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AMZN

Amazon.com, Inc.Close $268.46EOD only
Max Pain
$260.00
Next expiry May 22, 2026
Expected Move
±$3.56
1.3% from close
Price Gap
-8.46
Distance to max pain
IV Rank
16
Low premium
P/C OI
0.58
Slightly call-heavy
Consensus
9.0/10
Bullish tilt
Published snapshot: May 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
May 21, 2026 close
AMZN Directional Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bullish bias supported by strong positive GEX ($+389M) and bullish flow, with spot above max pain pinning at $260-$262. VIX at 17 suggests muted vol, favoring long positions. Key risk is spot 3.3% above MP, but dealers are long gamma, acting as stability anchor.

Confidence:
8.5 / 10
GEX/flow alignment (+2), GEX positive pinning (+1), VIX 17 boost (+1), offset by spot distance to MP (-0.5). Base 5 gives 8.5.
Supports: Strong GEX positive, bullish flow, low VIX, spot above MP pinning
Conflicts: Spot 3.3% above max pain, gamma flip far at $200
🟢GEX +$389M positive - dealers long gamma, pinning support near $260.
📈Bullish flow with spot above MP, VIX 17 boosts confidence.
⚠️Spot 3.3% above max pain - minor conflict but not critical.

Regime Classification

Vol Regime
Normal
IV in normal range; VIX at 16.76 consistent with typical levels.
Gamma Regime
Pinning
Gamma positive at $+389M, pinning near $260-$262 max pain. Strong dealer hedging support.
Flow Regime
Bullish
Net premium flow bullish, indicating call buying or put selling pressure.
Spot vs Max Pain
Above
Spot $265.29 is above the $260-$262 max pain pin, a bullish posture.
Thesis duration: Multi-week — Positive gamma and bullish flow suggest sustained bias beyond single events; VIX low supports multi-week carry. Key option expiries in coming days but structural tailwind from dealer positioning.

Price Range Forecast

Next 2 days
$264.89$272.02
Spot likely to test upper guardrail $272 with positive gamma.
Next 1 week
$262.73$274.18
Continued support from gamma pinning; target $274.
Next 2 weeks
$256.36$280.56
Wider range but bullish bias; resistance at $280.

Key Levels

Max pain pins: $260 (2026-05-22); $262 (2026-05-26); $262 (2026-05-27)
EM guardrails: 2d $264.89/$272.02; 1w $262.73/$274.18
Support: $260.00 · $256.36
Resistance: $275.00 · $280.56 · $290.00
Gamma flip: ~$200.00 — Approx — based on put OI concentration of 31,873 (25.5% below spot)
Structural: Support: $260 (max pain), $256 (2w low). Resistance: $272 (2d high), $275, $281 (2w high). Gamma flip at $200 far below.

Dealer Positioning (GEX/DEX)

GEX: $+389.3M

DEX: +139.6M shares

Gamma flip: ~$200 (Approx — based on put OI concentration of 31,873 (25.5% below spot))

NTM gamma: GEX +$389.3M positive, DEX +139.6M shares long gamma. Heavy put wall at $200 (gamma flip). Next-term dealers are net long gamma, pinning spot near $260-$262.

IV Analysis

IV vs VIX: IV near VIX levels, indicating no volatility premium. Normal regime.

Term structure: Term structure likely flat to slight contango, with no event kinks. Expiries this week and next.

Skew: Skew puts elevated relative to calls? Not specified. No clear vol arbitrage evident.

Flow Analysis

Net premium: Net $150M bullish, PC vol ratio 0.58 favoring calls.

Directional prints: 25 call 267.5 ITM 2026-05-27 — Vol/OI 52.9x, bought calls, bullish anticipation. 24 call 272.5 OTM 2026-05-27 — Vol/OI 11.4x, bought OTM calls, bullish speculation.

Unusual: 25.3 put 262.5 OTM 2026-05-22 — Vol 26439, vol/OI 6.0x, large put buying, bearish hedge. 22 put 267.5 OTM 2026-05-22 — Vol 9338, vol/OI 6.5x, bearish put activity.

Risks & Catalysts

!Spot could re-enter max pain pin if volume dries.
!Gamma flip at $200 (25% below) is distant but could accelerate if spot drops sharply.
!Bearish flow reversal would conflict with current positioning.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate-Strong
Buy 2026-06-18 $270.00/$280.00 call spread
Why now: Defined risk bullish spread aligned with positive gamma and call demand.
If spot fails to reach upper strike, premium decay hurts. Max loss at lower strike.
Put credit spreadModerate
Sell 2026-06-18 $250.00/$240.00 put spread
Why now: Low probability of breach below max pain support; premium decay benefits.
If spot drops sharply below short strike, losses are capped but significant.

Top Plays

#1
Bull Call Spread
Buy 2026-06-18 $270.00/$280.00 call spread
Buy 270/280 call spread, benefits from continued bullish momentum and vol expansion.
Why this play: Directly capitalizes on strong bullish flow and positive gamma; defined risk with upside leverage.
Debit: $3.53-$4.32
Max loss: $4.32
BE: $274.32
Mgmt: Close if spot falls below $260; consider early exit at 50% max gain.
Aggressive traders seeking high probability bullish trade.
#2
Put Credit Spread
Sell 2026-06-18 $250.00/$240.00 put spread
Sell 250/240 put spread, collects premium with low risk of assignment.
Why this play: Lower risk premium play, aligned with support at max pain and low vol; alternative for income.
Credit: $1.09-$1.33
Max loss: $8.67
BE: $248.67
Mgmt: Close if spot approaches $250; roll down if needed to defend.
Income-focused traders or those expecting range-bound price action.

Watchlist Triggers

Entry Triggers
IFIF spot remains above $260 and VIX < 20 → THEN buy 2026-06-18 $270/$280 call spread at $3.53-$4.32
IFIF spot stays above $260 without breaking $270 → THEN sell 2026-06-18 $250/$240 put spread at $1.09-$1.33
Exit Triggers
EXITIF spot drops below $260 → THEN close bull call spread to limit loss
EXITIF spot approaches $250 → THEN close put credit spread to defend

Tactical Summary

Bullish with support at $260; prefer bull call spread for momentum or put credit spread for income. Exit if key support breaks.
How to Use These Reports
This directional reflects the market close on May 21, 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.