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AMZN

Amazon.com, Inc.Close $268.46EOD only

Max Pain

$260.00

Next expiry May 22, 2026

Expected Move

±$3.56

1.3% from close

Price Gap

-8.46

Distance to max pain

IV Rank

Low premium

P/C OI

0.58

Slightly call-heavy

Consensus

9.0/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

AMZN Flow Report

Analysis based on market close April 6, 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 April 6, 2026. A newer flow report is available for May 21, 2026.

View latest report

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

How to Use These Reports

This flow reflects the market close on April 6, 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.