Amazon.com, Inc. closed at $266.43, up 3.97%.
The stock’s 3.97% advance was accompanied by unusually large bullish derivatives positioning, highlighted by a $13.35 million debit call spread in the November 2026 expiration. The most prominent order bought 25,000 AMZN $295 calls and sold 25,000 $350 calls, establishing a bullish target zone from $295 to $350 by late 2026. A second, smaller bull call spread with a net debit of $931,900 used the $290/$350 strikes, reinforcing the same upside bias.
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Options Indicators
AMZN’s implied volatility stands at 31.49%, and with an IV percentile of 23.11%, current volatility is sitting on the lower side of its historical range, indicating that options are cheaply priced rather than expensive. The IV/HV ratio of 1.17 shows implied volatility is running modestly above realized volatility, suggesting the options market is assigning a slight premium to forward uncertainty, but overall the pricing backdrop still leans relatively inexpensive.
The Call/Put volume ratio is 1.96, reflecting clearly heavier trading activity in calls than puts and confirming the bullish tone seen in the unusually large block flow.
Large Trades
A bull call spread with a net debit of $13.35 million was the largest displayed trade and represents a clearly bullish directional bet on AMZN through November 20, 2026. The structure involved buying 25,000 out-of-the-money 295.0 calls and selling 25,000 out-of-the-money 350.0 calls, both against a reference stock price of 266.43. As a debit call spread, this trade expresses upside expectations while capping maximum profit above 350.0, which reduces premium outlay versus an outright long call. The net debit signals the trader was willing to pay substantial premium for upside exposure, suggesting conviction in a medium- to longer-dated advance but with a defined target zone rather than an unlimited breakout view.
Another bull call spread, this one with a net debit of $931,900, reinforced the same bullish posture in the same November 20, 2026 expiration. The trader bought 1,320 out-of-the-money 290.0 calls and sold 1,320 out-of-the-money 350.0 calls, again using a capped-upside call spread to position for appreciation from the current stock level of 266.43. This structure points to a moderately bullish view that AMZN can move meaningfully higher over time, while the short 350.0 call helps finance the long premium and reflects a preference for efficient upside participation rather than paying for open-ended upside. Overall, the large-trade flow leans bullish on AMZN: the biggest featured orders were both upside call spreads with net debits, indicating traders were allocating premium to participate in a sustained rise, even though some outright call selling appeared elsewhere in the tape. The balance of block activity still suggests constructive sentiment, with institutional positioning favoring upside exposure in a controlled-risk format.
Strategy Reference
For a lower assignment probability, a cash-secured put seller could consider the November 2026 220.0 strike, which sits roughly 17.43% below the current price and aligns with the prevailing bullish flow while collecting premium in a relatively low-IV environment.
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