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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 Theta 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 theta report is available for May 21, 2026.

View latest report

Theta Verdict

Confidence:

4.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.8% from MP

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 38.9% — no VIX comparison provided

Favorable?

Yes

Term structure: Humped at 5/01 (44.2%), elevated in May expirations

💰Normal IV regime with term structure hump provides decent premium

Pin Risk Assessment

Spot vs MP: Above by 3.8% (spot $212.79 vs near-term MP $205-$208)

GEX regime: Pinning (GEX +$217.9M)

OI concentrations: Call wall $220 (3,985 OI), Put wall $200 (2,812 OI)

Verdict: Favorable — strong positive GEX and OI clusters create pinning magnets near $210-$220

Premium Opportunities

put spread

Sell $205/$200 put spread 2026-05-01 (25 DTE)

Max pain at $205 for multiple expirations; put OI cluster at $200 provides support; elevated IV (44.2%) at this expiration provides good premium

Credit: $0.50-$0.70

Max loss: $4.30

BE: $204.30

Mgmt: Close at 65% profit; exit if price closes below $205.34 (1-week EM lower bound)

iron condor

Sell $205/$200P x $225/$230C 2026-05-01 (25 DTE)

Pinning regime with positive GEX supports range-bound trade; call wall at $225-$230 and put wall at $200-$205 define natural boundaries; elevated IV at this expiration

Credit: $1.20-$1.60

Max loss: $3.40

BE: 203.40/231.60

Mgmt: Close at 50% profit; adjust if price tests either short strike; exit on close outside $205.34-$220.24 (1-week EM range)

cash-secured put

Sell $205 put 2026-05-01 (25 DTE)

Max pain alignment at $205; strong put OI support at $200; willing to own stock at $205 with 3.8% downside from current price

Credit: $3.50-$4.50

Max loss: $200.50

BE: $201.50

Mgmt: Roll down/out if put tested; close at 80% profit; exit on close below $205.34

call credit spread

Sell $220/$225 call spread 2026-04-24 (18 DTE)

Call OI cluster at $220 (3,985 OI) creates resistance; price near upper EM bound ($217.22 2-day); positive GEX at $220 provides pinning support

Credit: $0.45-$0.65

Max loss: $4.35

BE: $220.45

Mgmt: Close at 65% profit; exit if price closes above $220.24 (1-week EM upper bound)

Risk Alerts

!Earnings on 2026-04-30 — close all short premium positions before announcement

!Large put flow at $245 ($35.8M net premium) suggests institutional downside hedging

!Mixed flow regime with GEX/flow contradiction adds uncertainty

!No gamma flip identified — monitor for regime change if GEX turns negative

!Spot 3.8% above near-term max pain — watch for mean reversion toward $205-$208

How to Use These Reports

This theta 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.