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AMZN

Amazon.com, Inc.Close $244.39EOD only

Max Pain

$240.00

Next expiry Jun 22, 2026

Expected Move

±$4.29

1.8% from close

Price Gap

-4.39

Distance to max pain

IV Rank

100

High premium

P/C OI

0.63

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: Jun 18, 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 18, 2026 close

AMZN Directional Report

Analysis based on market close June 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

AMZN below max pain $240 with dealer gamma pinning (GEX +$18.6M). Spot -3% from MP, VIX 17. Normal vol supports mean-reversion toward $240. Mixed flow keeps bias neutral-bullish near support $227.26. Thesis: grind higher into OPEX pin.

Confidence:

5.5 / 10

Base 5; +1 GEX pinning; -1 mixed flow contradict; -0.5 spot 3% below MP; +1 VIX 17. Net 5.5.

Supports: Gamma pinning $240, dealer long gamma, VIX support, EM guardrails $227.26-$238.32.
Conflicts: Spot below MP, mixed flow, negative market sentiment (SPY -0.31%).

📌Max pain $240 magnetic; spot -3% below. Gamma pinning pulls toward $240.

⚖️Dealer GEX $+18.6M, no flip nearby, supports range-bound trading.

🌪️VIX 17 elevated vs normal vol regime, may contract. Watch vol crush.

Regime Classification

Vol Regime

Normal

IV Normal, consistent with VIX 17. Moderate, not extreme.

Gamma Regime

Pinning

Gamma Pinning: dealer long gamma ($+18.6M) near $240, no flip risk within 30%.

Flow Regime

Mixed

Mixed: put/call premium balanced, no directional conviction.

Spot vs Max Pain

Below

Spot $232.20, -3.0% below max pain $240, below EM guardrails.

Thesis duration: Event-specific — OPEX expiry 6/22 with max pin $240 and dealer gamma pinning creates event-specific mean-reversion opportunity.

Price Range Forecast

Next 2 days

$227.26$238.32

Pin toward $240; range $227.26-$238.32.

Next 1 week

$224.06$241.51

OPEX drift; support $224.06, resistance $241.51.

Next 2 weeks

$218.89$246.69

Wider range $218.89-$246.69; post-OPEX uncertainty.

Key Levels

Max pain pins: $240 (2026-06-22); $240 (2026-06-24); $242 (2026-06-26)

EM guardrails: 2d $227.26/$238.32; 1w $224.06/$241.51

Support: $218.89

Resistance: $240.00 · $246.69 · $250.00

Structural: Max pain: $240 (6/22,6/24,6/26). EM: 2d $227.26/$238.32; 1w $224.06/$241.51. Support $218.89. Resistance $240,$246.69,$250.

Dealer Positioning (GEX/DEX)

GEX: $+18.6M

DEX: +97.5M shares

Gamma flip: N/A

NTM gamma: GEX +$18.6M (long gamma), DEX +97.5M shares. No gamma flip within 30% below spot. Dealers positioned to pin near $240.

IV Analysis

IV vs VIX: IV near VIX 17, fair. No over/undervaluation.

Term structure: Likely contango typical of normal vol; check events.

Skew: Put skew elevated from market drop; gamma pinning reduces panic. Sell puts near $227.

Flow Analysis

Net premium: Net premium -$28.1M with P/C vol ratio 0.45 (call-heavy) but put premium large due to deep ITM put activity.

Directional prints: 113.3 put 267.5 ITM 2026-06-24 — Vol/OI 20.1, high IV 113%. Bought likely as directional bearish hedge; sold possible but less probable. Preferred read: bought. 9 call 235 OTM 2026-06-22 — Vol/OI 171.8, extremely high. Bought speculative calls; sold unlikely given low premium. Preferred read: bought. 9.9 call 232.5 ITM 2026-06-22 — Vol/OI 169.6, very high. Bought for upside speculation; sold minimal. Preferred read: bought.

Unusual: 9 call 235 OTM 2026-06-22 — Vol/OI 171.8, massive volume vs OI. Bought speculative; sold unlikely. Preferred read: bought. 9.9 call 232.5 ITM 2026-06-22 — Vol/OI 169.6, extreme. Bought for rapid upside; sold minimal. Preferred read: bought. 113.3 put 267.5 ITM 2026-06-24 — Vol/OI 20.1, high IV 113%. Deep ITM put bought as bearish bet or hedge; sold possible but less likely. Preferred read: bought.

Risks & Catalysts

!Spot may continue lower if SPY weakness persists.

!Vol crush if VIX drops sharply.

!OPEX pin may fail if large flow disrupts.

!Macro catalyst (e.g., Fed, earnings) could break range.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-07-10 $240.00/$250.00 call spread Why now: Bullish bias into OPEX, defined risk, cheap premium with call-heavy flow.	Spot breaks below $235; rally fizzles before OPEX.
Put credit spread	Moderate	Sell 2026-07-10 $225.00/$215.00 put spread Why now: Support holds into OPEX; call-heavy flow and gamma pin provide downside cushion.	SPY weakness drags AMZN below $225; max loss on spread.
Call diagonal	Conditional	Sell 2026-07-10 $245.00 call / buy 2026-08-21 $255.00 call Why now: IV elevated near OPEX; back-month cheap relative to realized vol. Neutral-bullish with defined risk.	Sell leg expires OTM and back-month loses value; vol crush hurts long leg.

Top Plays

OPEX Bull Call Spread

Buy 2026-07-10 $240.00/$250.00 call spread

Captures upside to $250 near OPEX with limited cost.

Why this play: Best aligns with neutral-bullish grind higher thesis; defined risk, cheap premium from call-heavy flow.

Debit: $2.15-$2.62

Max loss: $2.62

BE: $242.62

Mgmt: Exit at 50% profit or before OPEX; stop if spot breaks $218.89.

Traders expecting gradual rise to max pain $240+

Call Diagonal Calendar

Sell 2026-07-10 $245.00 call / buy 2026-08-21 $255.00 call

Sells front-month call, buys later call for net credit.

Why this play: Leverages elevated short-term IV and cheaper back-month vol.

Debit: $3.87-$4.74

Max loss: $4.74

BE: Path-dependent

Mgmt: Close if front-month ITM; hold back-month for trend.

Traders expecting near-term consolidation then later rally

Watchlist Triggers

Entry Triggers

IFAMZN holds above $227.26 (2d EM low) with volume confirmation → Enter bull call spread: buy 2026-07-10 $240/$250 call spread within 2.15-2.62

IFAMZN stays above $218.89 support and declines stall near $225 → Sell 2026-07-10 $225/$215 put credit spread for 1.81-2.21

Adjustment Triggers

ADJFront-month $245 call goes ITM before OPEX → Roll call diagonal: close front-month leg, hold back-month or close entire position

Exit Triggers

EXITAMZN breaks below $218.89 invalidation level → Close all bullish positions; exit call spread and put credit spread at market

Tactical Summary

Neutral-bullish grind higher into OPEX pin. Key support $218.89, resistance $240 (max pain). Favor bull call spread (rank 1) if spot holds above $227.26, or put credit spread (rank 2) for downside protection. Risk: SPY weakness or OPEX pin failure. Manage positions if invalidation level breaks.

How to Use These Reports

This directional reflects the market close on June 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.

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.