Recent Price Movement

Amazon.com Inc. closed at USD 251.89, down 0.20% from the previous close. Large options trades uncovered a pronounced bearish tilt. A massive double-long put purchase worth a net debit of $8.35 million dominated the flow, reflecting deep institutional conviction for a downside move. By contrast, a much smaller $0.84 million synthetic call executed for a modest net credit offered some offset, but not enough to shift the overall negative tone.

>>>Start OPTIONS trading & earn up to SGD 200 in rewards!

Options Indicators

AMZN’s implied volatility is 33.41%, and with an IV percentile of 35.86%, current option pricing sits in a broadly neutral volatility regime rather than an especially cheap or expensive one. At the same time, the IV/HV ratio of 1.34 shows implied volatility is running above realized volatility, indicating the options market is pricing in somewhat more forward uncertainty than the stock has recently delivered.

The Call/Put volume ratio is 1.69.

Large Trades

A bearish put-buying combination worth a net debit of $8.35 million was the largest displayed trade, consisting of a purchase of the September 18, 2026 $280.0 put and a purchase of the September 11, 2026 $265.0 put. With AMZN referenced at $251.89, both puts were in the money at execution, making this a same-direction double-long put structure aimed at capturing a sizeable downside move or an increase in downside volatility over the near-to-medium term. Because both legs were bought, this is a premium-paid directional bearish bet rather than an income strategy, and the substantial net outlay signals strong conviction that downside risk remains meaningful.

A synthetic call worth $0.84 million was the other displayed large trade, created by buying the October 16, 2026 $285.0 call and selling the October 16, 2026 $230.0 put. Both strikes were out of the money versus the $251.89 reference price, and the package was executed for a net credit of $204,600, which points to a constructive upside stance with willingness to absorb downside exposure above the short put strike. Strategically, this structure replicates long stock exposure in options form and reflects a moderately bullish view that AMZN can hold above $230.0 and potentially rally toward or beyond $285.0 into expiration.

Overall, the large-trade flow leans clearly bearish. The dominant feature was the much larger premium-paid put positioning, including an aggressive in-the-money double-put purchase, while the bullish activity was comparatively smaller and expressed through a synthetic long rather than outright upside call accumulation. Taken together, the bulk-order profile suggests institutional participants are prioritizing downside protection or directional downside exposure, leaving the near-term tone for AMZN tilted negative.

Strategy Reference

Given the bearish large-trade flow, a seller looking for low assignment probability could consider the October 16, 2026 $220.00 put, which sits well below both the current price and the short put strike of the bullish synthetic call, to collect premium while staying outside the expected downside risk zone.