AMZN

Watch next session: track 255 call OI changes and roll activity; monitor large put prints/IV spikes; watch GEX movement and dex share flows

Net premium: +$366.6M bullish

P/C volume ratio: 0.42

P/C OI ratio: 0.59

Call additions: Noticeable short‑dated call OI clustered at 255 (4/17 ~19.9k) and 4/20 255 calls — suggests directional call pressure but not certainty of outcome.

Put additions: Clustered short‑dated puts around 250–255 and a smaller 5/1 255 put consistent with hedging/insurance; magnitude smaller than calls.

GEX/DEX consistency: Positive GEX (+$483.6M) and DEX inflow (+170.6M shares) support a bias toward pinning/bullish gamma but sensitivity to spot moves and same‑day noise reduces confidence.

OI clusters: Primary concentrations: 255 calls (~19.9k OI); 250 puts (~4.8k OI); 255 puts smaller — call OI dominates net exposure.

Hedging evidence: Pattern consistent with collars/put hedges around 250–255 plus directional call exposure; same‑day, ultra‑cheap prints likely algo/roll and are downweighted.

Max pain context: Max pain below spot; combined with positive GEX/DEX increases probability of pinning near 255 but outcome remains probabilistic and can shift with spot/flow changes.