Amazon Traders Piled 63% of Options Premium Into Calls Before Gap

Traders put $144.0 million of premium into Amazon calls against $83.6 million in puts in the latest session — a 63% call share — and AMZN is set to open about 3% higher, back toward its Nov 5 high of $273.23. That's the read from GTA Terminal's options and dark-pool data tracking the Nasdaq-listed name.

Where did the options money go?

The put/call volume ratio sat at 0.76, with 216,684 calls traded versus 164,120 puts. Open-interest put/call came in at 0.79. The heaviest expiration was Dec 18, which drew $32.0 million of premium, 72% of it in calls.

GTA Terminal flagged three standout trades:

• Nov 13 $265 calls: 10,063 contracts against open interest of 9,970, roughly $3.1 million in premium
• Dec 18 $265 calls: 2,968 contracts against open interest of 9,716, about $3.0 million
• Jan 2029 $150 calls: 228 contracts against open interest of 423, roughly $3.1 million

The concentration at $265 matters. Premarket on Nov 9, AMZN traded near $267–268, so those calls sit just below the money — a bet the gap holds and extends.

What are the dark pools doing?

Off-exchange share has been fading through the week. Dark-pool activity ran 45.1% of volume on Nov 2, 41.0% on Nov 3, 37.1% on Nov 4, 41.6% on Nov 5 and 35.5% on Nov 6, per GTA Terminal. That Nov 6 session moved 15,103,210 shares off-exchange, 0.8x the 20-session average — light, not heavy, institutional distribution.

What do the technicals show?

AMZN closed at $259.30 on Nov 6, above every major moving average on the daily chart: the 20-day at $254.28, the 50-day at $253.95, the 100-day at $252.52 and the 200-day at $243.94.

The move started Nov 4, when the stock gapped up 6.1% to $266.03. Nov 5 tagged $273.23 — the 20-day high — before closing at $260.21. RSI 14 reads 54.2, neutral territory. Nov 6 volume ran 0.88x its 20-day average, so the rally hasn't burned out on exhaustion.

GTA Terminal lays out three levels that frame the trade:

• $273.23 — Nov 5 high and 20-day high, the resistance to beat
• $254.28 — 20-day SMA, first support
• $243.94 — 200-day SMA, the invalidation line

What would break the call lean?

The setup is straightforward. GTA Terminal is watching whether the open can push through $273.23 while call premium keeps building. A drop back under the 20-day at $254.28 would weaken the call lean. A close under the 200-day at $243.94 would invalidate it entirely.

The bull case needs volume confirmation, though. Dark-pool participation is sliding, and Nov 6 volume ran below its 20-day pace. If the gap toward $273 stalls on thin tape, the 63% call premium becomes fuel for a reversal rather than confirmation. GTA Terminal notes the data isn't financial advice — but the $265 strikes into Dec 18 tell you where options traders think Amazon trades next.