Amazon.com closed at 256.97 USD, down 0.60%.
Despite the modest daily pullback in shares, the options tape flashed a strongly bullish institutional signal. A dominant $17.12 million in-the-money call purchase anchored the session, with additional long-dated upside call buying reinforcing the constructive tone. The absence of meaningful bearish large-trade activity and the concentration of flows in directional call purchases point to conviction in continued share appreciation, leaving the overall large-trade backdrop decisively bullish for AMZN.
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Options Indicators
AMZN’s implied volatility is 33.32%, and with an IV percentile of 35.46%, current option pricing sits in a neutral volatility zone rather than at an extreme. The IV/HV ratio of 1.29 indicates implied volatility is running above historical volatility, suggesting the options market is embedding somewhat higher forward-looking movement expectations, but overall premiums do not appear notably cheap or excessively expensive based on the percentile backdrop.
The Call/Put volume ratio is 2.43, confirming that call activity is dominating the session and aligning with the bullish large-trade flow.
Large Trades
A call purchase worth $17.12 million was the dominant large trade of the session, with buyers taking 9,010 contracts of the November 20, 2026 $255.00 call. With AMZN referenced at $256.97, the strike sits in the money, which makes this a higher-conviction bullish position that combines directional upside exposure with meaningful delta from the start. The long-dated expiration also suggests the buyer is positioning for a sustained advance rather than a short-term swing, using a sizeable outright call purchase to express bullish expectations.
A call buy worth $320 thousand was the next highlighted large trade, consisting of 3,997 contracts of the September 11, 2026 $265.00 call. With the strike above the current stock reference of $256.97, this call is out of the money, indicating a more aggressive upside bet that requires further share appreciation to gain intrinsic value. The relatively smaller premium outlay versus the top trade points to a leveraged bullish positioning style, where the trader is seeking upside participation with defined risk through premium paid.
Overall, the large-trade flow in AMZN is clearly bullish. The activity is entirely concentrated in call buying, with no meaningful bearish large-trade presence, and the standout order was a substantial in-the-money long-dated call purchase that signals conviction in continued upside. The additional out-of-the-money call buying reinforces that traders are not just protecting positions but actively positioning for further gains, leaving the overall institutional tone decisively constructive on the stock.
Strategy Reference
For traders preferring defined risk without the large margin requirement of an outright short call, a bull call spread using the September 2026 $265.00/$285.00 strikes could capture upside while capping capital at risk; alternatively, premium sellers seeking a lower assignment probability may consider the September 2026 $220.00 put, which sits well below current support.
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