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AMZN

Amazon.com, Inc.Close $248.28EOD only

Max Pain

$240.00

Next expiry Apr 22, 2026

Expected Move

±$4.70

1.9% from close

Price Gap

-8.28

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.58

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 20, 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 20, 2026 close

AMZN Theta Report

Analysis based on market close April 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 VIX 20

IV Environment

IV Regime

Normal

IV vs VIX

AMZN IVs (avg 43.7%) materially above VIX (19.5%)

Favorable?

Yes

Term structure: Front-week skewed: cheap ATM but elevated short-dated put IVs (4/24) with bumps into 4/29–05/01; longer-term vols slope down

📌GEX +$359M with max‑pain around $245/$240 — concentrated short‑dated pin risk near spot

⚖️Avg IV elevated vs market — collectible premium, but short‑dated tail IV pockets and event risk exist

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+359.4M)

OI concentrations: Max‑pain pins: $245 (04‑22), $235 (04‑24), $240 (04‑27); call OI wall $275–$300. Current spot ≈ $250, so pins sit just below spot.

Verdict: Pinning regime: dealer GEX net short gamma around $245–$240 supports pinning toward those strikes; a true gamma flip to net long (which would relieve pin pressure) likely requires a sustained move below ≈$235 or large dealer hedging flows.

Premium Opportunities

Put credit spread

Sell 2026-05-15 $245.00/$237.50 put spread

Sell a short-dated put vertical into elevated IV to collect premium while relying on dealer GEX pin support around $245.

Credit: $2.45-$3.00

Max loss: $4.50

BE: $242.00

Mgmt: Take profits at 50–75% of max gain; cut if price breaks and holds below $245 or front-week IV jumps >+20 vol points.

Iron condor

Sell 2026-05-15 $245.00/$240.00 put wing and $250.00/$255.00 call wing

Sell balanced wings to monetize rich premium and dealer pinning into a defined-risk structure.

Credit: $3.91-$4.79

Max loss: $0.21

BE: 240.21 / 254.79

Mgmt: Trim or widen wings if underlying trends toward a wing; close or roll before earnings if directional risk increases.

Call calendar

Sell 2026-05-15 $255.00 call / buy 2026-06-18 $255.00 call

Short front call into high IV and hold longer dated call to limit assignment and capture calendar decay.

Debit: $3.33-$4.07

Max loss: $4.07

BE: Path-dependent

Mgmt: Roll short leg out or higher after earnings if IV compresses; exit on sustained move toward $255 or IV spike.

Risk Alerts

!Sustained sell‑through below $245 invalidates premium‑selling thesis

!Front‑week IV spikes from news or large flow raise short‑dated tail risk

!Concentrated call wall at $275–$300 can create asymmetric upside moves if spot approaches that range

!Earnings, dividends or firm‑specific news not priced in — these events materially increase IV and pin risk

How to Use These Reports

This theta reflects the market close on April 21, 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.