi-week bullish tilt.

Bull call spread (May 8 260/275)

Buy 2026-05-08 $260.00/$275.00 call spread

Buy 260/275 call spread to capture upside to ~275 while limiting cost and vega sensitivity.

Why this play: Directional upside exposure aligned with call-heavy flow but with capped risk and lower vega than long calls.

Debit: $3.16-$3.87

Max loss: $3.87

BE: $263.87

Mgmt: Scale in on pullbacks; trim or close if price fails to hold $243 or if IV jumps pre-earnings.

Buy-and-trend traders who want bullish leverage without naked-call vega.

Cash-secured put (May 15 235)

Sell 2026-05-15 $235.00 cash-secured put

Sell 235 cash-secured put to target ownership near $235–$245 while earning premium.

Why this play: Collects the largest premium but carries large assignment risk and asymmetric loss if support breaks.

Credit: $4.75-$5.80

Max loss: $229.20

BE: $229.20

Mgmt: Avoid if macro selloff risk rises; buy back if breach of $240/$230 or IV spikes before earnings.

Investors willing to own AMZN at ~235 and hold through volatility.

Watchlist Triggers

Entry Triggers

IFIF AMZN trades inside 2d band $243.58–$252.98 and remains >$240 → THEN enter s1: sell 2026-05-08 235/225 put spread (target fill 2.01–2.45, size X contracts)

IFIF AMZN clears and holds >$250 with follow-through toward $256 → THEN enter s2: buy 2026-05-08 260/275 call spread (target fill 3.16–3.87, size Y contracts)

Adjustment Triggers

ADJIF IV30 rises >20% vs 5-day average or IV30 absolute >30% or AMZN prints <$240 → THEN for s1: buy back 50% size immediately; buy back remaining 100% if IV30>30% or price <235. For s2: trim 50% if IV30>20%; close remaining 100% if price reverses and closes <245 for 2 sessions

Exit Triggers

EXITIF structural support fails — print < $230 or close below $227.65 → THEN close/stop out remaining s1 and s2 immediately; do not initiate new short/defined-risk sells until price sustains >$240 for 5 trading days

Tactical Summary

Lean bullish: primary play is defined-risk s1 (put spread) as mean-reversion into $243–$253; s2 is directional upside; adjust by IV30 thresholds (>20% trim 50%; >30% close) and price cutoffs (<240 partial, <235 full for s1; <230 full stop).

How to Use These Reports

This directional reflects the market close on April 20, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.