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AMZN

Amazon.com, Inc.Close $250.56EOD only
Max Pain
$240.00
Next expiry Apr 20, 2026
Expected Move
±$4.03
1.6% from close
Price Gap
-10.56
Distance to max pain
IV Rank
100
High premium
P/C OI
0.59
Slightly call-heavy
Consensus
6.0/10
Neutral tilt
Published snapshot: Apr 17, 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 17, 2026 close
AMZN Earnings Report
Analysis based on market close April 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

High-confidence pinning setup into AMZN earnings with bullish flow and concentrated put OI below spot; implied move modest vs structural levels.

Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.3% from MP; +0.5 VIX 19; override: Derived from provided breakdown and flow alignment
Most important: Pinning/gamma concentration ~19% put OI below spot supporting $240–$248 pin range
📌Pinning concentrated at $240–$248 with strong call prints and put OI below spot
⚠️Beat history (75%) supports bullish tilt but miss risk can trigger amplified downside

Regime Classification

Vol Regime
Normal
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
At
Gamma flip: ~$200.00 — Approx — based on put OI concentration of 36,070 (19.4% below spot)

Earnings Overview

Next earnings: 2026-04-29 (9 days)explicit

Expected moves:

  • 2026-04-22 (2d): ±$4.70 (1.9%)
  • 2026-04-24 (4d): ±$6.88 (2.8%)
  • 2026-04-27 (7d): ±$8.08 (3.3%)

IV Setup

Term structure: Front-week IV elevated into earnings, near-term spikes vs 1w/1m moderate

Crush estimate: Expected post-earnings IV drop ~35–45% of pre-earnings front-week IV (AMZN recent events avg ~40%)

Skew: Put skew pronounced short-dated around $240; call interest at $247–$255

Historical Context

Beat rate: 75% (3/4 quarters)

Avg move vs expected: Historical moves similar/slightly below model; expected move 1.9–3.3% pre-event

Directional bias: 75% beat rate historically; lean bullish but not guaranteed

Key Levels

1$200.00 gamma flip
2EM guardrails: 2d $243.58/$252.98; 1w $240.20/$256.35
3Max pain pins: $248 (2026-04-20); $240 (2026-04-22); $230 (2026-04-24)

Flow Highlights

Large same-day call prints and heavy front-week put OI concentrations

Dealer gamma/pinning pressure centered $240–$248 likely to compress spot between now and earnings

Strategies

Earnings call diagonal
Sell 2026-05-01 $255.00 call / buy 2026-06-18 $265.00 call
Debit: $1.17-$1.43
Max loss: $1.43
Max gain: Variable
BE: Path-dependent
Trigger: Close or roll short leg pre-close if OI/rolls break $240–$248 pin; trim if stock >$255 pre-announce or IV collapses post-print
Captures rich front-week IV, limits downside vs naked short and exploits term-structure gap
Outperforms: Sell 5/1 $255 call, buy 6/18 $265 call to collect premium into earnings while keeping long tail protection and positive theta after crush
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Front-week short strangle
Sell 2026-05-01 $230.00 put + sell $265.00 call
Credit: $5.93-$7.25
Max loss: Unlimited
Max gain: $7.25
BE: 222.75 / 272.25
Trigger: Use tight size, buy hedges or roll if broken toward $240–$248 or if heavy call buying/rolls appear; cut if stock breaches short call materially pre-close
Highest premium; benefits from pinning and concentrated put OI but carries unlimited upside risk
Outperforms: Sell 5/1 $230 put and $265 call to harvest front-week IV compression into earnings
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Disappointing revenue or softenings in AWS/advertising guidance -> sharp downside beyond put floor
!Large options roll/rollout into higher strikes could unwind pin and push realized vol
!Earnings-related post-announce guidance or margin commentary can trigger outsized skew shifts despite concentrated OI

What to Watch

?Company guidance language on AWS growth and ad spend (beat vs guide)
?Earnings EPS components: AWS revenue, North America ads, operating margin commentary
?Options roll activity and OI shifts at $240–$248 strikes and front-week expiries pre-close
How to Use These Reports
This earnings reflects the market close on April 20, 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.