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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 Theta 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 theta report is available for May 22, 2026.

View latest report

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned (Pinning & bullish flow); +1 GEX positive (+$245.9M); -0.5 spot 3.0% from MP

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 41.1% (spot ATM term ~34.6%-46.4% across expirations). VIX not provided in dataset — cannot compare directly.

Favorable?

Yes

Term structure: Short-dated (1–2 week) ATM IV is elevated (46.2% 1d → 34.8% 6d) with a mid-term bump into May (ATM 46.4% 24d, 45.4% 31d) — useful for calendars and selling premium into that May skew.

📈Avg IV 41.1% with a May volatility bump (ATM 46.4% on 5/01) — adds extra edge for 30–45 DTE sellers

🧭Term structure is flatter in the near 1–2 week window but richer into late-Apr/May, enabling both short defined-risk spreads and calendar plays

Pin Risk Assessment

Spot vs MP: Above (spot $213.77 is ~3.0% above near-term max pain $208 / listed MP pins at $207.50-$210.00)

GEX regime: Pinning (GEX +$245.9M) — large positive GEX concentrated around near-spot strikes creating magnetic/pinning forces

OI concentrations: Call OI wall structurally at $225-$300; near-term call clusters at $220.00 (18,850 OI), $217.50 (17,309 OI); put clusters at $202.50 (8,165 OI) and smaller put clusters below.

Verdict: Favorable — pinning environment supports credit sellers, especially selling downside premium into put/OI/GEX support between $210–$220 and using defined-risk structures to manage early pin tests.

Premium Opportunities

put spread

Sell 205/200 put spread 2026-05-22 (45 DTE)

205 short strike lines up with near-term max pain (205–210 range) and sits inside the 1w EM guardrail ($206.27–$221.27). Positive GEX concentrations at $210/$212.50/$215/$217.50 provide dealer pin support. 45 DTE captures the May IV bump (ATM ~41.8% at 45d) for attractive extrinsic premium while keeping risk defined.

Credit: $1.00-$1.40

Max loss: $3.60

BE: $203.60

Mgmt: Take profit at 50–65% of max credit; roll down 1 strike and out 1–2 cycles if short strike is tested with <50% probability of finish (or close if price closes <205 on daily basis); cut losses at 80% of max loss or if price closes below $203 on daily close.

iron condor

Sell 200/195 put and 222.5/227.5 call iron condor 2026-05-08 (31 DTE)

Balances both sides around the 1-week and 2-week EM bands; put side short 200 is below large put clusters (202.50 & 205) giving cushion; call side short 222.5 is just past call GEX magnets (220/217.5) and well below the structural call OI wall at $225–$300. Use 31 DTE to harvest elevated May-IV and keep width tight (5-point wings) for positive theta while defined-risk protects against tail moves.

Credit: $1.10-$1.60

Max loss: $3.90

BE: 196.90 / 224.10

Mgmt: Close at 50% of max profit or if underlying tests either short strike with >3 closes at/through short strike; consider one-sided roll (out and up/down 5–10 points) if price pins near short strike but GEX still supportive; cut losses at 80% of max loss or if both short strikes broken on daily close.

cash-secured put

Sell 210 put 2026-05-15 (38 DTE) cash-secured

210 strike is a heavily magnetized GEX level (+11.2M GEX at 212.50 and +7.0M at 210.00) and sits between near-term EM bounds. Selling the 210 put collects attractive premium (May-term IV elevated ~43.0% at 38d) while offering a reasonable chance to be assigned into long stock near dealer-support levels. Favorable when bullish flow and positive GEX align.

Credit: $2.50-$3.10

Max loss: $207.50

BE: $207.50

Mgmt: Take profit at 40–60% of credit early; if price runs away higher consider buying back for small loss; if price drops toward 205–205.57 (EM lower) consider rolling down 5 strikes and out one cycle or converting to put spread 210/205; close before assignment if you don't want shares when price trades and closes below 207.50.

covered call

Buy stock and sell 220 call 2026-05-08 (31 DTE)

220 call is OTM and carries decent premium given May IV bump; selling it over a long underlying hold captures theta while respecting the structural call OI wall further above. Good for conservative income-minded sellers who want upside capped around a logical resistance band (220–225).

Credit: $1.75-$2.50

Max loss: $211.02

BE: $211.02

Mgmt: Collect premium, buy back at 50–70% profit or if AMZN closes above 218 with high momentum; roll up and out if assigned risk appears and you want to retain covered position; close prior to any unexpected catalyst.

calendar (call)

Buy 2026-05-08 215 call / Sell 2026-04-17 215 call (10d / 31d calendar)

Short-dated call carry into a richer May expiration (ATM May bump) — selling the 4/17 front-week call into elevated 1d–10d IV allows time decay capture while long May 215 stays exposed to directional upside. Works because spot (~$213.77) is just above max pain and 215 is a strong traded level (near-term OI 8,558 at 215).

Debit: $0.80-$1.40

Max loss: $1.40

BE: Position-level; depends on front-month decay vs back-month extrinsic

Mgmt: If front-month decays to <20% of initial premium, close for theta capture; if short leg hit or underlying rallies >2% intraday consider rolling front leg up one strike; cut losses if stock gaps >4% through short strike or if debit doubles.

Risk Alerts

!Max pain cluster near $205–$210 — sudden strong moves below $205 would invalidate short-put-heavy setups; have defined-risk or clear roll plans.

!Large positive GEX (+$245.9M) can pin price into the magnet strikes (favorable) but risks rapid mean reversion if dealers unwind — monitor intraday delta/gamma flow.

!Unusual activity in very short-dated 4/08 puts/calls (heavy volume and elevated IV at $210/$212.5/$215) — front-week liquidity and flow could create volatile moves into next week; avoid naked exposure through those expirations.

!May IV bump (ATM 46.4% on 5/01) means calendar/diagonal timing matters — selling too short into an IV-rich front leg can backfire if front-week IV spikes.

!Structural call OI wall at $225–$300 — heavy call interest above $225 can compress upside but also create asymmetric risk if underlying breaks higher quickly; manage covered-call and short-call wings accordingly.

How to Use These Reports

This theta 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.