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GOOG

Alphabet Inc.Close $384.90EOD only

Max Pain

$390.00

Next expiry May 22, 2026

Expected Move

±$10.95

2.8% from close

Price Gap

+5.10

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.84

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 19, 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

May 19, 2026 close

GOOG Flow Report

Analysis based on market close March 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 26, 2026. A newer flow report is available for April 2, 2026.

View latest report

Flow Verdict

Confidence:

7 / 10

base 5; +2 strong negative net premium & GEX alignment; +1 P/C volume ratio vs OI divergence; -1 spot below MP suggests potential short squeeze

Watch next session: $285C 3/27 OI build-up; Flow at $250P (gamma flip level); Any put covering above $290

Flow Summary

Net premium: -$48.5M bearish

P/C volume ratio: 0.63 — call-dominant volume

P/C OI ratio: 0.71 — moderate put lean in positioning

A significant bearish divergence exists: while volume shows call dominance (P/C 0.63), the net premium is strongly negative (-$48.5M) and positioning (P/C OI 0.71) leans bearish. This suggests large, premium-heavy put purchases are driving the flow, outweighing numerous smaller call trades.

Notable Prints

GOOG 3/27 $282.50 Call

Vol: 2,837

OI: 108

Vol/OI: 26.3x

IV: 31.1%

Notional: ~$800k

Intent: Fresh directional call buying or short-term gamma scalp

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

Read-through: High volume vs OI suggests new positioning. With spot at $282.01, this is an at-the-money bet for a move higher into Friday's close. Likely a short-term directional play given the 1-day expiry.

GOOG 4/2 $285.00 Call

Vol: 3,272

OI: 131

Vol/OI: 25.0x

IV: 33.6%

Notional: ~$1.1M

Intent: Fresh directional call buying for next week

Dual read: Bought (bullish) or sold (neutral/bearish)

Read-through: Another high vol/OI print just above spot. This extends the bullish bet into the following week, targeting a move above $285. The clustering of call activity at $282.50-$287.50 across near-term expiries suggests institutional interest in a near-term bounce.

GOOG 3/27 $285.00 Call

Vol: 5,027

OI: 597

Vol/OI: 8.4x

IV: 29.3%

Notional: ~$1.4M

Intent: Rolling positions or adding to existing bullish bets

Dual read: Bought (bullish) or sold (closing longs)

Read-through: Large volume but lower vol/OI ratio suggests this could be rolling from earlier positions or adding to existing strikes. The $285 strike aligns with the 1-day expected move high ($286.64), making it a logical target for short-term call buyers.

GOOG 4/17 $135.00 Call

Vol: 128

OI: 7

Vol/OI: 18.3x

IV: 165.5%

Notional: ~$17k

Intent: Lottery ticket or structured trade leg

Dual read: Bought (speculative) or sold (part of a complex spread)

Read-through: Extremely low delta, far OTM call with massive IV. Notional value is small. This is noise—likely a speculative lottery ticket or a leg in a multi-strike ratio spread, not a meaningful directional signal.

GOOG 4/17 $345.00 Put

Vol: 250

OI: 41

Vol/OI: 6.1x

IV: 50.4%

Notional: ~$86k

Intent: Far OTM protective put or part of a put spread

Dual read: Bought (portfolio hedge) or sold (credit put spread)

Read-through: Small notional. A $345 put is 22% above spot—very far OTM. This is likely a cheap hedge for a large share position or a short leg in a bear put spread. Not a primary directional signal.

Institutional Positioning

Call additions: $282.50-$287.50 calls in 3/27 and 4/2 expiries. Notable OI at $330C (23.5K), $320C (15.9K & 12.5K), $340C (12.8K & 10.5K).

Put additions: Heavy premium flow to OTM puts ($300P to $400P). Top OI at $330P (24.1K), $305P (20.6K), $250P (13.0K).

GEX/DEX consistency: Yes — strongly consistent. Negative GEX (-$36.7M) aligns with bearish net premium flow. Market is gamma short, which can accelerate moves in the direction of the trend (pro-cyclical).

OI clusters: Major call walls at $320, $330, $340. Major put walls at $330, $305, $250. The $250 put wall (12,994 OI) is significant and aligns with the estimated gamma flip level, suggesting strong support if tested.

Hedging evidence: Strong evidence of large-scale hedging via OTM put purchases. The top premium flow strikes are all puts at $325, $350, $360, $400, $300, generating massive negative net premium. This is institutional portfolio protection.

Max pain context: Spot ($282.01) is 3.6% below near-term max pain ($292.50). This creates a gravitational pull higher, conflicting with the bearish flow. The flat MP trend across April expiries (~$292-$300) indicates a consensus resistance zone.

Signal vs Noise

~The $135C 4/17 print is pure noise—a lottery ticket with negligible notional value.

~High volume in near-term ATM calls ($282.50-$287.50) could be gamma scalping by market makers or short-term directional bets, not necessarily structural bullish positioning.

~The $75C with 10,524 OI is likely a legacy position or part of a structured product, not relevant for near-term flow.

~Some of the put flow at strikes like $345P and far OTM calls may be legs of complex spreads (e.g., collars, ratio spreads) and not outright directional bets.

Key Conclusions

⚠️Major Flow Divergence: Call volume dominance masks massive bearish premium flow to OTM puts.

📉Gamma Regime is Trending & Negative: GEX -$36.7M suggests dealers are short gamma, which can amplify downward moves.

🛡️Institutions are Hedging: Large OTM put purchases ($300-$400) indicate significant portfolio protection being layered on.

🎯Watch $250 as Key Support: This is the estimated gamma flip level and has a major put OI cluster (12,994). A break below could trigger accelerated selling.

⚖️Max Pain Conflict: Spot is below max pain ($292.50), creating a mechanical pull higher. This opposes the bearish flow, setting up a tension between flow and pinning forces.

How to Use These Reports

This flow reflects the market close on March 26, 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.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

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.