OPTIONS FLOW$AMZNAmazon.Com IncOpen ticker analysis →
A 4-leg, $16.27M options structure landed in $AMZN on Tuesday, built around the $265 to $320 strikes. It reads as a multi-leg options structure, a trade about how far Amazon.Com moves and when, more than a simple call on direction.
What happened
The legs printed together in the first hour of trading, around 9:40 a.m. ET on Tuesday, October 27, with $AMZN near $251.16, for $16.27M in combined premium across 78,744 contracts.
Trading the legs as one ticket locks in the price of the whole structure at once, which is how professional desks usually put on spreads.
- AMZN Nov 20 $290 Call: 26,248 contracts at $1.80
- AMZN Nov 20 $265 Call: 13,124 contracts at $6.90 (bought)
- AMZN Nov 20 $295 Call: 13,124 contracts at $1.32
- AMZN Nov 20 $320 Call: 26,248 contracts at $0.29
Why it matters
Multi-leg trades shape risk on purpose: some legs pay for others, and the payoff depends on where the stock finishes relative to each strike.
The strikes run from $265.00 (5.5% above the stock) to $320.00 (27.4% above the stock), so the trade is built around a zone rather than a single target.
With 24 days until Nov 20, the trade has a few weeks to be right, enough room for a catalyst but not much for waiting. Implied volatility sat near 46%, a middle-of-the-road price for movement.
Over the last 12 sessions $AMZN has traded between $246.45 and $265.34 and is down 4.8% over that stretch. The stock came into this trade in the middle of that range.
The numbers
| Structure | Multi-leg options trade (4 legs) |
|---|---|
| Lean | Direction depends on the legs |
| Expirations | Nov 20 (nearest in 24 days) |
| Strikes | $265, $290, $295, $320 |
| Contracts | 78,744 |
| Total premium | $16.27M |
| Stock at the trade | $251.16 |
Three ways this could play out
Bullish continuation
A move through $320.00 puts $AMZN above every strike. Legs above the stock price take over the result.
Bearish rejection
A drop under $265.00 takes $AMZN below every strike. Legs below the stock price take over the result.
Neutral stabilization
If $AMZN settles between $265.00 and $320.00 into Nov 20, time decay and the final price decide who wins, which is exactly what spreads are built to control.
What to watch next
- $265.00 and $320.00: the outer strikes that define this trade.
- Open interest on each leg in the next session, to confirm the structure was opened rather than closed.
- Nov 20: expiration, 24 days out for the nearest leg, when the structure resolves.
- Follow-on spreads at nearby strikes, which would show a desk building a larger position.
- $246.45 and $265.34: the edges of AMZN’s recent trading range.
