Amazon.com closed at $240.35, slipping 1.41%, after opening at $232.54, touching an intraday high of $241.55 and low of $229.36, with about 105 million shares traded.
Large options trades signaled two distinct views. A $9.75 million bullish call spread dominated the tape, targeting medium-term upside through in-the-money long calls partially funded by a short call. Meanwhile, a $1.31 million long strangle bought both OTM calls and puts, betting on a major move in either direction by January 2027.
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Options Indicators
Amazon.com currently has an implied volatility (IV) of 35.75%, while its IV percentile stands at 49.40%, which places volatility in a neutral range rather than at an extreme. With the IV/HV ratio at 1.00, implied volatility is essentially in line with historical volatility, suggesting options are fairly priced overall rather than notably cheap or expensive.
The Call/Put volume ratio is 1.48.
Large Trades
A bullish call spread with a $9.75 million net debit was the largest featured trade, pairing the purchase of 5,000 Jan. 15, 2027 $220 calls with the sale of 5,000 Nov. 20, 2026 $240 calls. This is a vertical-style bullish spread expressed for a net debit, indicating a directional upside bet with defined cost rather than a naked long-call position. Both legs were in the money versus the $240.35 reference stock price, which makes the structure more delta-heavy and suggests the trader was seeking meaningful upside participation while partially offsetting premium outlay through the short call leg. Strategically, the setup points to constructive medium-term expectations for AMZN, with the sold higher-strike call capping some upside in exchange for lower entry cost.
A $1.31 million net-debit two-leg CALL+PUT combination was the other displayed large trade, consisting of long 2,000 Jan. 15, 2027 $275 calls and long 2,000 Jan. 15, 2027 $205 puts. Since both legs were bought rather than paired as a synthetic or spread, this is effectively a long volatility strangle, with both options out of the money at the current stock reference. The structure signals a view that AMZN could make a sizable move in either direction by expiration, with the trader paying premium upfront to gain convex exposure rather than expressing a clean directional stance. Overall, the bulk-order flow still leans bullish on balance: the largest trade of the day was an aggressive upside call spread, and net large-trade sentiment remained positive even though there was notable call overwriting and bearish call selling elsewhere in the tape. The combination of a dominant bullish lead trade and mixed but still net-positive institutional flow suggests cautiously constructive sentiment toward AMZN rather than an outright euphoric chase higher.
Strategy Reference
For a lower assignment probability, a seller could consider the Jan. 15, 2027 $205 put, which is about 14.70% below the closing price and sits outside the long strangle's purchased put, offering a wider cushion than selling near-the-money premium while still collecting elevated theta.
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