AMZN Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

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.

Read the Flow analysis for AMZN for 2026-04-07. 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.