base 5; +2 GEX/flow strongly aligned (pinning); +1 GEX positive; -1 spot 8.3% from MP; +0.5 VIX 18.36
Term structure: Front-week (1–10d) IV depressed 23.6–31.7%; a large hump at 17d (ATM 47.8%) then slow roll-down into summer (35–37%). Good pickings in the 17–45 DTE band where IV is elevated.
Spot vs MP: Above (spot $249.02 is above nearest max pain $230 and near-term MP pins at $230/$218 but dealer GEX concentrates at $250/$245/$240).
GEX regime: Pinning (Total GEX +$414.9M; strong positive gamma concentrated at 250/245/240)
Gamma flip: ~$200.00 — Gamma flip ~ $200 — below that level dealers switch to short-gamma behavior and moves can accelerate. Well below spot; not an immediate threat to near-term credit trades.
OI concentrations: Call OI wall $265–$300; heavy premium flow and OI at $250 (23,770 OI) and $275 (205,776 CALL OI highest overall). Put floor concentrated near $200 (36,729 put OI). Near-term GEX magnets: +$49.4M @ $250, +$37.8M @ $245, +$12.6M @ $240.
#1put spread
Sell 235/230 put spread 2026-05-15 (31 DTE)
31 DTE sits in the richer part of the term structure (mid-May ATM ~41.6%). GEX pinning at 240–245 and EM 1w lower bound $241.42 make 235 a resilient short strike. Defined risk spread protects against tail below the put floor and avoids assignment.
Mgmt: Take profit at 50–65% of max credit; roll down & out if short strike is penetrated intraday below $235 or close below $240; close for 25% max loss if price trades below $230 or vol spikes >+10 IV pts.
#2cash-secured put (CSP)
Sell $245 put 2026-05-01 (17 DTE) cash-secured
High net premium flow into the $245/$250 calls but puts at $245 show dealer GEX and pinning; 17 DTE ATM IV jumps to 47.8% so sellers collect rich premium. Use CSP instead of naked short puts if comfortable owning AMZN at ~$242–$245.
Mgmt: Close at 50–70% profit; if price tests <$241 (1w EM lower $241.42) consider rolling down 1–2 strikes and out 2–4 weeks. Cut losses / buy back if price < $238 or IV collapses and assignment risk increases.
#3iron condor
Sell 240/235 put and 255/260 call iron condor 2026-05-29 (45 DTE)
45 DTE sits where IV still elevated (~37.8%) while range expectations (45d EM +/-10.6%) keep $240–$260 inside the expected move. Positive GEX pinning centers the distribution inside the wings, giving asymmetric cushion to the upside because heavy call OI is further out.
Mgmt: Take profit at 40–60% of max credit; close/roll if either short strike is tested intraday or if spot breaches $240 or $256; cut loss at 60% of max loss or if VIX-driven IV spike increases wing risk.
#4covered call (buy-write)
Buy 100 shares and sell $255 call 2026-05-08 (24 DTE)
24 DTE call IV ~44.4% (elevated); selling the $255 call (OTM ~+2% from spot) captures meaningful premium while leaving room for modest upside. Works with bullish flow but keeps theta collection central to the trade.
Mgmt: Close at 50–75% profit; if assigned (stock called away) accept exit at $255; if stock drops below $240, close the call and reassess stock leg or roll to lower strike and collect additional premium.
#5calendar (long-dated calendar on calls)
Sell short-dated 2026-04-24 $250 call and buy 2026-06-18 $250 call (10d short vs 65d long) — calendar
Front-week IV depressed while mid-term IV elevated; shorting the near-term $250 call (pin at $250) against a longer call captures calendar theta while taking advantage of the front-end IV dip vs the mid-term hump (17–65d). Good for neutral near-term bias.
Mgmt: Take profit if short leg decays >70% or if underlying stays within $245–$255; unwind if spot moves >$258 or if short-dated IV jumps >8–10 pts; limit max loss to debit paid.
!Earnings 2026-04-30: 16 days out — avoid selling multi-week naked premium through earnings; prefer defined-risk spreads or close before announcement.
!Gamma flip ~$200 — a large move below this (well below spot) would flip dealer hedges and accelerate downside; protect naked positions if material move lower begins.
!Heavy concentrated call flow and OI at $250 and $275 (top premium flow and OI: $250 net call flow $129.6M) — upside pinning/short-squeeze risk if flows shift; monitor flow for rapid re-pricing.
!Front-week ATM IV depressed (1–10d ATM 23.6–31.7%) — selling very short-dated premium gives less edge; prefer 17–45 DTE where IV is richer.
!Unusual activity: high volume in 04/15 $245P and 04/17 $250P indicates short-dated directional positioning — watch for short-term pin attempts and rapid put buying that can move spot into short strikes.