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AMZN

Amazon.com, Inc.Close $265.01EOD only
Max Pain
$260.00
Next expiry May 22, 2026
Expected Move
±$5.47
2.1% from close
Price Gap
-5.01
Distance to max pain
IV Rank
12
Low premium
P/C OI
0.58
Slightly call-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: May 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
May 20, 2026 close
AMZN Theta Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness9 / 10
Sizing: Aggressive
Primary: Short Put
Invalidation: Spot below 260 or above 275
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.9% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
IV 35.8% > VIX 17.4, elevated
Favorable?
Yes

Term structure: Steep 0-2DTE drop; contango after 2DTE

📈Bullish flow with positive GEX pinning near 260
⚠️Term structure steep near-term, IV expansion risk

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+444.5M)

Gamma flip: ~$200.00 — Approx — based on put OI concentration of 31,906 (24.5% below spot)

OI concentrations: Put OI 31.9K (24.5% below spot) at 200; call OI wall 290-370

Verdict: Pin risk moderate; max pain 260 with dealer gamma positive

Premium Opportunities

#1
Cash-secured put
Sell 2026-06-26 $245.00 cash-secured put
Sells put to collect premium with low risk of assignment due to strong support at 260.
Credit: $2.65-$3.23
Max loss: $241.77
BE: $241.77
Mgmt: Close if spot breaches 260; roll out or down if IV spikes.
#2
Put credit spread
Sell 2026-06-12 $255.00/$245.00 put spread
Sells put spread to capture time decay and IV contraction with defined risk.
Credit: $1.67-$2.04
Max loss: $7.96
BE: $252.96
Mgmt: Exit at 50% max gain; adjust strikes if spot nears 260.
#3
Iron condor
Sell 2026-06-12 $255.00/$245.00 put wing and $275.00/$285.00 call wing
Sells call and put spreads to profit from range-bound movement and time decay.
Credit: $3.72-$4.54
Max loss: $5.46
BE: 250.46 / 279.54
Mgmt: Set profit target at 50%; adjust wings or early exit if IV expands.

Risk Alerts

!Gamma flip if spot drops to 200
!IV may compress post-pinning
How to Use These Reports
This theta reflects the market close on May 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.