Amazon Unusual Options Activity: Traders Place $1.2M Bullish Bet Despite Stock Sliding Nearly 2%

By TrendSpider Editor

A large bullish options position is drawing attention in Amazon.com, Inc. (AMZN) as two unusual call contracts totaling $1,205,500 in premium hit the tape on Monday, even as the stock slid 1.74% to $252.32. The dominant trade, a 25,000-contract call block at a $350 strike expiring November 20, 2026,

Amazon Unusual Options Activity: Traders Place $1.2M Bullish Bet Despite Stock Sliding Nearly 2%

A large bullish options position is drawing attention in Amazon.com, Inc. (AMZN) as two unusual call contracts totaling $1,205,500 in premium hit the tape on Monday, even as the stock slid 1.74% to $252.32. The dominant trade, a 25,000-contract call block at a $350 strike expiring November 20, 2026, represents an aggressive wager that AMZN can surge well above its current price before year-end. With the stock sitting inside a 52-week range of $196 to $287.16, today's flow suggests at least one large player is positioning for a significant breakout beyond the all-time high set over the past year.

Key Drivers of the AMZN Stock Move

• Main Catalyst: Two unusual call contracts were flagged today, with the lead trade being a 25,000-contract call at a $350 strike expiring November 20, 2026, carrying $1,175,000 in premium and an 83% open interest ratio. A secondary 500-contract call at a $262.50 strike expiring September 18, 2026, added another $30,500 in premium.
• Bull Case: The sheer size of the $350 call block, 25,000 contracts with an 83% open interest ratio, points to a position being initiated rather than closed. That strike sits roughly 38.7% above the current price of $252.32, suggesting the buyer is targeting a move that would eclipse the 52-week high of $287.16 by a wide margin. The near-term $262.50 call expiring September 18 also implies a trader expects a quick recovery from today's 1.74% pullback within the week.
• Bear Case: Both contracts are out of the money, and the $350 strike is deeply out of the money relative to current levels. The stock is already trading closer to the middle of its 52-week range than its high, and today's decline suggests near-term momentum is not favorable. With only $30,500 of the $1,205,500 total premium allocated to the short-dated contract, there is little conviction being expressed in a near-term recovery beyond $262.50.

The forward setup for AMZN is defined by whether the stock can reclaim the upper half of its 52-week range and push toward that $287.16 high. The $350 call expiring in late November gives the buyer roughly ten weeks for Amazon to stage a rally of nearly 39% from current levels, a tall order but one that a large premium commitment suggests is not being dismissed lightly. The near-term expiry on September 18 will serve as an early test of momentum, with the $262.50 strike sitting just 0.07% above the current price and giving traders a quick read on whether today's dip was a buying opportunity or the start of a deeper pullback.

AMZN Unusual Options Activity

• Contract 1: Call | Strike: $350 | Expiry: November 20, 2026 | Volume: 25,000 | Open Interest: 83% | Premium: $1,175,000 | Out of the money
• Contract 2: Call | Strike: $262.50 | Expiry: September 18, 2026 | Volume: 500 | Open Interest: 9% | Premium: $30,500 | Out of the money

Both flagged contracts are calls, with zero puts among the unusual activity, making the net direction of today's smart money options flow entirely bullish. Total unusual premium across the two contracts came to $1,205,500, dominated by the November $350 block.

AMZN Seasonality

Mid-September historically marks the tail end of a softer seasonal period for large-cap technology and consumer discretionary names, with momentum often building into the fourth quarter as holiday sales expectations come into focus. For Amazon specifically, Q4 is typically the most closely watched period given the outsized weight of the holiday shopping season on the company's retail segment, which may help explain why the November expiry was selected for the largest of today's two unusual positions.

AMZN Relative Performance

AMZN is down 1.74% today, trading at $252.32 against a 52-week range of $196 to $287.16. The stock is currently approximately 12.1% below its 52-week high and roughly 28.7% above its 52-week low, placing it in the middle-to-upper portion of its annual range. Today's decline is notable given the bullish options positioning being established simultaneously, suggesting a divergence between price action and derivatives market sentiment.