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AMZN

Amazon.com, Inc.Close $255.36EOD only

Max Pain

$235.00

Next expiry Apr 24, 2026

Expected Move

±$4.67

1.8% from close

Price Gap

-20.36

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.59

Slightly call-heavy

Consensus

6.5/10

Range bias

Published snapshot: Apr 22, 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 22, 2026 close

AMZN Theta Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

0.7 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.4% from MP; +0.5 VIX 19; override: Confidence reduced due to front-week IV compression and convexity risk; thesis assumes selling beyond 6d.

IV Environment

IV Regime

Normal

IV vs VIX

Stock avg IV ~44.8 > VIX 19; very depressed 1–4d ATM IV (~23) while 6–22d IVs elevated (50–60).

Favorable?

Yes

Term structure: Front-week IV compressed with pronounced put-rich skew into 24–29APR; mid-dated premium elevated and more sellable.

⚠️1–4d IV much lower than 6–15d — avoid front-week short convexity

📌Put skew and max-pain cluster at $238/$248 supports short-mid dated put spreads

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+410.6M)

Gamma flip: ~$200.00 — Approx — based on put OI concentration of 35,592 (21.6% below spot)

OI concentrations: Put OI concentrated ~21.6% below spot; max-pain cluster $238/$248/$245 short-dated.

Verdict: High pin risk near listed max-pain levels over next week

Premium Opportunities

Put credit spread

Sell 2026-05-15 $237.50/$220.00 put spread

Collect rich May 15 premium with defined risk; avoids 1–4d IV depression while expressing bearish-pitch-protection bias.

Credit: $2.59-$3.16

Max loss: $14.34

BE: $234.34

Mgmt: Take profits ≥50% of max gain; widen/roll if price nears 237.5 or VIX>25; cut if sustained close <243.

Cash-secured put

Sell 2026-05-22 $235.00 cash-secured put

Sell one put for larger immediate credit; suitable if willing to own stock at effective strike minus premium.

Credit: $3.87-$4.73

Max loss: $230.27

BE: $230.27

Mgmt: Buy back at 50%+ profit or if price threatens 237.5; size smaller than spreads to limit capital at risk.

Iron condor

Sell 2026-05-29 $255.00/$235.00 put wing and $270.00/$280.00 call wing

Neutral income play that limits tail risk but offers lower edge versus directional put sells.

Credit: $9.07-$11.08

Max loss: $8.92

BE: 243.92 / 281.08

Mgmt: Manage to 50% profit; tighten wings or close if price breaches short strikes or IV term inverts.

Risk Alerts

!Rapid IV spike on market selloff (SPY/QQQ)

!Break below 1w guardrail $243 invalidates premium bias

!Concentrated call wall $275–$300 can cap upside and concentrate dealer exposure

How to Use These Reports

This theta reflects the market close on April 23, 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.