AMZN GEX Today — Gamma Flip & Key Levels
As of Fri 18 Sep 2026 close · all expirations
- Spot
- 253.60
- Gamma flip
- 236.626.7% below spot
- Regime
- Positive gamma
- Positive peak (P1)
- 260.00
- Negative peak (N1)
- 240.00
- Max pain
- 250.0023 Sep 2026 expiry
- Net GEX
- +440.2M
AMZN is in positive gamma: the gamma flip at 236.62 is 6.7% below spot (253.60). Above the flip, dealers are long gamma and tend to dampen moves. The top positive gamma peak (P1) is at 260.00 (+2.5% from spot), where dealer hedging tends to stabilize price. The top negative gamma peak (N1) is at 240.00 (-5.4% from spot), a volatility trigger rather than support. The flip moved -1.9% since the previous snapshot (241.10 → 236.62).
AMZN GEX levels — last 14 snapshots
| Snapshot | Spot | Gamma flip | P1 | N1 | Regime |
|---|---|---|---|---|---|
| 18 Sep 16:02 ET | 253.60 | 236.62 | 260.00 | 240.00 | Positive |
| 17 Sep 16:04 ET | 251.04 | 241.10 | 260.00 | 240.00 | Positive |
| 16 Sep 16:08 ET | 246.12 | 241.03 | 275.00 | 240.00 | Positive |
| 15 Sep 16:09 ET | 248.44 | 241.38 | 275.00 | 240.00 | Positive |
| 14 Sep 16:14 ET | 253.65 | 240.25 | 260.00 | 240.00 | Positive |
| 11 Sep 16:00 ET | 256.80 | 240.20 | 260.00 | 240.00 | Positive |
| 10 Sep 16:00 ET | 251.89 | 243.08 | 260.00 | 240.00 | Positive |
| 9 Sep 16:00 ET | 252.45 | 241.69 | 275.00 | 240.00 | Positive |
| 8 Sep 16:00 ET | 256.95 | 240.62 | 275.00 | 240.00 | Positive |
| 4 Sep 16:00 ET | 258.47 | 238.60 | 275.00 | 240.00 | Positive |
| 3 Sep 16:00 ET | 258.90 | 243.35 | 260.00 | 240.00 | Positive |
| 2 Sep 16:00 ET | 254.96 | 242.00 | 275.00 | 240.00 | Positive |
| 1 Sep 16:00 ET | 254.91 | 241.83 | 275.00 | 240.00 | Positive |
| 31 Aug 16:00 ET | 259.95 | 239.34 | 275.00 | 240.00 | Positive |
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About AMZN options GEX
Amazon's options are American-style and settle in shares, with monthly expirations on the third Friday and weekly series in between. As with most single stocks, the chain follows the quarterly earnings cycle: implied volatility typically rises into each report and falls back once the result is out.
The chart below adds up every AMZN expiry into a combined net GEX profile, labeling the gamma flip, the positive peaks P1 and P2, the negative peaks N1 and N2 and the max pain strike.
The key to Amazon is knowing where you are in that cycle. Ahead of a report, the profile is often dominated by short-dated contracts clustered around the expected move. After the report those contracts are closed or expire, and positioning rebuilds around wherever the stock has landed. Levels from before earnings can therefore stop mattering almost overnight. The 30-day heatmap makes this visible: bands that were bright before the report fade, and new strikes near the post-earnings price start to light up. Treat the first few snapshots after earnings as provisional, and give more weight to peaks that persist into the following weeks. Whether those new peaks sit in positive or negative gamma tells you if the post-earnings range is likely to be calm or choppy.
Everything shown comes from end-of-day open interest in the latest available report and is published after the US close rather than updated live.
FAQ
Are AMZN options settled in cash or shares?
In shares. Amazon options are American-style and physically settled, so exercise results in the delivery of Amazon stock at the strike price.
Why does the AMZN gamma profile reset after earnings?
Contracts opened for an earnings event are often closed or expire soon after the report. When that happens, the strikes they supported lose weight and new positions build around the new price, so old peaks fade and new ones form.
How does the heatmap show an earnings reset?
The heatmap covers the 30 days ending one day before the snapshot. An earnings reset appears as strikes that were bright before the report fading over the following sessions, while strikes near the new price gain weight.
When is the AMZN page updated?
Once per US trading day, after the close. The AMZN profile is computed from end-of-day open interest in the latest available report, covering every listed Amazon expiration.
Levels are derived from end-of-period options open interest and are published once a day. Educational information, not investment advice.