AMZN Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Flow Verdict

Confidence:

4.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.8% from MP

Watch next session: $212.50C/P flow balance; Net premium direction at $220C

Flow Summary

Net premium: -$11.9M bearish

P/C volume ratio: 0.85 — moderate put lean

P/C OI ratio: 0.58 — strong call lean

Mixed signals: net premium bearish but OI heavily call-leaning. Near-term flow shows put hedging at $210-$212.50 while call buying dominates at $215-$220, creating a tug-of-war around current price.

Notable Prints

AMZN 2026-04-08 $212.50 Call

Vol: 9,755

OI: 1,296

Vol/OI: 7.5x

IV: 35.9%

Notional: ~$2.3M

Intent: Directional call buying near spot

Dual read: Bought (bullish) or sold/covered (neutral)

Read-through: Largest near-term call volume, likely bullish positioning at the money

AMZN 2026-04-08 $210.00 Put

Vol: 7,709

OI: 528

Vol/OI: 14.6x

IV: 37.4%

Notional: ~$910K

Intent: Protective put hedging

Dual read: Bought (bearish hedge) or sold (neutral/income)

Read-through: High volume relative to OI suggests fresh hedging just below spot

AMZN 2026-04-08 $212.50 Put

Vol: 2,622

OI: 115

Vol/OI: 22.8x

IV: 35.5%

Notional: ~$535K

Intent: Fresh put buying at the money

Dual read: Bought (bearish) or sold (neutral)

Read-through: Extremely high vol/OI ratio indicates new bearish positioning

AMZN 2026-04-08 $215.00 Call

Vol: 8,562

OI: 1,634

Vol/OI: 5.2x

IV: 34.0%

Notional: ~$993K

Intent: Directional call buying above spot

Dual read: Bought (bullish breakout) or sold (resistance)

Read-through: Substantial volume targeting upside to $215

AMZN 2026-05-15 $270.00 Put

Vol: 480

OI: 100

Vol/OI: 4.8x

IV: 56.0%

Notional: ~$29.9M

Intent: Deep ITM put as part of collar or synthetic short

Dual read: Bought (protective) or sold (covered)

Read-through: Large notional suggests institutional hedging, not directional

Institutional Positioning

Call additions: $215-$220 calls in near-term, plus massive OI at $250-$300 (structural wall)

Put additions: Protective $210-$212.50 puts in near-term, deep ITM $270 puts for hedging

GEX/DEX consistency: No — positive GEX (+$217.9M) contradicts bearish net premium (-$11.9M)

OI clusters: $225-$300 call wall (structural resistance), $200-$207.50 put cluster (near-term support)

Hedging evidence: Yes — deep ITM $270P ($29.9M notional) and near-term $210P hedging

Max pain context: Near-term MP at $205-$208, spot above but GEX pinning suggests drift lower

Signal vs Noise

~Deep ITM $270P (May 15) likely part of collar/synthetic structure, not directional bearish bet

~Low-volume OTM calls at $330 (Aug 21) are likely lottery tickets, not institutional flow

~Near-term put flow at $210-$212.50 could be expiration hedging rather than fresh bearish positioning

~IV spike in May 2026 expirations may reflect earnings anticipation (2026-04-30) rather than directional flow

Key Conclusions

⚖️Mixed flow: net premium bearish but OI call-heavy, creating tension

📌Strong GEX pinning (+$217.9M) likely keeps price range-bound near $210-$215

🛡️Institutional hedging evident via deep ITM puts and near-term protective positions

🧱$225-$300 call wall creates structural resistance; break above $225 needed for bullish conviction

📈IV term structure inversion in May 2026 expirations (40.5%-44.2% IV) vs. April (31.7%) suggests reverse calendar spread opportunity

Read the Flow analysis for AMZN for 2026-04-06. 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.