AMZN Options Signal Bullish Bias as $250 Call OI Surpasses Puts—Here’s How to Play the $1T Revenue Play

• AMZN trades at $238.04, down 0.06% with volume at 10.1M shares
• Call open interest dominates at $250 strike (54,036 contracts) vs. put OI at $230 (27,346)
• Block trade of 600 AMZN20260320P220 puts signals bearish positioning for March

Here’s the takeaway: AMZN’s options market is painting a mixed but actionable picture. While short-term technicals hint at consolidation, the call/put imbalance and block trades suggest smart money is hedging for a breakout above $240—driven by Amazon’s $1T revenue trajectory. Let’s break down what traders should watch today.

Where the Money Is Flowing: Calls at $250, Puts at $230

The options chain tells a story of cautious optimism. For this Friday’s expirations, the $250 call (OI: 54,036) dwarfs the $230 put (OI: 27,346), showing heavy positioning for a 5.4% rally. But don’t ignore the puts: the $190 strike (OI: 27,620) acts as a psychological floor for long-term holders.

The AMZN20260320P220 block trade—600 puts at $220—is a red flag. At $364,800 total value, this suggests institutional players are hedging against a deeper pullback in early March. Combine that with the put/call ratio of 0.73 (calls dominate) and you’ve got a recipe for volatility. The risk? If AMZN fails to hold above $232 (30D support), the $220 puts could trigger a cascade.

The $1T Narrative: Why Bulls Are Unshaken

Amazon’s $1T revenue forecast by 2028 isn’t just a number—it’s a catalyst. AWS’s 22% growth and the $38B OpenAI partnership are hard to ignore. But the Saks bankruptcy blow? That’s a speed bump, not a roadblock. Retail investors are already discounting the positives: the $250 calls expiring Jan 23 (AMZN20260123C250) reflect bets on AWS-driven momentum.

The challenge? The stock is currently stuck between its 30D MA ($232.50) and 200D MA ($218.99). If the $245 call (OI: 14,984) sees a surge, it’ll signal a shift in sentiment. But the Saks issue could weigh on short-term liquidity—keep an eye on the $230 puts as a proxy for panic.

Trade Ideas: Calls for Breakouts, Puts for Protection

For options traders:

• Bull Play: Buy AMZN20260123C250 calls if price breaks above $239.57 (intraday high). Target $245 with a stop below $232.23 (30D support).
• Bear Hedge: Buy AMZN20260123P230 puts if price dips below $234.79 (middle Bollinger Band). Exit if AMZN reclaims $237.10 (intraday low).

For stock traders:

• Entry: Consider buying AMZN near $238 if it holds above $232.23. Target $245 (5.4% gain) with a tight stop at $234.
• Alternative: Sell covered calls at $245 strike to generate premium while capping upside.

Volatility on the Horizon

The next 72 hours will test AMZN’s resolve. A close above $240 would validate the bullish case, while a drop below $232 could reignite the puts. The block trade at $220 adds a wildcard—March could see a retest of the 200D MA. For now, the $250 calls are the most liquid path to play the $1T story. But don’t forget: even bulls need to hedge. The $230 puts are your insurance policy in a market that’s never asleep.