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GOOG

Alphabet Inc.Close $371.10EOD only
Max Pain
$335.00
Next expiry Jun 18, 2026
Expected Move
±$7.47
2.0% from close
Price Gap
-36.10
Distance to max pain
IV Rank
67
High premium
P/C OI
0.84
Slightly call-heavy
Consensus
7.5/10
Bullish tilt
Published snapshot: Jun 16, 2026 close
End-of-day snapshot

This page reflects GOOG options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
Jun 16, 2026 close
GOOG Directional Report
Analysis based on market close June 17, 2026
DirectionalTheta GangFlowEarningsConsensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

Bullish tilt supported by strong dealer long gamma ($39.1M GEX) and long delta (62.5M shares), but spot 8.1% above max pain ($335) and mixed flow may cap upside near $367-$376 resistance. Expect gradual drift higher within 2-week range 343.65-380.55, biased to test resistance.

Confidence:
7.5 / 10
Base 5 + GEX/flow alignment (+2) + gamma positive (+1) - spot distance from MP (-1) + VIX moderate (+0.5) = 7.5.
Supports: Strong dealer long gamma ($39.1M GEX) and long delta (62.5M shares); normal vol environment; support at $343.65 (2w low).
Conflicts: Spot 8.1% above max pain ($335); mixed flow; negative market context (SPY -1.25%, QQQ -1.01%); resistance at $375-$380.55.
🐂Bullish Dealer Positioning: $39.1M GEX and 62.5M shares long delta provide a supportive floor.
📌Max Pain Pin at $365: Dealer gamma likely to pin spot near $365 for June 26 expiry, capping near-term upside.
⚠️Risk of Downside Gamma Flip: Put concentration at $330 (8.9% below spot) could accelerate selling if tested.

Regime Classification

Vol Regime
Normal
IV within normal range relative to recent history; VIX ~18.
Gamma Regime
Pinning
Positive GEX ($39.1M) supports pinning near $365 max pain; gamma flip at ~$330 is distant, providing downside cushion.
Flow Regime
Mixed
Mixed flow; call/put activity balanced without dominant directional bias.
Spot vs Max Pain
Above
Spot ~$362 is 8.1% above $335 MP, implying dealer hedging pressure to pin lower.
Thesis duration: Multi-week — Upcoming option expiries (June 18, 26, July 2) with max pain pins provide near-term directional anchors; mixed flow and normal vol suggest range-bound trading.

Price Range Forecast

Next 2 days
$356.45$367.75
Trading within EM guardrails; mixed signals.
Next 1 week
$347.93$376.28
Support at $347.93, resistance at $376.28; dealer gamma supports upside.
Next 2 weeks
$343.65$380.55
Range low $343.65 is strong support; high $380.55 may be tested if momentum sustains.

Key Levels

Max pain pins: $335 (2026-06-18); $365 (2026-06-26); $370 (2026-07-02)
EM guardrails: 2d $356.45/$367.75; 1w $347.93/$376.28
Support: $343.65 · $335.00 · $330.00
Resistance: $375.00 · $380.00 · $380.55
Gamma flip: ~$330.00 — Approx — based on put OI concentration of 26,138 (8.9% below spot)
Structural: Support: $343.65, $335, $330; Resistance: $375, $380, $380.55; Gamma flip at ~$330; Max pain pins: $335 (Jun 18), $365 (Jun 26), $370 (Jul 2).

Dealer Positioning (GEX/DEX)

GEX: $+39.1M

DEX: +62.5M shares

Gamma flip: ~$330 (Approx — based on put OI concentration of 26,138 (8.9% below spot))

NTM gamma: Positive GEX ($39.1M) and long delta (62.5M shares); gamma flip at ~$330 provides downside cushion; dealers likely pinning near $365 max pain.

IV Analysis

IV vs VIX: GOOG IV in line with VIX (~18), neither rich nor cheap; no relative arbitrage opportunity.

Term structure: Flat to slight contango; no event kinks observed in nearest expiries.

Skew: Put skew elevated at lower strikes, but no actionable vol-structure opportunity identified.

Flow Analysis

Net premium: Net premium positive $21.7M, calls dominate (P/C vol 0.81, OI 0.82).

Directional prints: 27.1 put 362.5 ITM 2026-06-18 — Vol 3179 vs OI 395 (8.1x); OTM put buying suggests bearish, hedge possible. Preferred bearish. 31.1 call 362.5 OTM 2026-06-26 — Vol 913 vs OI 194 (4.7x); OTM call buying, bullish, possible sell. Preferred bullish. 27.6 put 357.5 OTM 2026-06-18 — Vol 3452 vs OI 938 (3.7x); OTM put buying, bearish tone. Preferred bearish.

Unusual: 33.4 put 335 OTM 2026-07-02 — Vol 761 vs OI 256 (3.0x); deep OTM put for protection or bearish bet. Preferred bearish. 34.3 call 405 OTM 2026-07-02 — Vol 582 vs OI 249 (2.3x); far OTM call bullish, low premium. Preferred bullish. 29.5 call 372.5 OTM 2026-06-18 — Vol 4697 vs OI 2186 (2.1x); OTM call buying, bullish momentum. Preferred bullish.

Risks & Catalysts

!Downside risk: Spot drops to gamma flip at ~$330, accelerating selling.
!Upside risk: Rally through resistance above $375, invalidating pinning thesis.
!Event risk: Option expiry pinning fails, leading to sharp move outside range.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate
Buy 2026-07-24 $370.00/$395.00 call spread
Why now: Defined risk bullish; aligned with drift higher; expires 1 day after earnings
Upside capped at 370; if rally exceeds, opportunity cost; downside max loss if below 355
Put credit spreadModerate
Sell 2026-07-24 $340.00/$330.00 put spread
Why now: Credit premium with defined risk; aligns with drift higher within range
If spot drops below 340, max loss; tail risk below 335

Top Plays

#1
Bull Call Spread on GOOG
Buy 2026-07-24 $370.00/$395.00 call spread
Buy $370/$395 call spread expiring after earnings; captures upside while limiting risk.
Why this play: Outperforms put credit spread as it directly benefits from upside drift near resistance and earnings catalyst.
Debit: $6.28-$7.67
Max loss: $7.67
BE: $377.67
Mgmt: Exit if spot falls below $343.65 invalidation level; consider early close near $375 resistance.
Traders expecting gradual drift higher with defined risk.
#2
Put Credit Spread on GOOG
Sell 2026-07-24 $340.00/$330.00 put spread
Sell $340/$330 put spread for credit; profits if GOOG stays above $340 by July 24.
Why this play: Less aggressive but still profitable in neutral-to-bullish drift; lower premium. Outperformed by bull call due to lower potential return.
Credit: $1.91-$2.34
Max loss: $7.66
BE: $337.66
Mgmt: Open if spot holds above $343.65; monitor gamma flip at $330; roll if threatened.
Conservative traders seeking income with defined risk.

Watchlist Triggers

Entry Triggers
IFGOOG holds above 343.65 support. → Buy 2026-07-24 $370/$395 call spread for 6.28-7.67 debit.
IFGOOG holds above 343.65 and prefers income. → Sell 2026-07-24 $340/$330 put spread for 1.91-2.34 credit.
Exit Triggers
EXITGOOG breaks below 343.65. → Exit all bullish positions.

Tactical Summary

Bullish tilt on GOOG with drift higher bias. Key support at 343.65, resistance at 375. Prefer bull call spread for upside capture; put credit spread for income. Exit if support breaks.
How to Use These Reports
This directional reflects the market close on June 17, 2026.
What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

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What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.