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AMZN

Amazon.com, Inc.Close $253.79EOD only

Max Pain

$255.00

Next expiry Jun 5, 2026

Expected Move

±$3.64

1.4% from close

Price Gap

+1.21

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.64

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: Jun 4, 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

Jun 4, 2026 close

AMZN Directional Report

Analysis based on market close June 5, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

AMZN trades below max pain $255 with strong gamma pinning. Tech selloff caps upside but dealer hedging supports downside. Range-bound bias, slight bearish lean near term.

Confidence:

5 / 10

Base 5; gamma pinning +1, flow mixed -1, spot below MP -0.5, VIX 22 +0.5

Supports: Gamma pinning, dealer long gamma, max pain $255 across expiries
Conflicts: Tech selloff (QQQ -4.8%), spot below MP, mixed flow

🎯Max pain $255 across 3 expiries creates pinning magnet

📉Tech weakness (QQQ -4.8%) pressures AMZN

📊Range $240.74-$251.32 with gamma support at lows

Regime Classification

Vol Regime

Normal

Normal vol; VIX 21.5, IV likely in line.

Gamma Regime

Pinning

Pinning; GEX +$47M, dealers hedge upside moves.

Flow Regime

Mixed

Mixed; net premium neutral, put/call activity balanced.

Spot vs Max Pain

Below

Below; spot ~3.5% under $255 max pain, bearish tilt.

Thesis duration: Event-specific — Multiple near-term expirations with max pain concentration at $255, pin action likely through week.

Price Range Forecast

Next 2 days

$240.74$251.32

Tech headwinds, but gamma supports lower bound.

Next 1 week

$237.90$254.15

Grind toward $255 max pain, resistance above.

Next 2 weeks

$232.95$259.10

If tech stabilizes, upside to $259.1 resistance.

Key Levels

Max pain pins: $255 (2026-06-05); $255 (2026-06-08); $255 (2026-06-10)

EM guardrails: 2d $240.74/$251.32; 1w $237.90/$254.15

Support: $232.95

Resistance: $250.00 · $255.00 · $259.10

Structural: Max pain $255 (6/5,6/8,6/10). Support $232.95. Resistance $250, $255, $259.1.

Dealer Positioning (GEX/DEX)

GEX: $+47.2M

DEX: +112.5M shares

Gamma flip: N/A

NTM gamma: Dealers net long gamma (+$47M GEX, +112M shares DEX), hedging upside moves.

IV Analysis

IV vs VIX: AMZN IV roughly in line with VIX given normal vol regime.

Term structure: Flat to contango; no major event kinks near term.

Skew: Skew relatively flat; no clear vol arbitrage opportunity.

Flow Analysis

Net premium: Net premium -$109.5M (net selling), P/C vol 0.52 (calls dominate) but OI 0.64, bearish flow.

Directional prints: 50.6 put 230 OTM 2026-06-08 — Vol/OI 25.9x; OTM put bought, bearish bet or hedge. 51.9 put 270 ITM 2026-06-10 — Vol/OI 20.3x; ITM put bought with high IV, bearish.

Unusual: 24.8 call 247.5 OTM 2026-06-08 — Vol/OI 18.6x; ITM call, low IV, possibly sold or bought for gamma. 25.4 put 252.5 ITM 2026-06-08 — Vol/OI 17.1x; OTM put, unusual activity near spot. 39.8 call 240 ITM 2026-06-08 — Vol/OI 13.8x; ITM call, high IV, aggressive buying.

Risks & Catalysts

!Further tech selloff broadening (QQQ -4.8% trend)

!Break below support $240.74

!Failure to reach max pain $255, leading to capitulation

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-08-21 $250.00/$230.00 put spread Why now: AMZN pinned below $255 max pain; bear put spread captures downside with defined risk.	Upside risk if tech rally; defined loss limited to debit paid.
Iron condor	Moderate	Sell 2026-08-21 $220.00/$200.00 put wing and $295.00/$320.00 call wing Why now: Strong put OI walls; iron condor harvests premium in low vol expectation.	Tail risk if break beyond wings; undefined loss on tails but defined via long wings.

Top Plays

Bear put spread on AMZN

Buy 2026-08-21 $250.00/$230.00 put spread

Buy the 250/230 put spread expiring 8/21 to profit from a decline below max pain.

Why this play: Directly profits from bearish bias near term; captures downside with defined risk. Flow confirms bearish positioning with OTM put buying.

Debit: $7.94-$9.71

Max loss: $9.71

BE: $240.29

Mgmt: Exit if AMZN breaks above 250 invalidation; take profit at 230 or 50% gain.

Traders expecting a continued slide or hedged downside.

Iron condor on AMZN

Sell 2026-08-21 $220.00/$200.00 put wing and $295.00/$320.00 call wing

Sell the 220/200 put wing and 295/320 call wing expiring 8/21.

Why this play: Neutral range-bound thesis supported by gamma pinning; harvests premium in low volatility.

Credit: $5.04-$6.16

Max loss: $18.84

BE: 213.84 / 301.16

Mgmt: Close if either wing is breached; manage at 50% max gain.

Traders expecting AMZN to stay within 220-295 range.

Watchlist Triggers

Entry Triggers

IFAMZN breaks below support $232.95 → Enter bear put spread: buy 230/210 put spread Aug21

IFAMZN trades between $232.95 and $250 for 2 days → Enter iron condor: sell 220/200 put wing and 295/320 call wing Aug21

Exit Triggers

EXITAMZN rises above $250 → Exit bear put spread: close 230/210 put spread

EXITAMZN breaches below $220 or above $295 → Exit iron condor: close iron condor positions

Tactical Summary

Prefer bear put spread (buy 230/210 put spread) on downside break below $232.95; iron condor in range $232.95-$250. Risk: tech selloff broadens or fails to breach $255. Manage with invalidation at $250 for bear spread.

How to Use These Reports

This directional reflects the market close on June 5, 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.