Amazon.com Inc. closed at USD 254.98, up 0.02% from the prior session.

Flows in AMZN options were defined by two massive trades: a $2.91 million call butterfly targeting a rally toward $360 by late 2026, and a $2.85 million long strangle expiring in January 2027 that is positioned for a major move in either direction. Together they show investors leaning bullish on Amazon while leaving room for volatility-driven outcomes, with both structures designed around a stock currently near the middle of its recent range rather than pressing an outright directional blow-off.

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Options Indicators

AMZN’s implied volatility is 31.36%, and with an IV percentile of 22.62%, current option volatility sits on the low side of its recent range, indicating that options are relatively cheaply priced rather than expensive. The IV/HV ratio of 1.21 suggests implied volatility is running modestly above historical volatility, so while premiums are still not rich in a percentile context, the market is pricing in somewhat higher forward uncertainty than what has recently been realized. The Call/Put volume ratio is 2.31.

Large Trades

A call spread structure with a net debit of $2.91 million was the largest displayed trade, built as a 3-leg call combination expiring on December 18, 2026. Specifically, the trade bought 6,300 contracts of the $300 call, sold 12,600 contracts of the $360 call, and bought 6,300 contracts of the $375 call, with all three strikes out of the money versus the $254.98 reference stock price. This is best read as a call butterfly-style spread using only calls, and its size should be measured by the stated net debit of $2.91 million rather than by the gross leg totals. Strategically, this is a defined-risk directional bet with a target zone centered around the short $360 strike, suggesting the trader is looking for AMZN to rally meaningfully over time but not explode far beyond the middle strike, while keeping upside exposure structured and capital-efficient.

A paired upside-and-downside option purchase with a net debit of $2.85 million was the second displayed trade, consisting of a long $250 put and a long $300 call, both expiring on January 15, 2027, with 1,200 contracts on each leg. Since this combination is a Buy Put plus a Buy Call, it is not a synthetic structure but rather a long strangle-type volatility strategy, and both strikes were out of the money at the $254.98 stock reference. The strategic intent here is not a simple one-way directional expression, but a premium-paid bet on a large future move in either direction, with the call positioned for substantial upside and the put providing downside participation if AMZN breaks lower. Overall, the bulk-order flow still leans bullish: the net sentiment is positive, and the biggest structure on the tape was an upside-oriented call spread, while even the volatility-focused two-leg trade preserved meaningful upside exposure alongside protection, indicating investors are positioning for higher prices with some willingness to hedge or monetize a wide trading range rather than expressing outright bearish conviction.

Strategy Reference

For sellers seeking a low assignment probability, the $210 put expiring in the nearest monthly cycle currently sits far enough below spot that its delta is under 10%; alternatively, a bullish put spread such as selling the $240 put and buying the $220 put can reduce margin while still capturing premium if AMZN holds above $240 through expiration.