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AMZN

Amazon.com, Inc.Close $246.03EOD only
Max Pain
$255.00
Next expiry Jun 8, 2026
Expected Move
±$5.29
2.1% from close
Price Gap
+8.97
Distance to max pain
IV Rank
51
Middle-high premium
P/C OI
0.64
Slightly call-heavy
Consensus
5.0/10
Range bias
Published snapshot: Jun 5, 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 5, 2026 close
AMZN Earnings Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 23, 2026. A newer earnings report is available for June 5, 2026.

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Earnings Verdict

Bullish pinning setup into earnings with elevated flow and call-side interest; market above MP and concentrated put OI below spot makes pin risk higher.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.4% from MP; +0.5 VIX 19
Most important: Pinning/GEX alignment around $248-$257 driven by heavy short-dated call and put flow.
📌Flow and GEX align to pin near $248–257 into earnings
⚠️Long-dated put IV steep (May 240 ~39%) signals asymmetric downside tail pricing

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 35,592 (21.6% below spot)

Earnings Overview

Next earnings: 2026-04-29 (6 days)explicit

Expected moves:

  • 2026-04-24 (1d): ±$3.47 (1.4%)
  • 2026-04-27 (4d): ±$5.37 (2.1%)
  • 2026-04-29 (6d): ±$11.97 (4.7%)

IV Setup

Term structure: Near-term IV elevated ~22–24% with longer-dated skew higher (May IV ~39 at 240 put).

Crush estimate: Moderate post-print crush (~6–10% absolute IV drop expected on front-dates).

Skew: Put-heavy OI below spot increases downside tail IV for longer expiries; short-dated call volume high.

Historical Context

Beat rate: 75% (3/4 quarters)

Avg move vs expected: History: recent quarters avg move in line or below expected; 75% beat rate (3/4).

Directional bias: Slightly bullish historically given beats and current flow.

Key Levels

1$200.00 gamma flip
2EM guardrails: 2d $251.62/$258.55; 1w $243.11/$267.06
3Max pain pins: $238 (2026-04-24); $248 (2026-04-27); $245 (2026-04-29)

Flow Highlights

Concentrated short-dated call volume (24Apr/27Apr $257.5–260) and large $255 put prints.

Net premium positive with flow supportive of pinning between $245–260.

Put OI concentration ~21.6% below spot with gamma flip ~$200k notional-equivalent (option vendor gamma converted to underlying-dollar hedging size).

Elevated pinning risk if spot drifts toward put cluster; sizeable dealer hedging could accentuate moves.

Strategies

Put diagonal hedge-sell
Sell 2026-05-01 $247.50 put / buy 2026-06-18 $235.00 put
Debit: $0.25-$0.30
Max loss: $0.30
Max gain: Variable
BE: Path-dependent
Trigger: Trim or buy back into fast IV pop; roll long put wider or later if put sweep increases or price <237.5.
Leverages concentrated short-dated put OI and cheap long-dated protection for asymmetric reward with tiny credit.
Outperforms: Sell May01 247.5 put, buy Jun18 235 put to collect decay, keep crash hedge and ride pin risk below spot.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Call diagonal income+optional upside
Sell 2026-05-01 $270.00 call / buy 2026-06-18 $265.00 call
Debit: $6.25-$7.64
Max loss: $7.64
Max gain: Variable
BE: Path-dependent
Trigger: Buy back short if sharp rally into max-pain band; roll long further DTE if call-buying persists.
Exploits elevated near-term call demand while retaining upside optionality and reduced front-IV exposure.
Outperforms: Sell May01 270 call, buy Jun18 265 call to collect short-dated premium and keep bullish exposure through guidance beat.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Wide iron condor (range play)
Sell 2026-05-08 $245.00/$235.00 put wing and $260.00/$275.00 call wing
Credit: $6.79-$8.30
Max loss: $6.70
Max gain: $8.30
BE: 236.70 / 268.30
Trigger: Widen/adjust wings or hedge with short-dated buys if price breaches wings.
Pinning suggests a confined range; wider wings survive amplified moves and capture IV crush.
Outperforms: Sell May08 245/235 put wing and 260/275 call wing to collect front IV that should compress post-print.
Underperforms: Move outside short strikes invalidates range thesis.
Short strangle
Sell 2026-05-01 $247.50 put + sell $270.00 call
Credit: $9.20-$11.25
Max loss: Unlimited
Max gain: $11.25
BE: 236.25 / 281.25
Front IV rich, pinning around 248–257; collect premium with defined short-delta put and short call exposure; expiries post-earnings to capture crush risk.
Outperforms: Sell near-term strangle into elevated front IV to harvest premium ahead of/through print.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Pinning can amplify moves if liquidity shifts
!IV crush may still leave directional exposure if beat/miss surprises
!High short-interest increases squeeze/volatile downside risk around print
!Guidance sensitivity: revenue/margin guidance or FX/commodity cost swings could drive outsized moves

What to Watch

?Front-dated IV curve moves pre-release (24–29Apr)
?Price action vs max pain levels $245–$258
?Unusual print follow-through and net premium changes
?Company guidance language on revenue drivers, margins, and cost items; short-interest builds/changes
How to Use These Reports
This earnings reflects the market close on April 23, 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.