AMZN Flow Report

Analysis based on market close March 26, 2026

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.

Read the Flow analysis for AMZN for 2026-03-26. 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.