AMZN Bear Put Spread — 2026-07-17

AMZN (AMAZON.COM INC) shows bearish unusual options activity: $2674K of buyer-initiated unusual put flow (65% put-dominant) detected across near-term expirations, with a peak vol/OI ratio of 0.3x on the 240 put. IV rank is 53 (moderate) — a bear put spread (240/237.5) trims theta/vega bleed versus a naked long. Buy the $240 / sell the $237.5 put bear put spread expiring 2026-07-17 (17 DTE) for a net debit of $1.25 ($125 per spread). Breakeven at $238.75; net delta 0.06.

Underlying: AMZN @ ~$239.03 | 2026-07-17 (17 DTE) | Net debit (entry): ~$125 per spread. Use limit orders at the mid or slightly worse.

MAX LOSS: Limited to the net debit ($125 per spread). Max gain is capped at the strike width minus the debit — a defined-risk, defined-reward trade. | IV RISK: IV rank is 53 — reasonable for a debit spread. | TIMING: 17 DTE — unusual flow is a near-term signal; act promptly or the setup may stale. Close or take profit before expiration week to avoid gamma risk. | SECTOR: AMZN is in Consumer — avoid concentration with other open Consumer positions. | EXECUTION: Use limit orders at mid or slightly worse on the spread (don't leg in). Verify the bid-ask before sending; do not chase with market orders. | EVENTS: Check for upcoming earnings, FDA decisions, or macro prints within the trade window that could cause outsized gap risk.