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AMZN

Amazon.com, Inc.Close $249.02EOD only

Max Pain

$230.00

Next expiry Apr 15, 2026

Expected Move

±$3.52

1.4% from close

Price Gap

-19.02

Distance to max pain

IV Rank

100

High premium

P/C OI

0.59

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 14, 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 14, 2026 close

AMZN Theta Report

Analysis based on market close April 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned (pinning); +1 GEX positive; -1 spot 8.3% from MP; +0.5 VIX 18.36

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 43.8% vs VIX 18.36 — overall stock IV is rich vs market but short-dated ATM IVs are depressed (1d ATM 23.6%, 3-10d ATM 28–31%). Front-week vols are low relative to 17–31d term where ATM rises to 47.8% (17d).

Favorable?

Yes

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.

💰Large net premium $813.3M and Avg IV 43.8% — pockets of richness for sellers in 17–45 DTE

📌GEX +$414.9M creates pinning; near-term IV low but dealers are positioned to hedge around 240–250

Pin Risk Assessment

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.

Verdict: Favorable — strong pinning and positive GEX create a magnet around $240–$250 which supports short put/put-spread premium-selling. Call-heavy flow reduces upside pressure for sellers to collect theta but watch upside OI walls for adjustments.

Premium Opportunities

put 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.

Credit: $0.80-$1.20

Max loss: $4.20

BE: 234.20

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.

cash-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.

Credit: $2.50-$3.50

Max loss: Unlimited minus cash (if assigned stock basis ~$245 - credit)

BE: $242.50

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.

iron 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.

Credit: $1.10-$1.80

Max loss: $3.90

BE: 236.10 / 258.90

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.

covered 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.

Credit: $2.30-$3.00

Max loss: Stock downside to $0 minus premium (not recommended large size)

BE: $246.72

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.

calendar (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.

Debit: $0.60-$1.40

Max loss: $1.40

BE: Complex (debit basis) — call price paid approx $0.60–1.40 net

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.

Risk Alerts

!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.

Read the Theta analysis for AMZN for 2026-04-14. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.