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AMZN

Amazon.com, Inc.Close $255.36EOD only

Max Pain

$235.00

Next expiry Apr 24, 2026

Expected Move

±$4.67

1.8% from close

Price Gap

-20.36

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.59

Slightly call-heavy

Consensus

6.5/10

Range bias

Published snapshot: Apr 22, 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 22, 2026 close

AMZN Directional Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bias: modestly bullish — dealer-positive flow and large positive GEX are pinning spot into the near-term max-pain band near $245–$248 while spot sits modestly above MP; expect constrained upside toward $260 with reversion risk if broader market weakens.

Confidence:

7.5 / 10

Strong dealer GEX (~+$410M) and buy-skew flow, clustered max-pain at $245–$248, AMZN IV near its short-term average limiting option-cost frictions.

Supports: Positive dealer gamma, net bullish flow, clustered max-pain at $245–$248, AMZN-specific IV near recent average.
Conflicts: Spot above MP (pullback risk); broader market softness could overwhelm local pinning.

📌Dealer GEX ~+$410M and net positive dex are actively pinning into $245–$248 max-pain.

⚠️Spot modestly above MP — corrective reversion possible if risk-off resumes.

🔁Near-term guarded upside to ~$260 if flow continues; expiries can flip dynamics quickly.

Regime Classification

Vol Regime

Normal

AMZN IV near its 30-day average (no large dislocation), keeping option costs muted relative to recent history.

Gamma Regime

Pinning

Pinning regime — sizable positive GEX supporting mean-reversion into clustered max-pain; gamma flip well below spot (~$200).

Flow Regime

Bullish

Bullish net premium and skewed call-side/put-selling; dealers effectively long gamma and buying shares.

Spot vs Max Pain

Above

Spot sits modestly above multiple near-term max-pain pins ($238/$245/$248), creating upward pin pressure but elevated reversion risk.

Thesis duration: Event-specific — Pinning driven by near-term expiries and concentrated OI; effect likely decays after those expiries.

Price Range Forecast

Next 2 days

$251.62$258.55

Dealer pinning; 2d guardrails ~$252–$258

Next 1 week

$243.11$267.06

Flow supports upside; watch $245–$248 MP cluster for pin/reversion

Next 2 weeks

$234.11$276.06

Gamma supportive while expiries remain concentrated; weakness could test $234–$243

Key Levels

Max pain pins: $238 (2026-04-24); $248 (2026-04-27); $245 (2026-04-29)

EM guardrails: 2d $251.62/$258.55; 1w $243.11/$267.06

Support: $237.50 · $234.11

Resistance: $260.00 · $275.00 · $276.06

Gamma flip: ~$200.00 — Approx — based on put OI concentration of 35,592 (21.6% below spot)

Structural: 2d: $251.62/$258.55; 1w: $243.11/$267.06; structural support $237.50/$234.11; resist $260/$275–$276.06; clustered max-pain $238/$245/$248; gamma flip ~$200.

Dealer Positioning (GEX/DEX)

GEX: $+410.6M

DEX: +154.9M shares

Gamma flip: ~$200 (Approx — based on put OI concentration of 35,592 (21.6% below spot))

NTM gamma: Net positive GEX ~+$410M with net long dex; dealers long gamma near spot causing pinning into expiries; gamma flip distant (~$200).

IV Analysis

IV vs VIX: AMZN IV is in line with its 30-day historical mean; slightly cheaper than recent SPX/VIX moves, lowering premium drag on directional trades.

Term structure: Flat-to-gently upward term-structure with near-term kinks at immediate expiries (max-pain cluster), implying concentrated short-dated positioning.

Skew: Put-heavy OI below spot creates asymmetric dealer hedging; opportunity: sell short-dated premium against defined protection to collect decay while monitoring MP pins.

Flow Analysis

Net premium: Net premium reads bullish: calls account for ~65% of dollar flow and dominate open interest, while large front‑day put prints show hallmarks of hedges/pinning (high volume vs OI, same‑day expiries) and likely represent short/sell side risk management; weighting = volume*OI influence (calls > puts) -> overall bullish.

Directional prints: 22.7 call 257.5 OTM 2026-04-24 — Massive front‑month call buy/aggressive execution; clear directional call demand (bullish). 22.8 put 255 OTM 2026-04-24 — Very large same‑day put trades with high volume vs OI—characteristics of hedges or pinning (likely sell side), not long directional puts. 21.8 call 260 OTM 2026-04-27 — Significant multi‑day call flow supporting upside exposure; reinforces bullish read.

Unusual: 22.8 put 257.5 ITM 2026-04-24 — Extreme vol/OI (52x) and same‑day expiry—reads as aggressive hedge or liquidity sweep (sell side). 22.8 put 255 OTM 2026-04-24 — Huge intraday volume vs OI—consistent with short‑dated hedging/pin attempts rather than directional long puts. 22.7 call 257.5 OTM 2026-04-24 — Very large call volume and OI—primary source of bullish pressure.

Risks & Catalysts

!Broader market selloff overwhelms dealer pinning

!Expiries unwind leaving spot free to gap away from MP

!Unexpected AMZN-specific news or macro shock lifting IV and repricing hedges

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Strong	Sell 2026-06-18 $235.00/$225.00 put spread Why now: Dealer-positive flow and call dominance near 245–248; sell downside premium but keep short put below the pin band to avoid being ITM if spot pins ~245–248.	Broad market selloff or IV repricing can push below short put and widen losses
Bull call spread	Moderate	Buy 2026-06-18 $265.00/$275.00 call spread Why now: Directional call demand and concentrated open interest at 260–265 suggest upside; defined debit spread buys convexity with defined max loss.	IV increase around earnings raises debit or makes roll expensive
Cash-secured put	Moderate-Weak	Sell 2026-06-18 $250.00 cash-secured put Why now: Pinning into max-pain band and call-skew supports collecting premium near 250 while owning stock if assigned.	Sharp market drop or IV spike leads to assignment at an undesired level

Top Plays

Income put-credit (defined-risk)

Sell 2026-06-18 $235.00/$225.00 put spread

Sell 235/225 Jun put spread to collect premium while keeping short put below expected pin band; defined max loss if spot breaks down.

Why this play: Best risk/reward given dealer-positive flow and pin near $245–248 with limited upside.

Credit: $2.00-$2.45

Max loss: $7.55

BE: $232.55

Mgmt: If AMZN ≤237.5 buy back the 235/225 spread or roll down one 10-point leg (e.g., to 225/215) for additional premium; if Jun IV rises >30% vs entry, buy to close. Take 50% profit on premium if spread value falls to 25% of initial debit/credit received.

Traders wanting bullish income with capped risk and event-duration exposure.

Cash-secured put at 250

Sell 2026-06-18 $250.00 cash-secured put

Sell Jun 250 to collect premium and potentially acquire stock near pin band; directional income play.

Why this play: Highest premium and aligns with pinning to ~250 but carries large assignment risk.

Credit: $10.46-$12.79

Max loss: $237.21

BE: $237.21

Mgmt: If AMZN ≤245 buy to close the 250 put or roll down to 235 for same expiry to lower assignment risk; after earnings, close if implied vol >40% or stock <240. If assigned, set buy-stop at +5% above entry to limit immediate drawdown.

Investors happy to own AMZN at net cost basis and seeking yield.

Bull call spread 265/275

Buy 2026-06-18 $265.00/$275.00 call spread

Buy Jun 265/275 call spread to express modestly bullish thesis with defined loss.

Why this play: Directional upside play that limits debit risk if AMZN breaks toward 260–267.

Debit: $3.06-$3.74

Max loss: $3.74

BE: $268.74

Mgmt: Take 50% profit by selling the spread if AMZN ≥270; buy to close if AMZN ≤245; if AMZN ≤237.5 close immediately to limit further loss; if IV spikes >35% vs entry, evaluate closing for smaller loss.

Traders wanting upside exposure without unlimited risk.

Watchlist Triggers

Entry Triggers

IFIF AMZN trades between $245 and $260 before Jun expiry → THEN sell the 2026-06-18 235/225 put credit spread within entry premium $2.00–$2.45

IFIF AMZN trades between $244 and $250 and you want assignment → THEN sell the 2026-06-18 $250 cash-secured put within premium $10.46–$12.79

IFIF AMZN rallies above $260 toward $265–$270 → THEN buy the 2026-06-18 265/275 bull call spread within debit $3.06–$3.74

Adjustment Triggers

ADJIF AMZN ≤ $237.50 (invalidation) → THEN per leg: buy-to-close the 235/225 put credit spread at or below this level or roll down one strike and collect/sacrifice premium if liquidity/pricing allow; buy-to-close the 265/275 bull call spread if AMZN ≤ $262 or if time decay/IV make continuation uneconomic; for the $250 cash-secured put, close or roll down if AMZN ≤ $245 or if Jun IV >40% (use roll to next monthly or lower strike to reduce assignment risk).

Exit Triggers

EXITProfit or risk cut → THEN take profits and cut losers: for put credit spread, target exit when spread value ≤50% of initial credit (50% realized profit); for bull call spread, close at AMZN ≥ $270 or when spread value reaches desired profit (≈50% of initial debit); close the $250 put if AMZN ≤ $245, if assigned risk unacceptable, or if Jun IV >40%.

Tactical Summary

Modestly bullish into Jun expiry. Primary plan: defined-risk put credit for income, cash-secured put if willing to own stock, bull-call for directional upside. Respect defined per-leg invalidation levels and a consistent 50% profit target for partial exits; avoid trades if near-term IV >40%.

How to Use These Reports

This directional reflects the market close on April 23, 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.