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AMZN

Amazon.com, Inc.Close $266.32EOD only

Max Pain

$262.50

Next expiry May 26, 2026

Expected Move

±$4.14

1.6% from close

Price Gap

-3.82

Distance to max pain

IV Rank

Low premium

P/C OI

0.59

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

AMZN Flow Report

Analysis based on market close April 9, 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 9, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

7 / 10

base 7.0 (pre-computed): base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 10.0% from MP

Watch next session: Follow additional prints at $232.50–$235.00 (near-term calls) — would confirm dealer pinning and bullish directional buy flow; Watch net premium and P/C volume ratio; a surge in put flow at or below $225 would invalidate thesis

Flow Summary

Net premium: +$552.8M bullish

P/C volume ratio: 0.45 — call-dominant (strong call skew today)

P/C OI ratio: 0.59 — moderate call lean in positioning (OI still more calls but not extreme)

Heavy, concentrated call buying across near-term strikes (notably $225–$240) produced a large positive net premium ($552.8M) and drove GEX to +$384.3M. Flow is consistent with institutions adding call exposure and dealers buying delta, creating a pinning regime around $232–$235. Puts are present but small relative to call premium; the broadcasted call OI wall at $250–$300 remains a longer-term resistance band.

Notable Prints

AMZN 2026-04-10 $232.50 Call

Vol: 55,033

OI: 1,881

Vol/OI: 29.3x

IV: 21.0%

Notional: ~$12.95M

Intent: Fresh directional call buying (bullish near-term exposure / short-dated upside speculation)

Dual read: Aggressive buyers (bullish) or large seller overwrites hedged by dealers (neutral), but IV is low (21%) and volume concentrates at-the-money → reads as buyer-driven.

Read-through: High-signal print: large notional and extreme vol/OI into same-day expiry supports short-dated bullish positioning and explains positive GEX (+$384.3M) and pinning around $232–$235.

AMZN 2026-04-10 $230.00 Put

Vol: 31,257

OI: 109

Vol/OI: 286.8x

IV: 40.4%

Notional: ~$2.09M

Intent: Protective/expiring hedge or speculative cheap downside buy into pin (large relative activity into OTM puts)

Dual read: Protective puts (bearish hedge) or gamma-seeking speculative buys for fast downside; same-day expiry increases chance this is expiry-driven hedging or pin-related defensive buying.

Read-through: Notable because of the massive vol/OI ratio; but absolute notional is smaller than top call prints. Indicates some downside hedging pressure into expiry but insufficient to offset dominant call premium.

AMZN 2026-04-10 $240.00 Call

Vol: 35,146

OI: 2,116

Vol/OI: 16.6x

IV: 44.8%

Notional: ~$1.16M

Intent: Directional upside bets or call buying to pick a near-term upside leg (OTM but within expected move)

Dual read: Buyer-driven bullish exposure or sales into demand (dealer flow); elevated IV at this strike suggests some larger players paying for convexity into short window.

Read-through: Reinforces bullish skew and appetite to take upside through the expected 1–2 day range; contributes to dealer positive GEX and pinning near current spot.

AMZN 2026-04-13 $235.00 Call

Vol: 7,971

OI: 105

Vol/OI: 75.9x

IV: 28.9%

Notional: ~$1.63M

Intent: Short-dated directional call buying into the 4-day expiry window (bullish calendar extension)

Dual read: Directional buyer opening vs. dealer-structured sales into demand; given concentration of other call buys at $232.5–$235, reads bullish.

Read-through: Supports view that flow isn't isolated to same-day expiry; buyers are extending into the next expiry, reinforcing a short-term bullish posture.

AMZN 2026-04-10 $225.00 Put

Vol: 42,250

OI: 3,772

Vol/OI: 11.2x

IV: 46.8%

Notional: ~$0.63M

Intent: Expiring downside protection—likely hedging/roll activity into the same-day expiry

Dual read: Protective puts by longs or speculative cheap gamma on the downside; high IV and proximity to spot favor hedging explanation.

Read-through: Large volume but lower notional vs call prints; likely part of near-expiry defensive positioning rather than a change of directional bias.

Institutional Positioning

Call additions: $225–$260 strikes (notably heavy premium at $225, $230, $235, $240, $250) — clear institutional call accumulation across near-term expirations

Put additions: Some concentrated same-day/near-term puts at $230 and $225 (expiries 4/10–4/17) implying tactical hedging, but put premium is small relative to call flow

GEX/DEX consistency: Yes — positive Total GEX $384.3M and DEX +149.3M shares align with bullish flow and 'pinning' regime; dealer delta buying likely supports spot near $232–$235

OI clusters: Large long-dated call OI wall at $275–$300 (structural resistance). Near-term OI clusters around $217.5–$230 (calls) and smaller put clusters at $215–$210; near-term GEX concentrations at $235, $232.50, $225 create pinning/support zones.

Hedging evidence: Limited large-scale protective collars seen; presence of same-day puts ($230, $225) suggests tactical hedges against intraday downside but overall flow shows call-heavy exposure rather than broad protective buying.

Max pain context: Max pain pins are lower ($212–$215) across multiple expirations, but current flow and GEX (pinning) are pushing spot above MP; MP is rising across expirations (trend up to $245) which is consistent with call accumulation over longer-dated expiries.

Signal vs Noise

~Same-day expiry heavy volumes (4/10) — many prints are expiry-driven hedges or gamma plays rather than directional multi-day views.

~High vol/OI on tiny OI (e.g., $230 put OI=109) can overstate intent; some extreme vol/oi ratios reflect single-session expiry buys rather than long-term positioning.

~Large call OI concentrations at $275–$300 are structural and longer-dated — they act as resistance/walls but are not the source of today's short-dated bullish premium.

~Some printed activity (e.g., $225 put and other very short-dated strikes) likely reflects dealer gamma hedging and expiration rolls, not new macro directional bets.

Key Conclusions

🐂Dominant call flow: Net premium +$552.8M and P/C volume 0.45 show strong institutional call buying concentrated 225–240 strikes.

📌Pinning zone developing: GEX concentration at $235 (+$12.2M) and $232.50 (+$6.1M) makes $232–$235 the near-term magnet.

🛡️Tactical hedges present: same-day puts ($230, $225) indicate protective activity but are smaller in notional than call flow — hedges not currently reversing bullish bias.

🧭Watch for confirmation: additional call prints at $232.50–$235 or sustained net premium inflows would confirm bullish thesis; a surge of put premium below $225 would invalidate.

🏁Structural resistance: call OI wall at $250–$300 stands as multi-week/longer-term cap; near-term resistance sits near the EM upper bound $236.68.

How to Use These Reports

This flow reflects the market close on April 9, 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.

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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.