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AMZN

Amazon.com, Inc.Close $239.89EOD only

Max Pain

$227.50

Next expiry Apr 15, 2026

Expected Move

±$4.44

1.9% from close

Price Gap

-12.39

Distance to max pain

IV Rank

High premium

P/C OI

0.60

Slightly call-heavy

Consensus

6.5/10

Range bias

Published snapshot: Apr 13, 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

Apr 13, 2026 close

AMZN Theta Report

Analysis based on market close April 13, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.2% from MP; +0.5 VIX 19.1

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 41.9% vs VIX 19.12 — stock IV is elevated relative to index; ATM 32–41% term band (near-term very low, 18d+ higher)

Favorable?

Yes

Term structure: Very low ultra-near (0–2d) IV then re-rises: 2d ATM 26.3%, 7d 28.2%, 18d 46.8%, 32d 40.6% — rich mid-dated vols; good edge selling 18–46 DTE.

💰Avg IV 41.9% with 18–46 DTE at 36–47% creates attractive yields for sellers

📌GEX concentrated at $240 (+$196.6M) creates a strong pin magnet — favors selling premium near that zone

Pin Risk Assessment

Spot vs MP: Spot $239.89 is Above max pain (nearest MP $232.50 on 2026-04-13 and $227.50 on 2026-04-15); spot is +3.2% from the 1-week lower EM guardrail $232.19

GEX regime: Pinning (GEX +$571.4M; large positive gamma exposure concentrated at $240.00)

OI concentrations: Large call OI wall $250-$300 (notably $275 OI=205,719; $300 OI=139,225); near-term OI concentration at $240 call (1,730–8,114 depending on expiration) and put OI clusters at $235 (6,426) and $232.50 (838).

Verdict: Favorable — strong pinning around $240 supports selling premium near/just below spot (puts) and defined-risk call-side as tail hedges.

Premium Opportunities

cash-secured put (CSP)

Sell 2026-05-15 232.50 Put (32 DTE)

32 DTE sits in the attractive mid-term IV bucket (May15 ATM 40.6%). $232.50 lines up with max pain / near-term put OI cluster and the strong $240 GEX magnet — pinning reduces downside tail and increases probability of expiration above strike.

Credit: $1.30-$1.90

Max loss: 232.50 - premium received (approx $230.20 if assigned) per share

BE: $231.20

Mgmt: Take 60–70% of max profit; roll down-and-out or buy back if price closes below $232.19 (1-week EM lower guardrail). Cut losses / close if price < $225 (large put OI at $225 and structural weakness) or if assigned and you don't want shares.

put spread (defined-risk)

Sell 2026-05-15 230 Put / Buy 225 Put (32 DTE)

Defined-risk version of CSP with similar mapping to put OI at $232.50 and structural support at $225. Cheapens margin and caps tail; mid-dated IV (40.6% at 32d) gives attractive credit for ~5-point width.

Credit: $0.55-$0.95

Max loss: $4.45

BE: $229.45

Mgmt: Close at 60% of max profit; roll down if short 230 tested and stock stabilizes above new support; cut if 229.00 (roughly 50% of max loss) or if spot closes below $225 for two sessions.

iron condor (defined-risk)

Sell 2026-05-22 220/215 Put spread + 250/255 Call spread (39 DTE)

Wider 39 DTE wings capture generous mid-term IV while taking advantage of strong pin at $240 and large call OI wall above $250-$275 that limits upside gamma. Put side uses OI support at $225–$232 area; call side is protected by heavy call walls and lower call IV.

Credit: $1.10-$1.65

Max loss: $3.90

BE: 220.00 / 253.10

Mgmt: Take 50% profit on the condor; tighten or buy back if either short strike is tested intraday or if VIX spikes >25. Close put side if price < $232.19; close both wings if price breaches either breakeven.

covered call (income on long stock)

Own AMZN shares, sell 2026-05-15 245 Call (32 DTE)

If you hold shares, selling a 245 call (O/I and flow show interest at 245) collects rich mid-term premium while keeping upside largely intact to the 1-week/1-month EM upper bounds ($247.59–$250.26). Call OI concentration at $245 and $250 supports selling close-to-money covered calls.

Credit: $1.30-$1.80

Max loss: Downside of stock minus premium received (unlimited)

BE: stock cost basis minus premium

Mgmt: Close at 60% profit; buy back if stock rallies toward $247–$250; allow assignment if you want to exit at strike + keep premium.

Risk Alerts

!Max pain and GEX magnet centered at $240 — avoid naked short calls much below $245 due to concentrated upside OI and potential early assignment on large flows.

!Large positive GEX (+$571.4M) can create pinning but also rapid mean reversion if dealers hedge; if price breaks below 1-week EM ($232.19) pin can unwind and accelerate downside.

!Unusual flow: heavy call flow at $240 (multiple expirations) and large put flow at $235/230 — this suggests dealers are long calls and short puts; monitor intraday flow (spikes can change risk quickly).

!Earnings on 2026-04-30 (in ~17 days) — outside the 2-week window but roll/close positions before earnings if you're risk-averse to eps moves.

!Near-term IV is suppressed at ultra-short expirations (0–4d ATM 5–30%) — avoid selling weekly naked positions into those low IV pockets; use 18–46 DTE where IV is richer.

Read the Theta analysis for AMZN for 2026-04-13. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.