There is no explicit Clone
button. Basically what you do is create an image, or snapshot of an existing EC2 instance, and then spin up a new instance using that snapshot.
First create an image from an existing EC2 instance.
Check your snapshots list to see if the process is completed. This usually takes around 20 minutes depending on how large your instance drive is.
Then, you need to create a new instance and use that image as the AMI.