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AMZN

Amazon.com, Inc.Close $232.79EOD only
Max Pain
$240.00
Next expiry Jun 24, 2026
Expected Move
±$5.53
2.4% from close
Price Gap
+7.21
Distance to max pain
IV Rank
13
Low premium
P/C OI
0.65
Slightly call-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Jun 22, 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 22, 2026 close
AMZN Earnings Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

AMZN earnings 37 days out; high beat rate supports bullish bias, but near-term flow mixed with put activity. Key max pain $235 pins spot.

Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.4% from MP; +0.5 VIX 19
Most important: High historical beat rate (80%) and call OI wall $250-$350 suggest bullish tilt, but put buying at $230-235 warns of near-term hedge.
📈80% beat rate historically supports bullish case, but near-term hedging suggests caution.
⚡Heavy call buy at $237.5 with 19x OI turnover; speculative but notable.

Regime Classification

Vol Regime
Normal
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
At

Earnings Overview

Next earnings: 2026-07-30 (37 days)explicit

Expected moves:

  • 2026-06-24 (1d): ±$3.69 (1.6%)
  • 2026-06-26 (3d): ±$6.81 (2.9%)
  • 2026-06-29 (6d): ±$8.05 (3.4%)

IV Setup

Term structure: Near-term (1d) IV ~27%, longer-dated likely lower; IV expected to rise into earnings.

Crush estimate: Post-earnings IV crush roughly 25-40% based on typical event decay.

Skew: Put skew elevated at $230-235, call skew near $240 active.

Historical Context

Beat rate: 80% (4/5 quarters)

Avg move vs expected: Not provided historically; beat rate 80% suggests movement above expectation.

Directional bias: Bullish bias based on 80% beat rate over last 5 quarters.

Key Levels

1EM guardrails: 2d $230.43/$237.80; 1w $226.06/$242.16
2Max pain pins: $235 (2026-06-24); $240 (2026-06-26); $235 (2026-06-29)

Flow Highlights

Unusual call volume at $237.5 Call (19.1x OI) and $240 Call (7.2x OI).

Speculative upside positioning, may indicate bullish sentiment or gamma hedge.

Heavy put buying at $235 and $232.5 (15.6x and 14.5x OI).

Near-term downside protection or bearish bets, possibly hedging calls.

Strategies

Call Diagonal
Sell 2026-07-31 $255.00 call / buy 2026-08-21 $240.00 call
Debit: $6.95-$8.50
Max loss: $8.50
Max gain: Variable
BE: Path-dependent
Trigger: Exit if stock drops below invalidation $220.79; take profit if stock reaches $255.
Outranks others by combining bullish bias with defined risk and IV decay capture.
Outperforms: Sells high IV front-month call to fund long Aug call, profiting if stock rises modestly.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Long Straddle
Buy 2026-07-31 $235.00 put + buy $235.00 call
Debit: $20.68-$25.27
Max loss: $25.27
Max gain: Unlimited
BE: 209.73 / 260.27
Trigger: Sell on IV spike before earnings; or hold through event for move.
High beat rate favors large move; straddle captures directional break regardless of side.
Outperforms: Buys at-the-money put and call to profit from significant post-earnings movement.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.
Long Strangle
Buy 2026-07-31 $230.00 put + buy $250.00 call
Debit: $13.18-$16.11
Max loss: $16.11
Max gain: Unlimited
BE: 213.89 / 266.11
Trigger: Adjust wings if stock approaches one strike; close if IV collapses.
Cheaper than straddle with lower cost; still benefits from high beat rate move.
Outperforms: OTM put and call combination to profit from a large directional swing with reduced premium.
Underperforms: Insufficient realized move reduces long-strangle edge.
Short strangle
Sell 2026-07-10 $230.00 put + sell $250.00 call
Credit: $5.73-$7.01
Max loss: Unlimited
Max gain: $7.01
BE: 222.99 / 257.01
IV elevated near-term; max pain $235 supports range; sell OTM put 230 & call 250 for time decay before earnings.
Outperforms: Pre-earnings premium harvest on AMZN range-bound.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Negative net premium (-$15.8M) suggests overall bearish flow despite call activity.
!Large call OI wall at $250-$350 caps upside momentum.
!Spot near max pain $235; pinning may limit directional break.

What to Watch

?Earnings date 2026-07-30: monitor IV ramp and volume into event.
?Max pain $235 pin; break above $240 or below $230 would signal direction.
?Unusual options activity at $237.5 and $240 calls; follow for conviction.
How to Use These Reports
This earnings reflects the market close on June 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.