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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 7, 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 7, 2026. A newer flow report is available for May 21, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.0% from MP

Watch next session: Follow incremental OI/premium at 212.50–220.00 (esp. 217.50 and 220.00) for further call-addition confirmation; Monitor 2026-04-08 expiry prints: heavy activity at $210–$215 (rolls/expiry pinning) and whether flow is net call or put as positions settle

Flow Summary

Net premium: +$1.3M bullish

P/C volume ratio: 0.80 — modest call tilt (call-dominant today)

P/C OI ratio: 0.58 — call-biased positioning (calls overhang relative to puts)

Flow is moderately bullish with dealers positioned long gamma (GEX +$245.9M) producing pinning behavior around near-term strikes. Most premium accumulation is concentrated in strikes between $212.50 and $220.00 (call-side), while structural call OI remains far higher out at $225–$300. Short-dated expiration activity is heavy and likely driving todays gamma/pinning dynamic.

Notable Prints

AMZN 2026-04-08 $215.00 Call

Vol: 23,766

OI: 2,941

Vol/OI: 8.1x

IV: 46.9%

Notional: ~$3.63M

Intent: Fresh directional call buying or short-dated call spreads (bullish/speculative into expiry)

Dual read: Could be opening long calls (bullish) or sellers/overwriters unwinding/rolling into other expiries (neutral); heavy volume vs OI suggests new aggression

Read-through: Large short-dated call flow at $215 supports bullish pinning into the 4/08 expiry and is consistent with dealers buying delta (positive GEX) which compresses downside.

AMZN 2026-04-08 $210.00 Put

Vol: 17,883

OI: 1,320

Vol/OI: 13.5x

IV: 50.4%

Notional: ~$1.41M

Intent: Short-dated protective hedges or speculative put buying (bearish near-term) concentrated into expiry

Dual read: Protective puts for underlying exposure (hedge) or cheap speculative downside (directional); extremely high vol/OI implies new positioning

Read-through: Heavy activity in the $210 put adds downward pressure into the 4/08 expiry, but paired with call activity suggests two-sided expiry positioning (pin attempt between $210–$217.50).

AMZN 2026-04-08 $212.50 Call (ITM)

Vol: 14,385

OI: 3,659

Vol/OI: 3.9x

IV: 50.0%

Notional: ~$4.21M

Intent: Short-dated bullish positioning, likely directional call buys or call-heavy spreads into expiry

Dual read: Could be existing call holders rolling/exercising versus fresh buyers adding exposure; sizeable notional means market-makers must hedge deltas

Read-through: Concentrated volume in ITM short-dated calls forces dealer hedging that supports pinning near the $212.50–$215 zone.

AMZN 2026-04-08 $212.50 Put

Vol: 8,972

OI: 819

Vol/OI: 11.0x

IV: 48.2%

Notional: ~$1.36M

Intent: Short-dated hedges or part of straddle/strangle structures (two‑sided expiry trading)

Dual read: Either new protective puts or put legs of spreads; heavy volume relative to OI points to fresh activity rather than routine roll

Read-through: Large transacted size on both sides at $212.50 suggests expiry pinning plays or spread activity where dealers will have to rebalance delta rapidly into expiry.

Institutional Positioning

Call additions: Concentrated call premium and OI additions at $212.50–$220.00 (top premium strikes: $215.00 net +$11,216,186; $220.00 net +$5,825,262; $212.50 net +$5,406,059). Near-term chain shows large OI at $217.50 (17,309) and $220.00 (18,850).

Put additions: Notable short-dated put aggression around $210–$215 into 2026-04-08 (large vol/OI ratios at $210, $212.50 and $215) and some protective interest at $205 for 4/15. However aggregate put OI clusters remain smaller than call clusters in the near-term.

GEX/DEX consistency: Yes — positive Total GEX (+$245.9M) and DEX (+116.2M shares) align with bullish/pin flow. Dealer long-gamma exposure implies they buy delta into intraday weakness, supporting a pin near concentrated strikes.

OI clusters: Call OI concentrations at $220.00 (18,850), $217.50 (17,309), $210.00 (11,793) create a pin/magnet band roughly $210–$220; structural call wall further out at $225–$300 (very large OI). Put clusters are smaller and deeper (largest near-term put OI: $202.50 at 8,165).

Hedging evidence: Short-dated protective put activity is present (heavy vol on $210–$212.50 puts), but much of todays activity looks two-sided around expiry (calls and puts) suggesting expiry hedging/rolls rather than large-scale long-term collar builds.

Max pain context: Max pain near-term is $207.50–$208 (2026-04-08/10) while spot is $213.77 and MP trend is rising. Dealers positive GEX and concentrated call OI are currently exerting a pin in the $212.50–$217.50 band rather than letting price collapse to MP immediately.

Signal vs Noise

~Large volume concentration in 2026-04-08 expiries (both calls and puts) — likely expiry pinning, rolls, and gamma-driven positioning rather than pure directional conviction.

~High vol/OI at short-dated strikes (e.g., $210/$212.50/$215) — could reflect options traders opening/closing expiry structures (straddles/strangles) rather than directional bets.

~Structural call OI far out at $225–$300 is long-dated/passive (wall) and not immediate directional flow; treat as potential resistance if price approaches but not as active buying today.

Key Conclusions

🐂Net premium +$1.3M with P/C volume 0.80 and Total GEX +$245.9M — flow and dealer positioning are aligned bullishly around the $212.50–$220.00 band.

📌Pin range emerging: heavy near-term GEX concentrations at $212.50, $215.00 and $217.50 (collective pin band); expect price to gravitate into $210–$218 into the 4/08–4/13 expiries.

⚠️Very high short-dated vol/OI prints at $210–$215 suggest expiry-driven two‑sided flow — exercise caution interpreting single prints as directional convictions.

🧭Watch 212.50–220.00 for follow-through. Continued call premium and OI accumulation there would confirm dealer-supported upside; a flip to heavy put premium at 205–210 would invalidate bullish read.

🛡️Evidence of protective short-dated puts exists but overall put OI is smaller than call OI — institutional flow appears to be buying/carrying upside while using short-dated puts for hedging around expiry.

How to Use These Reports

This flow reflects the market close on April 7, 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.