GOOG Flow Report

Analysis based on market close April 2, 2026

Flow Verdict

Confidence:

6.5 / 10

base 5; +2 net premium flips from -$39M to +$8.7M; +1 flow regime shifts from bearish to bullish; +1 spot above max pain; -1.5 GEX pinning suggests mean reversion; -1 VIX/IV elevated at 38%

Watch next session: Follow-through in $300-$312.50 call flow; Spot's ability to hold above $292.50; Any resumption of large OTM put buying at $325+

Flow Summary

Net premium: +$8.7M bullish

P/C volume ratio: 0.73 — call-dominant

P/C OI ratio: 0.71 — moderate call lean

A significant regime shift from the prior report. Net premium has flipped from a massive -$39.2M bearish to +$8.7M bullish, driven by concentrated call buying near the money. The P/C volume ratio remains call-dominant, but now the premium flow aligns with it, suggesting real bullish conviction is entering.

Notable Prints

GOOG 4/10 $302.50 Call

Vol: 6,846

OI: 794

Vol/OI: 8.6x

IV: 25.3%

Notional: ~$2.0M

Intent: Fresh directional call buying targeting a move above $302.50 within 8 days.

Dual read: Bought (bullish) or sold (covered call writing)

Read-through: This is the highest volume print. The 8.6x vol/OI ratio and low IV (25.3% vs. 38% avg) strongly suggest buyer-initiated flow. The strike is 2.7% above spot and within the 8-day expected move, indicating a confident, near-term bullish bet. This aligns with the massive +$11M net premium at the $300 strike.

GOOG 4/10 $292.50 Put

Vol: 2,512

OI: 791

Vol/OI: 3.2x

IV: 28.4%

Notional: ~$735k

Intent: Hedging or speculative bet on a pullback to max pain.

Dual read: Bought (protective/hedge) or sold (closing longs/credit)

Read-through: High volume in an ATM put with spot at $294.46. This could be protective hedging by call buyers (creating a risk-defined position) or a direct bearish bet targeting a pin at the $292.50 max pain. Its presence alongside the large call flow suggests it's more likely a hedge, not a primary directional driver.

GOOG 5/1 $285.00 Put

Vol: 1,177

OI: 252

Vol/OI: 4.7x

IV: 37.1%

Notional: ~$346k

Intent: Longer-dated protective put or bearish bet.

Dual read: Bought (hedge/bearish) or sold (closing)

Read-through: This is a longer-dated put (29 DTE) with a strike 3.2% below spot. The elevated IV (37.1%) and high vol/OI ratio point to new buying. This could be a hedge layered on by a bullish investor looking for protection through early May (post-earnings), or a standalone bearish view. Its size is meaningful but smaller than the dominant call flow.

GOOG 4/10 $312.50 Call

Vol: 768

OI: 331

Vol/OI: 2.3x

IV: 25.2%

Notional: ~$240k

Intent: Upside call buying, targeting a breakout.

Dual read: Bought (bullish) or sold (resistance bet)

Read-through: This OTM call (6.1% above spot) shows bullish flow extending beyond the immediate expected move. The low IV again suggests buyer activity. This complements the $302.50C flow, painting a picture of bullish positioning across multiple strikes in the April 10th expiry.

GOOG 4/17 $282.50 Put

Vol: 918

OI: 418

Vol/OI: 2.2x

IV: 32.7%

Notional: ~$259k

Intent: Hedging or bearish bet targeting a deeper pullback.

Dual read: Bought (hedge/bearish) or sold (credit)

Read-through: This is a longer-dated, further OTM put (4.1% below spot). The flow here is less aggressive than the prior week's $325-$350 put buying, suggesting the extreme bearish hedging has subsided. This could be rolling of existing puts or new, more moderate downside protection.

Institutional Positioning

Call additions: Concentrated in near-term, near-the-money calls: $300C (massive +$11M prem), $295C, $302.50C, $312.50C for April expiries. This is a clear shift from prior bearish positioning.

Put additions: Moderate hedging in ATM/OTM puts: $292.50P (4/10), $285P (5/1), $282.50P (4/17). The massive OTM put buying at $325+ from the prior report has not been replicated today.

GEX/DEX consistency: Partially consistent. Positive GEX (+$33.5M) indicates a strong pinning/mean-reverting regime. This supports the idea of spot being drawn to max pain ($292), which is now below the current price. The new bullish flow is pushing against this pinning force.

OI clusters: Major call OI walls remain at $320C, $330C, $340C. Major put OI walls at $330P, $305P, $250P. The new flow is not yet challenging these legacy walls but is building closer to spot.

Hedging evidence: Evidence of hedging persists (ATM puts), but the scale and character have changed. It is no longer dominated by massive, far OTM put buys. The current put flow appears more balanced and could be paired with the call buying.

Max pain context: Spot ($294.46) is now ABOVE the near-term max pain ($292 for 3/27, $280 for 4/2). The max pain trend is falling ($292 → $285), which creates a downward gravitational pull. The bullish flow is actively fighting this pinning dynamic.

Signal vs Noise

~The $85.00 Call with +$3.86M net premium is a legacy position or structured product flow (e.g., buy-writes on low-cost basis shares). Its high notional is irrelevant for near-term directional analysis.

~The $75.00 Call with 10,552 OI is a legacy position, not new flow.

~The large net negative premium at strikes like $360P, $400P likely represents the tail of the massive bearish hedging from the prior period (rolling or closing), not new bearish initiation today.

~Some of the volume in near-dated ATM options (like the $292.50P) could be gamma-related or pinning plays by market makers, not purely directional bets.

Key Conclusions

🔄Regime Reversal: Flow has decisively shifted from bearish to bullish. The net premium flip from -$39M to +$8.7M is the most significant signal, indicating institutional money is now paying for upside exposure.

⚔️Bullish Flow vs. Pinning Gravity: New call buying is pushing price higher, but strong positive GEX (+$33.5M) and a falling max pain trend create a mean-reverting anchor near $292. The next sessions will test whether flow can overcome pinning.

🎯Focus on $300-$312.50 Zone: The unusual activity is concentrated in April calls between $295 and $312.50. A sustained move above $300 would confirm the flow thesis and challenge the first layer of legacy call OI at $320.

🛡️Hedging Shifts from Catastrophic to Moderate: The prior week's extreme OTM put buying has ceased. Current put flow is more tactical (ATM/slightly OTM), suggesting institutions are adjusting from deep protection to more balanced or even bullish positioning.

Read the Flow analysis for GOOG. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.