Amazon.com, Inc. closed at USD 265.84, up 2.46 %.
Large options trades in AMZN showed a modestly bullish institutional tilt, led by a $6.28 million net-debit call butterfly-style spread targeting the 285–360 range by November 2026, alongside a $408 thousand synthetic long. Total bullish flow reached $26.74 million versus $24.62 million in bearish flow, for a net bullish difference of $2.11 million.
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Options Indicators
AMZN’s implied volatility is 30.88%, and with an IV percentile of 23.11%, current option pricing sits in the lower end of its historical volatility range, suggesting options are relatively cheap and volatility expectations are subdued. The IV/HV ratio of 0.50 further indicates implied volatility is running below realized volatility, reinforcing the view that the current premium environment is not rich.
The Call/Put volume ratio is 3.14.
Large Trades
A CALL combination with a net debit of $6.28 million was the standout large trade, structured as a four-leg call butterfly-style spread using the November 20, 2026 expiration: long the 285 calls, short the 305 calls, short the 335 calls, and long the 360 calls, all struck above the current stock price of $265.84 and therefore out of the money. As a combination option, its size should be measured by the provided net debit of $6.28 million, not by the individual legs. The structure suggests a defined-risk directional bet that targets upside into a broad range while capping gains beyond the upper short strike area, making it more of a tactical bullish positioning trade than a pure premium-collection strategy.
A synthetic long worth a net debit of $408 thousand was also notable, created by buying the August 21, 2026 260 call and selling the August 21, 2026 260 put. With the stock at $265.84, the long call was in the money and the short put was out of the money, producing stock-like upside exposure with a relatively modest upfront net debit. This is a clearly bullish structure typically used for directional exposure or to replicate long stock more efficiently, and it signals confidence that AMZN can hold above the 260 level while participating in further upside.
Overall, large-order sentiment in AMZN leaned modestly bullish, with total bullish flow at $26.74 million versus bearish flow at $24.62 million, for a net bullish difference of $2.11 million. The directional judgment is therefore slightly bullish rather than aggressively one-sided: the top displayed trades were both upside-oriented, led by a sizable long-delta call combination and reinforced by a synthetic long, which together point to institutional interest in participating in higher prices while still using structured risk-defined expressions rather than outright speculative call buying alone.
Strategy Reference
For a low assignment probability, a put seller could consider the November 2026 200 strike, which sits well below current support and roughly 24.77% out of the money, though the modest IV environment may limit premium. Alternatively, a bull call spread using the 285/360 strikes from the displayed butterfly offers a defined-risk way to express the same bullish range view without posting margin for the full four-leg structure.
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