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AMZN

Amazon.com, Inc.Close $249.91EOD only
Max Pain
$245.00
Next expiry Apr 22, 2026
Expected Move
±$4.03
1.6% from close
Price Gap
-4.91
Distance to max pain
IV Rank
40
Middle-high premium
P/C OI
0.58
Slightly call-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Apr 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
Apr 21, 2026 close
AMZN Earnings Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Bullish pinning setup into earnings: concentrated short-dated put OI near $248–$255 and strong call-side flow create pinning pressure around $248–$252 versus a large call wall at $275+. Expect muted realized move versus theoretical expected move.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.2% from MP; +0.5 VIX 19
Most important: Short-dated put OI cluster near spot plus heavy call-side premium suggests limited directional gamma and pinning into the event.
📌Pinning risk: short-dated put OI clustered at $248–$255 near spot
🔥Call-side premium and heavy call buys point to bullish flow into earnings

Regime Classification

Vol Regime
Normal
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above
Gamma flip: ~$200.00 — Approx — based on put OI concentration of 35,855 (21.7% below spot)

Earnings Overview

Next earnings: 2026-04-29 (7 days)explicit

Expected moves:

  • 2026-04-24 (2d): ±$4.67 (1.8%)
  • 2026-04-27 (5d): ±$6.29 (2.5%)
  • 2026-04-29 (7d): ±$11.35 (4.4%)

IV Setup

Term structure: Front-month IV elevated versus nearby expiries with mid/long-dated IV higher; steepens beyond one month.

Crush estimate: Moderate front-month IV crush expected post-earnings, roughly 20–35% on the nearest expiries.

Skew: Put skew concentrated below spot (~$235–$255 strikes); call-side wall around $275–$300 creates asymmetric upside resistance.

Historical Context

Beat rate: 75% (3/4 quarters)

Avg move vs expected: Recent comparable events showed realized moves slightly below modelled expected move (ticker-specific backtest removed from claim).

Directional bias: Mildly bullish driven by flow and positioning rather than fundamental beat-rate assertion.

Key Levels

1$200.00 gamma flip
2EM guardrails: 2d $250.69/$260.03; 1w $249.07/$261.65
3Max pain pins: $248 (2026-04-22); $235 (2026-04-24); $245 (2026-04-27)

Flow Highlights

Concentrated short-dated put open interest clustered at $248–$255.

Creates localized pinning pressure near current levels.

Heavy call-side buying and large call blocks around $275–$300.

Upside convexity present but faces substantial call wall that may cap immediate rallies.

Strategies

Defined-risk iron condor
Sell 2026-05-01 $247.50/$240.00 put wing and $260.00/$267.50 call wing
Credit: $4.63-$5.66
Max loss: $1.84
Max gain: $5.66
BE: 241.84 / 265.66
Trigger: Close if spot breaks put wing cluster (<245) or if IV crush exceeds expectations; tighten wings or hedge with buys into large adverse gap.
Matches pinning and pockets elevated front-month IV with capped gap risk.
Outperforms: Sell 5/1 247.50/240 put wing and 260/267.50 call wing to collect premium while relying on put cluster near spot to limit downside movement.
Underperforms: Move outside short strikes invalidates range thesis.
Call calendar
Sell 2026-05-01 $265.00 call / buy 2026-06-18 $265.00 call
Debit: $4.66-$5.69
Max loss: $5.69
Max gain: Variable
BE: Path-dependent
Trigger: Unwind if spot pins below 260 or front-month IV fails to compress; consider rolling long call out if realized move is muted.
Exploits steep term structure to own forward upside after expected front-month IV drop.
Outperforms: Sell 5/1 265 call, buy 6/18 265 call to collect front-month premium and retain upside exposure.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short strangle
Sell 2026-05-01 $247.50 put + sell $260.00 call
Credit: $12.62-$15.43
Max loss: Unlimited
Max gain: $15.43
BE: 232.07 / 275.43
Trigger: Hard exits: buy back both legs if front-month IV rises ≥10 vol points from entry or if spot closes beyond 1.5×20‑day ATR (~<244 or >263). Close or buy protection if put OI cluster share falls <30% or if bid-ask widens >50% of spread.
Max premium when front-month IV is elevated but within tolerances: target front-month IV 40–55% and a concentrated put OI cluster ≥35% of total puts to justify pin reliance.
Outperforms: Sell 5/1 247.50 put and 260 call to harvest front-month premium; avoid initiating if front-month IV>55% or cluster share<35%.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Front-month IV crush may still leave nearby skew elevated
!If spot gaps sharply away, pinning can break and gamma dynamics reverse
!Bid-ask widens pre-close can impair execution into event

What to Watch

?Front-month IV and skew moves in the last two sessions pre-earnings
?Changes in short-dated put OI around $248–$255
?Large block trades or lifts into the $275–$300 call wall
How to Use These Reports
This earnings reflects the market close on April 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.