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AMZN

Amazon.com, Inc.Close $265.01EOD only

Max Pain

$260.00

Next expiry May 22, 2026

Expected Move

±$5.47

2.1% from close

Price Gap

-5.01

Distance to max pain

IV Rank

Low premium

P/C OI

0.58

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 20, 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

May 20, 2026 close

AMZN Flow Report

Analysis based on market close March 25, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 25, 2026. A newer flow report is available for May 20, 2026.

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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.

How to Use These Reports

This flow reflects the market close on March 25, 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.