AMZN Flow Report

Analysis based on market close March 25, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 strong net premium & call flow; +1 GEX pinning above max pain; -0.5 high IV regime

Watch next session: $210-$215 put OI for pinning; Flow into April $225+ calls for directional conviction

Flow Summary

Net premium: +$33.6M bullish

P/C volume ratio: 0.77 — call-dominant

P/C OI ratio: 0.72 — moderate call lean

Strong bullish premium flow dominates, with call buying concentrated at the $210 strike and below. The high positive GEX and spot trading above max pain suggest a supportive, pinning environment for the bulls.

Notable Prints

AMZN 3/25 $210 Put

Vol: 46,653

OI: 2,084

Vol/OI: 22.4x

IV: 8.2%

Notional: ~$9.8M (46,653 * $210)

Intent: Massive closing/short covering of near-dated puts

Dual read: Traders taking off bearish bets as spot holds above strike

Read-through: Bullish signal; suggests fear of a drop below $210 is evaporating ahead of expiration

AMZN 3/25 $212.50 Put

Vol: 21,295

OI: 727

Vol/OI: 29.3x

IV: 8.6%

Notional: ~$4.5M

Intent: Rolling or closing out-of-the-money puts

Dual read: Could be part of a spread unwind or protective put removal

Read-through: Further evidence of bearish position unwinding as spot sits at $211.71

AMZN 3/30 $215 Put

Vol: 8,346

OI: 1,030

Vol/OI: 8.1x

IV: 26.7%

Notional: ~$1.8M

Intent: Opening new protective puts or put selling

Dual read: Hedge against a pullback to $215 or selling premium ahead of expiry

Read-through: Smaller, tactical positioning for the week ahead, not a major directional bet

AMZN 3/25 $170 Call

Vol: 225

OI: 1

Vol/OI: 225.0x

IV: 289.1%

Notional: ~$38K

Intent: Lottery ticket purchase or spread leg

Dual read: Noise due to tiny notional; likely a retail long-shot bet

Read-through: Statistically insignificant but highlights retail speculative interest in deep OTM calls

AMZN 4/1 $170 Put

Vol: 614

OI: 13

Vol/OI: 47.2x

IV: 58.6%

Notional: ~$104K

Intent: New far OTM protective put or part of a complex structure

Dual read: Could be a cheap hedge or a leg of a put spread

Read-through: Small size suggests it's not a major directional view, more likely portfolio insurance

Institutional Positioning

Call additions: Strong premium flow into $210, $225, and $220 calls. Notable OI clusters at $230C and $250C suggest institutional upside targets.

Put additions: Minimal new put buying. The large volume in 3/25 $210P and $212.50P is overwhelmingly closing activity, not new bearish bets.

GEX/DEX consistency: Yes — High positive GEX ($210.6M) aligns with bullish flow and pinning behavior above max pain ($205-$207.50).

OI clusters: Major call walls at $230 (40,560 OI), $250 (40,919 OI), and $260 (68,086 OI). Put OI is less concentrated, with the $210 strike showing recent high volume closure.

Hedging evidence: Limited. The $170 Put for 4/1 is small and far OTM, more likely a tail-risk hedge than a directional bet. The dominant flow is call-centric.

Max pain context: Spot ($211.71) is well above near-term max pain ($205-$207.50), creating a gravitational pull higher as puts expire worthless and dealers are short gamma.

Signal vs Noise

~3/25 $170 & $175 Calls: Extreme IV (>265%) and tiny notional value. These are lottery tickets or spread legs, not institutional directional bets.

~3/25 $210, $212.50, $217.50 Puts: High volume is primarily expiration-related closing/covering, not new bearish positioning.

~4/1 $170 Put & 4/10 $180 Call: Low notional prints; likely part of multi-leg strategies or retail-sized positions, not standalone smart money signals.

Key Conclusions

📈Bullish flow regime confirmed: +$33.6M net premium and P/C 0.77 show clear call dominance.

🧲High positive GEX and spot above max pain create a pinning effect supportive of current levels.

🗑️Massive put closing volume at $210-$212.50 signals bearish bets are being abandoned.

⚠️High IV regime (36%) implies elevated volatility risk; flow is bullish but context is fragile.

Read the Flow analysis for AMZN for 2026-03-25. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.