Amazon.com Inc. closed at $248.42, reflecting a 2.02% decline.

Despite the drop, large options flow showed a distinctly bullish tilt. A $13.74 million bull call spread dominated the session, targeting a rally toward $325 by late 2026, while a much smaller $354,600 bearish put spread provided only modest downside positioning. With call volume running more than twice put volume, the displayed activity suggests institutional traders remain focused on upside rather than pressing a sustained bearish view.

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Options Indicators

AMZN’s implied volatility is 32.84%, and with an IV percentile of 29.88%, current option pricing sits on the low side relative to its own recent history, indicating options are cheaply priced rather than carrying an elevated volatility premium. At the same time, the IV/HV ratio of 1.25 shows implied volatility is still running above realized volatility, suggesting the market is building in somewhat higher forward uncertainty than what has recently been observed, but overall the volatility regime remains relatively subdued.

The Call/Put volume ratio is 2.14.

Large Trades

A bullish call spread with a $13.74 million net debit was the largest displayed trade, built by buying 15,000 Nov. 20, 2026 $265 calls and selling 15,000 Nov. 20, 2026 $325 calls. With AMZN referenced at $248.42, both strikes were out of the money, so this is a clear upside directional bet that also caps the trader’s upside in exchange for reducing the entry cost versus an outright long call. As a bull call spread, the structure signals expectations for a meaningful rally into late 2026, with the buyer willing to pay premium upfront for leveraged upside exposure while defining risk and targeting gains up to the short $325 strike.

A bearish put spread with a $354,600 net credit was the other displayed large trade, consisting of the sale of 4,858 Nov. 20, 2026 $215 puts and the purchase of 4,858 Oct. 2, 2026 $240 puts. Both strikes were out of the money versus the $248.42 reference price, and the structure reflects a spread strategy rather than a naked downside bet. The net credit indicates a premium-collecting bearish put spread, suggesting the trader was positioning for downside risk or a pullback while structuring the trade to take in premium rather than pay for protection outright. Overall, the large-trade flow leans bullish on balance: the dominant print was a sizeable upside call spread, and aggregate block activity also favored bullish exposure, implying institutional participants were more focused on positioning for further gains in AMZN than on pressing a sustained bearish view, even though some downside hedging and bearish spread activity remained present.

Strategy Reference

For a low assignment probability, a put seller could consider the Nov. 20, 2026 $215 strike, which sits roughly 13.45% below the current price and aligns with the sold leg of the displayed bearish put spread, while traders preferring defined risk and reduced margin could use a bull put spread such as selling the $215 put and buying a lower strike put to collect premium without an outright long stock position.