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AMZN

Amazon.com, Inc.Close $258.45EOD only
Max Pain
$252.50
Next expiry Sep 23, 2026
Expected Move
±$4.91
1.9% from close
Price Gap
-5.95
Distance to max pain
IV Rank
4
Low premium
P/C OI
0.70
Slightly call-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: Sep 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
Sep 21, 2026 close
AMZN Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 23, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Theta decay
Invalidation: Spot breaks 1w guardrail $226.06 or $237.80
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.4% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 40.7% vs VIX 19.5% (2.09x)
Favorable?
Yes

Term structure: Irregular term structure with front-end volatility hump; contango 1-3d, backwardation 3-6d

📈IV elevated relative to VIX, favorable for premium selling
🎯Max pain $235 across multiple expirations, spot near pin

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+79.8M)

OI concentrations: Max pain pins $235 (Jun24, Jun29), $240 (Jun26); call wall $250-$350

Verdict: Moderate pin risk; spot near $235 max pain could pin at expiration

Premium Opportunities

#1
Iron condor
Sell 2026-07-24 $225.00/$220.00 put wing and $245.00/$250.00 call wing
Sells call and put wings around expected range, capturing elevated IV decay.
Credit: $2.61-$3.19
Max loss: $1.81
BE: 221.81 / 248.19
Mgmt: Close at 50% max profit or before earnings on Jul 30.
#2
Put credit spread
Sell 2026-07-24 $225.00/$220.00 put spread
Sells put spread below support to collect premium from IV contraction.
Credit: $1.24-$1.51
Max loss: $3.49
BE: $223.49
Mgmt: Exit if spot breaks $220.79.

Risk Alerts

!Dealer gamma positive (GEX $79.8M) may amplify moves on expiration
!Flow mixed; put/call vol ratio 0.44 but OI ratio 0.63 indicates large put OI
How to Use These Reports
This theta reflects the market close on June 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.