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AMZN

Amazon.com, Inc.Close $249.91EOD only
Max Pain
$245.00
Next expiry Apr 22, 2026
Expected Move
±$4.03
1.6% from close
Price Gap
-4.91
Distance to max pain
IV Rank
40
Middle-high premium
P/C OI
0.58
Slightly call-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Apr 21, 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 21, 2026 close
AMZN Directional Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bias bullish-to-neutral: large positive dealer GEX and sustained buy flow support continued pinning near max-pain $245–$248, keeping AMZN rangebound ~$250–$261 short term; upside toward $275 requires persistent inflows or vol-driven breakout.

Confidence:
8 / 10
Raised by sustained positive dealer gamma (+$526M) and three weeks of net buy flow; tempered by spot ~3.2% above MP and gamma flip far below current levels.
Supports: Dealer GEX +$526M; three consecutive weeks of net buy flow (~+156.7M shares equivalent); max-pain cluster $245–$248.
Conflicts: Spot ~3.2% above MP; gamma flip near ~$200 creates asymmetric downside if flow reverses.
📌Max-pain $245–$248 is primary pin target over the next 2–6 weeks.
🟢Dealer GEX +$526M and sustained buy flow imply continued pinning absent a large outflow.
⚠️Gamma flip ~200 — a sudden flow reversal or IV spike can unpin price quickly.

Regime Classification

Vol Regime
Normal
IV roughly in line with VIX (~19) — neither rich nor deeply cheap versus market; front-dated skew offers localized premium opportunities.
Gamma Regime
Pinning
Pinning regime: concentrated put OI below spot and large positive dealer GEX keep spot tethered to MP; gamma flip ~200 remains a distant downside trigger.
Flow Regime
Bullish
Net bullish premium and equity inflows for ~3 consecutive weeks; current dealer hedging indicates continuation through the next 2–3 expiries (≈30–45 days) unless institutional selling occurs.
Spot vs Max Pain
Above
Spot ~3.2% above MP, favoring mild mean reversion toward $245–$248 but rangebound while inflows persist.
Thesis duration: Multi-week — Sustained multi-week buy flow and entrenched dealer positive gamma expected to persist across the next 2–3 expiries (~30–45 days); key break triggers: >$50–100M net sell flow in a day, IV front-month jump >30%, or a major earnings/macro shock.

Price Range Forecast

Next 2 days
$250.69$260.03
Pinning near $250–$260; watch intraday flow for unpinning signals.
Next 1 week
$249.07$261.65
Max-pain $245–$248 exerts pull; $249–$261 likely range unless sustained new inflows appear.
Next 2 weeks
$235.14$275.59
If buy flow persists, upper band to ~$275; otherwise range expands toward $235 on flow reversal.

Key Levels

Max pain pins: $248 (2026-04-22); $235 (2026-04-24); $245 (2026-04-27)
EM guardrails: 2d $250.69/$260.03; 1w $249.07/$261.65
Support: $247.50 · $235.14
Resistance: $260.00 · $275.00 · $275.59
Gamma flip: ~$200.00 — Approx — based on put OI concentration of 35,855 (21.7% below spot)
Structural: 2d guardrails $250.69/$260.03; 1w $249.07/$261.65; supports $247.5 & $235.14; resistances $260 & $275; max-pain $245–$248; gamma flip ≈$200.

Dealer Positioning (GEX/DEX)

GEX: $+526.4M

DEX: +156.7M shares

Gamma flip: ~$200 (Approx — based on put OI concentration of 35,855 (21.7% below spot))

NTM gamma: Dealer GEX +$526.4M, concentrated put OI below spot, DEX-equivalent inflow +156.7M shares; positive gamma expected to persist near-term, flip risk remains around ~$200.

IV Analysis

IV vs VIX: IV is roughly in line with VIX (~19) — not particularly rich, so broad premium selling is less attractive; however concentrated short-dated put demand skews premium below spot, creating targeted selling opportunities.

Term structure: Flat-to-slightly-backwardated front-end; no major event kinks—front-month dominates hedging flows, supporting short-dated pin behavior.

Skew: Put-heavy skew below spot suggests opportunity to sell very short-dated skewed puts or structured put spreads for income if willing to accept pin risk and defined downside.

Flow Analysis

Net premium: Call-heavy: call volume = 147,000 (101k @255C + 46k @252.5C), put volume = 30,000 (30k @252.5P). P/C vol = 30k/147k = 0.20, supporting net bullish premium skew toward calls.

Directional prints: 34 call 255 ITM 2026-04-22 — 101k vol vs 7.3k OI — aggressive same-day sweep (buyer-initiated) at market, strong bullish directional bet. 34.4 call 252.5 ITM 2026-04-22 — 46k near-term call flow, marked as buyer-initiated sweep/roll, reinforces upside pinning. 10.5 put 252.5 OTM 2026-04-22 — 30k put volume, labeled as dealer sell/hedge flow (likely fills against call demand), not primary directional driver.

Unusual: 36.6 call 380 OTM 2027-01-15 — High vol/OI ratio — speculative long-dated call buys or structured. 2.7 put 255 OTM 2026-04-22 — Large same-day put prints identified as open-interest-increasing sweep (trade price not supplied). 87.5 put 180 OTM 2026-05-01 — Deep OTM May puts with extreme IV — tail-hedge or volatility play.

Risks & Catalysts

!Abrupt flow reversal or large institutional selling that flips dealer GEX and unpins price.
!Front-month IV spike (macro or company event) that overwhelms dealer hedges and breaks range.
!Rapid move toward gamma flip (~$200) which would steepen downside gamma and accelerate declines.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Put credit spreadModerate-Strong
Sell 2026-05-08 $240.00/$225.00 put spread
Why now: Call-heavy flow and dealer GEX support rangebound/pinned upside; defined-risk vertical collects theta with margin for small pullbacks.
IV spike or large downside institutional sell that unpins range and pressures short puts.
Bull call spreadModerate
Buy 2026-05-15 $257.50/$272.50 call spread
Why now: Flows favor calls; buying defined upside exposure captures continuation without naked upside risk.
Breakout requiring larger size or IV rise makes spread expensive; limited upside if no breakout.
Cash-secured putModerate
Sell 2026-05-22 $245.00 cash-secured put
Why now: Pinning near 245–248 and strong call flow makes collecting premium and acquiring stock at target attractive.
Downside gap past strike or IV surge prior to expiration increases assignment risk.
Call diagonalModerate-Weak
Sell 2026-05-08 $257.50 call / buy 2026-06-18 $265.00 call
Why now: Front-month call flows are heavy and near-term IV is rich vs back month; calendar sells short DTE exposure while retaining longer upside exposure across earnings window.
Front-month IV spike or sharp move invalidates short leg; requires monitoring across earnings.

Top Plays

#1
Front-month call sell / back-month buy (calendar)
Sell 2026-05-08 $257.50 call / buy 2026-06-18 $265.00 call
Collect front-week premium, retain upside into multi-week window to profit if price pins 245–261 while IV normalizes
Why this play: Highest edge from heavy short-dated call flow and rich near IV vs back month
Debit: $1.17-$1.43
Max loss: $1.43
BE: Path-dependent
Mgmt: Close or roll if price breaks above 272 or if front IV collapses; buy back if abrupt sell flow flips dealer GEX
Traders seeking defined limited-risk income with longer upside view
#2
Put credit spread 240/225
Sell 2026-05-08 $240.00/$225.00 put spread
Sell OTM put spread to collect theta while keeping cushion for small pullbacks
Why this play: Defined-risk income that benefits from pinned range and dealer GEX supporting upside
Credit: $2.48-$3.03
Max loss: $11.97
BE: $236.97
Mgmt: Trim or buy back if price drops toward 240 or IV spikes; stop if invalidation 247.5 breached heavily
Income-focused traders wanting limited risk
#3
Bull call spread 257.5/272.5
Buy 2026-05-15 $257.50/$272.50 call spread
Buy defined upside to capture breakout toward 275 without naked risk
Why this play: Directional asymmetric upside exposure aligned with call-heavy flow
Debit: $4.97-$6.08
Max loss: $6.08
BE: $263.58
Mgmt: Take profits into 275 or if flow/IV stalls; cut if price falls below 247.5
Directional bulls preferring capped risk

Watchlist Triggers

Entry Triggers
IFIF AMZN remains inside $245–261 for next 5 trading days → THEN enter amzn_calendar_call_01: sell 2026-05-08 $257.50 call / buy 2026-06-18 $265.00 call within entry price $1.17–$1.43; suitability: defined-risk income, max loss ≈ premium paid + slippage, margin per account rules
IFIF AMZN pins inside $245–261 and theta income desired → THEN enter amzn_put_credit_spread_01: sell 2026-05-08 240/225 put spread within $2.48–$3.03; suitability: limited-risk credit, max loss = spread width − credit received
IFIF bullish directional conviction and willing to pay debit → THEN enter amzn_bull_call_spread_01: buy 2026-05-15 257.5/272.5 call spread within $4.97–$6.08; suitability: directional bullish, max loss = premium paid
IFIF willing to be assigned near max-pain within $245–261 → THEN enter amzn_cash_secured_put_01: sell 2026-05-22 $245 put within $6.44–$7.87; suitability: cash-secured, capital required = strike × 100 per contract
Adjustment Triggers
ADJIF AMZN > $272 → THEN close or roll amzn_calendar_call_01 and trim/roll bull call into strength per risk limits
Exit Triggers
EXITIF AMZN closes decisively below $247.50 OR implied vol rises >30% vs prior 5-day avg OR IV rank >80 → THEN buy back credit spread, buy back calendar, cut bull call and unwind cash-secured put as risk-control

Tactical Summary

Bias bullish-to-neutral: dealer GEX and buy flow favor pinning $245–261; favor defined-income calendars/credit spreads and capped bull-call exposure; exit on decisive breach below $247.50, IV >30% vs 5-day avg or IV rank >80, or price >$272 requiring rolls.
How to Use These Reports
This directional reflects the market close on April 22, 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.

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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.