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AMZN

Amazon.com, Inc.Close $249.91EOD only

Max Pain

$245.00

Next expiry Apr 22, 2026

Expected Move

±$4.03

1.6% from close

Price Gap

-4.91

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.58

Slightly call-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: Apr 21, 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 21, 2026 close

AMZN Theta Report

Analysis based on market close April 22, 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

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV ~43% vs VIX 18.9 — equity IV markedly elevated vs index VIX

Favorable?

Yes

Term structure: Steep short-dated skew (2–9d) with rich puts then normalizes into mids

⚖️Dealer GEX +$526M supports pinning near $248–$250

🧭Short-dated put IV rich (2–9d); favorable for credit selling but can flip rapidly if IV cliff or VIX diverges—use explicit width/stop rules

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+526.4M)

Gamma flip: ~$200.00 — Approx — based on put OI concentration of 35,855 (21.7% below spot)

OI concentrations: Put OI concentrated 21.7% below spot; max pain clusters $235–$248

Verdict: Elevated pin risk at $248/$245/$235; adds AM assignment risk for short-dated puts and potential for elevated margins/poor roll fills if pinning occurs

Premium Opportunities

Put credit spread

Sell 2026-05-15 $247.50/$242.50 put spread

Sell 247.50/242.50 to collect elevated IV while capping assignment loss if AMZN pins ~245.

Credit: $1.62-$1.98

Max loss: $3.02

BE: $245.52

Mgmt: Close/roll if IV spikes >30% or breach >247.5; use width-based stop

Iron condor

Sell 2026-05-15 $235.00/$230.00 put wing and $280.00/$285.00 call wing

Sell 235/230 put (approx 18–20Δ) and 280/285 call (approx 12–15Δ) to collect ~3.50 credit total; assumes IV ~40% with calls skewed 20% richer vs puts at same tenor.

Credit: $1.61-$1.96

Max loss: $3.04

BE: 233.04 / 281.96

Mgmt: Max loss capped at wing widths: $5 width on puts and calls → max loss ≈ $1.50 per side after credit; trim/widen if directional flow moves underlying >1.5x ATR or if credit shrinks >40%; avoid holding through earnings.

Covered call

Buy shares + sell 2026-05-15 $260.00 call

Buy 100 shares and sell May 15 260 call; collect ~4.00 premium → ~4% monthly carry on stock; breakeven = stock price − premium paid; retains full downside below strike.

Credit: $8.48-$10.37

Max loss: Stock downside to $0 less call premium

BE: $244.99

Mgmt: Close or buy back call if stock rises >5% above 260 (assignment risk) or if price drops to 247.5 (protect downside); roll out/ up if implied vol drops >25% and time value remains >50%.

Risk Alerts

!AM assignment risk on short-dated puts when pinned

!Potential elevated margin and poor roll liquidity during pin windows

!Steep short-term skew + IV cliff can flip premium-selling from favorable to adverse—use predefined stop/width rules

!Monitor IV vs VIX divergence for rapid unwind signals

How to Use These Reports

This theta reflects the market close on April 22, 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.