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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 26, 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 26, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

4.5 / 10

base 5; -1 net premium bearish; -0.5 P/C ratio neutral; +1 GEX pinning; +0 spot above MP

Watch next session: $210 Put OI for pinning pressure; Flow into April $215+ calls for directional conviction; Any large block trades in the $200-$210 put zone

Flow Summary

Net premium: -$6.9M bearish

P/C volume ratio: 0.87 — neutral, slight put lean

P/C OI ratio: 0.71 — moderate call lean

A sharp reversal from yesterday's bullish flow. Net premium is now negative, driven by significant put premium at the $210 strike. The market is digesting the recent move higher, with clear hedging and protective positioning emerging near-term.

Notable Prints

AMZN 3/27 $210 Put

Vol: 30,951

OI: 5,498

Vol/OI: 5.6x

IV: 18.8%

Notional: ~$6.5M (30,951 * $210)

Intent: Fresh opening of near-dated protective puts

Dual read: Could be selling (premium collection) but low IV suggests buying is more likely

Read-through: This is a major shift from yesterday's massive put closing. Traders are now buying protection at the key $210 level ahead of Friday's expiration, indicating concern about holding gains.

AMZN 4/1 $215 Put

Vol: 1,041

OI: 101

Vol/OI: 10.3x

IV: 21.8%

Notional: ~$224K (1,041 * $215)

Intent: New opening of slightly OTM protective puts

Dual read: Hedge against a pullback to $215 next week

Read-through: Follows the theme of near-term hedging. The lower IV (21.8%) compared to ATM ~33% suggests this is likely a buyer of protection, not a seller.

AMZN 3/27 $207.50 Put

Vol: 16,809

OI: 4,902

Vol/OI: 3.4x

IV: 23.6%

Notional: ~$3.5M (16,809 * $207.50)

Intent: Opening or rolling of puts at a key max pain level

Dual read: Positioning for a pin near $207.50 or protection just below spot

Read-through: Adds to the defensive tone. This strike aligns with near-term max pain, suggesting traders are actively positioning around that magnetic level.

AMZN 3/30 $200 Put

Vol: 6,814

OI: 1,702

Vol/OI: 4.0x

IV: 31.2%

Notional: ~$1.36M (6,814 * $200)

Intent: New protective put buying further OTM

Dual read: Could be part of a put spread (selling a lower strike)

Read-through: A more aggressive hedge, looking for a deeper pullback to the $200 support area next week. The higher IV suggests this is likely a buyer.

AMZN 2027-03-19 $200 Put

Vol: 202

OI: 24

Vol/OI: 8.4x

IV: 33.4%

Notional: ~$40.4K (202 * $200)

Intent: Long-dated tail-risk hedge or part of a collar

Dual read: Leap put purchase for multi-year portfolio protection

Read-through: Small notional but notable for its long duration. This is a strategic, not tactical, hedge, indicating some institutions are securing long-term downside protection.

Institutional Positioning

Call additions: Minimal standout call flow in unusual activity. Top premium flow shows large bullish prints at deep OTM calls ($105, $100, $120), which are likely spread-related or dividend plays, not directional.

Put additions: Clear institutional hedging at $210 (3/27), $215 (4/1), and $207.50 (3/27). This is a defensive shift from yesterday's put covering.

GEX/DEX consistency: Mixed. Positive GEX (+$88.9M) suggests a pinning, mean-reverting environment, which conflicts with the bearish premium flow. This tension creates a range-bound setup.

OI clusters: Major call walls remain at $230C (40k OI), $250C (40k OI), and $260C (68k OI). New put OI is building at $210 and $207.50, creating a near-term floor/ceiling dynamic.

Hedging evidence: Strong evidence. The volume in 3/27 $210P and $207.50P, along with 4/1 $215P, points to systematic protective put buying following the rally.

Max pain context: Spot ($208.28) is still above near-term max pain ($205-$207.50), but the heavy put buying at $207.50 and $210 shows traders are actively defending/betting on a move toward that pin.

Signal vs Noise

~Deep OTM Calls ($105, $100, $120): Multi-million dollar premium flow is almost certainly part of dividend arbitrage strategies (ex-dividend capture) or complex spreads, not outright bullish bets.

~3/27 $210 & $207.50 Puts: While significant, some volume could be dealers rolling short puts from yesterday's expiration, but the net new OI suggests fresh buying dominates.

~2027 $200 Put & $310 Call: Extremely long-dated, small notional. Likely portfolio-level adjustments or leg of a leap strategy, not a near-term directional signal.

Key Conclusions

🔄Flow regime flipped from bullish to neutral/bearish. Net premium is negative (-$6.9M) on clear put buying.

🛡️Institutions are adding near-term hedges at $210 and $207.50, signaling defense after the rally.

⚖️Tension between bearish flow (hedging) and bullish structure (positive GEX, spot above MP) suggests range-bound action near $207-$210.

🎯Watch $207.50 max pain and $210 put OI. A break below $207.50 would confirm the bearish flow thesis.

How to Use These Reports

This flow reflects the market close on March 26, 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.