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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 31, 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 31, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

5.5 / 10

base 5; +1.5 massive bearish premium at key strikes; -0.5 P/C ratio call-dominant; -0.5 spot at max pain pinning

Watch next session: $245-$265 put premium flow for continuation; Any call buying to defend $205 max pain; Flow into April $202.50 puts

Flow Summary

Net premium: -$8.4M bearish

P/C volume ratio: 0.73 — call-dominant volume

P/C OI ratio: 0.58 — strong call lean in positioning

A deceptive picture: while volume and OI ratios show call dominance, the net premium is decisively bearish, driven by massive put buying at elevated strikes ($245, $265). This suggests institutions are paying up for expensive, far OTM protection, overriding the bullish skew in positioning. The spot is pinned at max pain ($205), creating tension.

Notable Prints

AMZN 260402P00225000 PUT $225.00 exp 2026-04-02

Vol: 1,201

OI: 30

Vol/OI: 40.0x

IV: 54.8%

Notional: ~$27.0M (1,201 * $225 * 100)

Intent: Fresh, aggressive bearish bet or expensive hedge

Dual read: Buying puts ~9% OTM with 3 days to expiry is a high-conviction, high-cost directional wager or panic hedge.

Read-through: Extremely high IV (54.8% vs ATM ~36%) and massive Vol/OI confirm this is new, urgent positioning. The size and strike suggest a trader is either betting on an imminent sharp drop or protecting a large long position against a tail risk.

AMZN 260401P00205000 PUT $205.00 exp 2026-04-01

Vol: 7,311

OI: 499

Vol/OI: 14.7x

IV: 32.6%

Notional: ~$150.0M (7,311 * $205 * 100)

Intent: At-the-money protection or pinning play

Dual read: Buying ATM puts for immediate delta hedge or selling them to pin spot at max pain.

Read-through: Enormous notional value. With spot at $205.80 and max pain at $205, this is ground zero for gamma pinning. The IV is in line with ATM, making direction ambiguous, but the sheer size indicates institutional activity focused on the $205 level for the next session.

AMZN 260406P00160000 PUT $160.00 exp 2026-04-06

Vol: 3,000

OI: 757

Vol/OI: 4.0x

IV: 71.1%

Notional: ~$48.0M (3,000 * $160 * 100)

Intent: Deep OTM tail-risk hedge

Dual read: Buying puts ~22% OTM, one week out. The extreme IV (71.1%) signals high cost and fear of a crash.

Read-through: This is a pure insurance purchase. The high cost (premium) and far OTM strike indicate a portfolio manager is hedging against a severe, low-probability drop, not expecting a gradual decline. It's a fear signal, not a directional forecast.

AMZN 260402P00240000 PUT $240.00 exp 2026-04-02

Vol: 367

OI: 11

Vol/OI: 33.4x

IV: 108.5%

Notional: ~$8.8M (367 * $240 * 100)

Intent: Extremely expensive, lottery-ticket put buy

Dual read: Buying puts ~16% OTM with 3 days left at astronomical IV. This is a pure speculation on a crash.

Read-through: IV of 108.5% is insane for a 3-day option. This is either a reckless speculative bet or part of a complex spread (e.g., buying this put and selling an even higher IV put). The small OI suggests it's likely a new, aggressive directional punt.

AMZN 260406C00217500 CALL $217.50 exp 2026-04-06

Vol: 2,261

OI: 269

Vol/OI: 8.4x

IV: 29.2%

Notional: ~$49.2M (2,261 * $217.50 * 100)

Intent: Upside speculation or call spread leg

Dual read: Buying calls ~5.7% OTM, one week out. The IV (29.2%) is below the term structure (~32.7%), suggesting it might be a buyer.

Read-through: The only notable call flow in unusual activity. It provides a counterbalance to the put-heavy narrative, targeting a move back toward $217.50. Could be a bullish bet or a leg of a call spread (e.g., selling a higher strike call).

Institutional Positioning

Call additions: Minimal in unusual flow. Top premium flow shows bullish prints at deep OTM $105C and $120C (likely noise/spreads) and meaningful call buying at $207.50.

Put additions: Overwhelmingly at elevated strikes: $245P, $265P, $230P, $240P, $300P. This is the dominant theme—institutions are buying expensive, far OTM protection.

GEX/DEX consistency: Yes, aligned. Large positive GEX (+$159.8M) indicates strong pinning forces, which matches the spot sitting exactly at max pain ($205) and the massive ATM put flow at $205.

OI clusters: Major call walls remain far away at $250C (122k OI), $275C (204k OI), $300C (139k OI). Near-term, max pain creates a cluster at $202.50-$205 across multiple expirations, acting as a strong magnet.

Hedging evidence: Extremely strong. The multi-million dollar put premium at strikes $230-$265, combined with deep OTM tail-risk hedges ($160P), shows systematic protective buying. This is not speculative put selling.

Max pain context: Spot ($205.80) is pinned at the immediate max pain ($205 for 3/23). The forward max pain trend rises to $215, but the next dense cluster is at $202.50 across 4/01-4/10, providing a downside target if the pin breaks.

Signal vs Noise

~Deep OTM Calls ($105, $120): Multi-million dollar premium flow is almost certainly part of dividend arbitrage, box spreads, or other financing trades, not directional bullish bets.

~Top OI Strikes ($275C, $300C): These massive, far OTM call walls are likely legacy positions from years past (LEAPS), not reflective of current sentiment. They act as negligible gamma magnets.

~High IV, Low Volume Puts (e.g., $240P 4/2): While unusual, the tiny OI and astronomical IV suggest these may be retail-sized lottery tickets, not institutional signals.

Key Conclusions

⚠️Net premium is decisively bearish (-$8.4M) driven by massive, expensive put buying at $245-$265, overriding the call-dominant volume/OI ratios.

🎯Spot is pinned at max pain ($205) with enormous gamma (GEX +$159.8M) and huge ATM put flow, creating a tight range-bound setup with explosive potential on a break.

🛡️Institutional hedging is aggressive and expensive (high IV puts at $225, $240, $265), signaling elevated concern about a sharp downside move, not just a mild pullback.

📉Watch the $202.50 level. It's the next major max pain cluster; a break below $205 pin targets $202.50 and would confirm the bearish protection flow.

How to Use These Reports

This flow reflects the market close on March 31, 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.