Amazon.com Inc. closed at $267.28, down 1.83%. A massive bullish put spread dominated the session, collecting a $4.01 million net credit, while overall bullish premium surged to $13.99 million versus $4.73 million on the bearish side. This net bullish difference of $9.26 million underscores a decisive upside conviction among large traders, even as the stock pulled back on the day.

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Options Indicators

AMZN’s implied volatility is 30.87%, and with an IV percentile of 23.11%, 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 0.50 further suggests implied volatility is running below historical realized volatility, reinforcing the view that the current premium environment is subdued. The Call/Put volume ratio is 1.64.

Large Trades

A bullish put spread collecting $4.01 million in net credit was the largest featured trade, built by selling 2,000 June 17, 2027 $270 puts that were in the money and buying 4,000 June 17, 2027 $190 puts that were out of the money. With AMZN referenced at $267.28, this structure reflects a classic premium-collection strategy that expresses a moderately bullish view while defining downside risk through the long lower-strike puts. The trader is effectively betting that AMZN can hold up over time, allowing the short put premium to decay, while the purchased $190 puts serve as protection against a deeper downside move.

A net debit CALL combination worth $0.80 million was the other displayed large trade, consisting of long 1,081 October 16, 2026 $290 calls, long 1,081 October 16, 2026 $305 calls, and short 1,081 October 16, 2026 $310 calls, with all three strikes out of the money. This three-leg upside structure is a directional bullish bet entered for net debit, suggesting the trader is positioning for an advance into the $290-$310 area by expiration while using the short $310 call to partially finance the upside exposure. The construction points to a measured upside view rather than an unlimited chase higher, as the sold higher-strike call caps part of the payoff profile in exchange for lower entry cost.

Overall, large-trade flow in AMZN leaned clearly bullish, with total bullish premium at $13.99 million versus $4.73 million on the bearish side, leaving a net bullish difference of $9.26 million. The directional judgment is therefore decisively bullish. That conclusion is reinforced by the character of the flow: the top trade was a sizable bullish put spread that brought in substantial net credit through premium collection, while other notable activity included multiple call purchases and a net-debit upside call structure, indicating traders were generally willing to pay for or structure exposure to further upside even as some call selling remained present.

Strategy Reference

For traders seeking a low assignment probability, the elevated Call/Put ratio and subdued IV environment suggest selling the $230 put could offer a favorable risk/reward profile, while a bullish put spread like the $270/$190 structure remains a capital-efficient alternative to outright stock ownership.