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AMZN

Amazon.com, Inc.Close $250.56EOD only

Max Pain

$240.00

Next expiry Apr 20, 2026

Expected Move

±$4.03

1.6% from close

Price Gap

-10.56

Distance to max pain

IV Rank

100

High premium

P/C OI

0.59

Slightly call-heavy

Consensus

6.0/10

Neutral tilt

Published snapshot: Apr 17, 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 17, 2026 close

AMZN Theta Report

Analysis based on market close April 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.3% from MP; +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

AMZN avg IV (~42%) is rich vs VIX (18.9); front-dated ATM IV shows a crush and elevated short-dated skew

Favorable?

Term structure: Steep short-to-mid skew (2–11d) with elevated 4–11d put IV and higher long-dated baseline; expect front-week pin/roll activity

📌Dealer GEX +$292.7M supports pinning near listed max-pain

⚠️Front-dated ATM crush and 0–2d gamma increase make naked premium selling risky; use defined-risk structures and explicit hedge/roll rules

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+292.7M)

Gamma flip: ~$200.00 — Approx — based on put OI concentration of 36,070 (19.4% below spot)

OI concentrations: Put OI concentrated ~19.4% below spot; max-pain clusters at $248/$240/$230

Verdict: High short-term pin risk — dealer positioning/GEX favor pinning, but localized strike concentration creates tail risk; reduce size or ladder strikes if risk increases

Premium Opportunities

Put diagonal

Sell 2026-05-22 $245.00 put / buy 2026-06-18 $235.00 put

Collect front-month put premium with longer hedge to capture term slope; favorable when short-put IV rank>60 and term slope positive

Credit: $1.42-$1.73

Max loss: $0.01

BE: Path-dependent

Mgmt: Size 1–2% portfolio; roll if short delta>0.65, DTE<7 or spot gaps 4% down; cut if spot breaches 2d guardrail

Call diagonal

Sell 2026-05-22 $250.00 call / buy 2026-06-18 $265.00 call

Short near-month call outside dealer max-pain with further-month long call to limit upside risk

Credit: $2.83-$3.46

Max loss: $0.01

BE: Path-dependent

Mgmt: Size 1–2%; roll/close if short delta>0.65 or stock moves ~4% adverse; watch VIX>25 or IV term widening

Call diagonal

Sell 2026-05-29 $270.00 call / buy 2026-06-18 $280.00 call

Small credit, low delta short call with longer hedge to retain defined risk

Credit: $0.29-$0.36

Max loss: $0.01

BE: Path-dependent

Mgmt: Size ~1%; roll if delta>0.45 or adverse move>5%; monitor short-dated skew and guardrails

Risk Alerts

!Spot breaks below $243.58 (2d guardrail) or above $252.98

!VIX >25 or sudden IV term-structure widening

!Large directional flow into puts/calls that flips dealer GEX

How to Use These Reports

This theta reflects the market close on April 20, 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.