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AMZN

Amazon.com, Inc.Close $271.85EOD only

Max Pain

$260.00

Next expiry May 29, 2026

Expected Move

±$5.46

2.0% from close

Price Gap

-11.85

Distance to max pain

IV Rank

Low premium

P/C OI

0.58

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 27, 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 27, 2026 close

AMZN Theta Report

Analysis based on market close April 8, 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 8, 2026. A newer theta report is available for May 26, 2026.

View latest report

Theta Verdict

Confidence:

7 / 10

base 7.0; +1 large positive GEX ($+386.4M) & bullish flow; +0 IV term rich 30-45D (~43%); -1 spot 6.6% above MP

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 39.3% (term: 30d ATM 43.1%) vs VIX unavailable — vol is elevated enough for sellers

Favorable?

Yes

Term structure: Short-dated IV (~29–34% in first week) dips relative to a pick-up at 23–44D (30d ATM 43.1%) — favorable for 30–45 DTE selling and calendars if desired

💰30–45 DTE ATM IV ~43.1% (2026-05-08) — richer than very near-dated slices and supports selling premium

📈Avg IV 39.3% gives good theta; avoid ultra-short weekly naked exposure into concentrated near-dated flows

Pin Risk Assessment

Spot vs MP: Spot $221.25 is above max pain ($207.50 → $210 range) — pre-computed: Above

GEX regime: Pinning (GEX +$386.4M) — strong dealer pinning influence

OI concentrations: Call OI wall $235-$300 (structural); near-term call/put OI clusters at $220 (20,076 call OI), $217.50 (18,737 call OI), puts concentrated at $190/202.50/200 but smaller

Verdict: Favorable — strong positive GEX + pin magnets (220/217.5/225) support selling premium, especially downside-limited put spreads and wings that sit outside the immediate pin cluster

Premium Opportunities

put spread

Sell 2026-05-08 215/205 put spread (30 DTE)

Put spread collects rich 30D IV (~43.1%) while leaning into dealer pinning at $215–$220. 215 short strike sits near a listed EM/near-term put interest and GEX pins (215 is a +$8.6M pin magnet in near-term list). Spread caps downside while capturing theta.

Credit: $0.90-$1.40

Max loss: $8.60

BE: 214.10

Mgmt: Take profit at 60–70% of max credit; roll down (one-by-one) if short 215 is tested with option value >50% of width remaining; close if underlying closes below $212 (close below 1-week EM lower $215.26 triggers reassess)

iron condor

Sell 2026-05-08 220/225 call spread + 205/200 put spread (30 DTE) — defined risk 5-pt wings

Uses 30D term where IV is rich, leverages pinning around 220/217.5 to keep price centered. Defined-risk structure avoids naked exposure into the concentrated near-dated put flow and benefits from positive GEX pinning.

Credit: $0.80-$1.20

Max loss: $3.80

BE: 201.20 / 226.20

Mgmt: Take profit at 50% of max credit; exit if either short strike is traded through on close; if call side tested, consider rolling call spread up 1 strike for credit if implied vol inflates >5pts

cash-secured put

Sell 2026-05-08 220 put (30 DTE) cash-secured

220 short put sits on a strong GEX magnet (+$40.5M at $220) and matches bullish flow. If assigned, you get a long at ~220 with collected premium; prefer cash-secured or convert to put spread if you want defined risk.

Credit: $1.20-$1.80

Max loss: $218.80

BE: $218.80

Mgmt: Close at 60% profit; convert to 220/205 put spread if short put value >40% of max theoretical risk or if stock gaps below $217.5; cut losses / buy back if price closes below $215.26

covered call

Buy stock and sell 2026-05-08 235 call (30 DTE)

Call OI wall at $235-$300 is strong; selling calls at 235 collects premium and sits below structural call wall. Good for holders seeking income while capping upside into heavy call OI.

Credit: $0.45-$0.80

Max loss: Stock far downside (unlimited) less credit; per-share immediate downside = spot - credit

BE: $220.80

Mgmt: Close at 50% of max profit on option; if assigned early due to dividend (none noted) or jumps near $235, be ready to rollover; if price rallies strongly above $235, buy back and consider rolling up

calendar (selective)

Sell 2026-04-17 220 call and buy 2026-05-08 220 call (9d short vs 30d long) — debit calendar

Term structure shows cheaper very near-dated IV and richer 30D IV — if you want calendar exposure, use 220 strikes (strong pin magnet) to capture time decay while being agnostic on direction.

Debit: $0.20-$0.40

Max loss: $0.40

BE: Calendar P/L depends on front-month decay and vol; aim to close around front expiry

Mgmt: Close front leg before expiry if underlying moves >1.5x expected move or if calendar value decays to <30% of initial debit; avoid opening if front-week flows show size imbalance (unusual flow into 4/10 puts)

Risk Alerts

!Concentrated unusual put flow into 2026-04-10 strikes (notably 4/10 220P volume 19,210; 225P vol 6,110; 215P vol 20,776) — avoid opening naked short positions into that immediate expiry

!Max Pain is well below spot (short-dated MP $207.50 → $210) and MP trend is rising — watch for larger dealer rebalancing if MP shifts toward spot

!Large positive GEX ($+386.4M) can pin price to nearby magnets (220/217.5/225); though helpful to sellers, rapid shifts or dealer unwind could accelerate moves — defined risk preferred

!IV term shows a pickup at 23–44D (30d ATM 43.1%) — selling very short weekly naked in low IV slices risks quick repricing if front-week vol moves

!Earnings 2026-04-30 (outside two-week window) — close or adjust positions ahead of announcement if holding into late April

How to Use These Reports

This theta reflects the market close on April 8, 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.