Amazon Options Traders Pile Into $1.47M February 2027 Call as AMZN Trades Near $234

By TrendSpider Editor

A massive call contract totaling $1,470,000 in premium hit the tape on Amazon.com, Inc. (AMZN) today, drawing attention to a potential bullish bet that the stock could push significantly higher over the next seven months. AMZN is currently trading at $234.095, up a modest 0.19% on the session, and s

Amazon Options Traders Pile Into $1.47M February 2027 Call as AMZN Trades Near $234

A massive call contract totaling $1,470,000 in premium hit the tape on Amazon.com, Inc. (AMZN) today, drawing attention to a potential bullish bet that the stock could push significantly higher over the next seven months. AMZN is currently trading at $234.095, up a modest 0.19% on the session, and sits in the middle of its 52-week range of $196.00 to $278.56. With two unusual options contracts flagged today and a combined $1,498,350 in total premium changing hands, smart money appears to be positioning for a meaningful move.

Key Drivers of the AMZN Stock Move

• Main Catalyst: Two unusual options contracts were flagged today. The headline trade is a CALL at the $270 strike expiring February 19, 2027, with a size of 1,000 contracts, $1,470,000 in premium, and open interest activity clocking in at a striking 10,000% above normal. A smaller PUT at the $290 strike expiring July 29, 2026, carrying $28,350 in premium, rounded out the activity with open interest at 1,000% above normal and currently in-the-money.
• Bull Case: The dominant signal here is the February 2027 $270 call, which accounted for roughly 98% of the total $1,498,350 in premium spent today. The sheer size, 1,000 contracts at 10,000% above normal open interest, suggests an institutional or high-conviction player is betting AMZN can climb more than 15% from current levels to $270 within the next seven months.
• Bear Case: The in-the-money $290 put expiring July 29, 2026 is notable because it sits well above the current price of $234.095, meaning it carries intrinsic value and could reflect a hedging position or a targeted short-term bearish bet. With only five days until expiration, whoever placed this trade is paying for immediate downside protection, which may signal near-term caution from at least one market participant.

Looking ahead, the options activity paints a split but ultimately bullish picture. The February 2027 call gives a long runway for a thesis to play out, perhaps tied to Amazon's ongoing expansion in cloud computing, artificial intelligence infrastructure, and advertising revenue. The very short-dated $290 put expiring next Tuesday may simply represent a hedge against near-term volatility, especially heading into any macro catalysts over the coming week. With AMZN still sitting roughly $44 below its 52-week high of $278.56 but well above its 52-week low of $196.00, the stock has both room to recover and room to fall, making directional options plays a logical vehicle for expressing a view at this level.

AMZN Unusual Options Activity

Two contracts were flagged as unusual today, July 24, 2026, with a combined total premium of $1,498,350:

• Contract 1: CALL | Strike: $270 | Expiry: February 19, 2027 | Volume/Size: 1,000 | Open Interest: 10,000% above normal | Out of the money | Premium: $1,470,000
• Contract 2: PUT | Strike: $290 | Expiry: July 29, 2026 | Volume/Size: 5 | Open Interest: 1,000% above normal | In the money | Premium: $28,350

AMZN Seasonality

Late July has historically been an active period for Amazon, as the company typically reports second-quarter earnings around this time of year, often triggering significant post-earnings moves in both the stock and options markets. The heavy call positioning in February 2027 may reflect expectations that catalysts through the back half of 2026, including Q2 and Q3 earnings, will drive the stock toward and potentially beyond the $270 level.

AMZN Relative Performance

AMZN is up 0.19% on the session as of today, July 24, 2026. The stock is trading at $234.095, which places it approximately 19% above its 52-week low of $196.00 but roughly 16% below its 52-week high of $278.56, suggesting the stock has meaningful ground to recover before retesting recent peaks. The positioning in today's options flow implies at least some traders believe that recovery is achievable within the next seven months.