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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 31, 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 31, 2026. A newer flow report is available for April 2, 2026.

View latest report

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 sustained massive negative net premium & GEX alignment; +1 P/C volume ratio vs OI divergence persists; +1 flow concentrated in OTM puts; -1.5 spot below MP creates pinning tension

Watch next session: $325P & $330P 4/17 OI growth; Any call flow above $295 to challenge max pain; Spot reaction near $280 (4/2 max pain)

Flow Summary

Net premium: -$39.2M bearish

P/C volume ratio: 0.73 — call-dominant volume

P/C OI ratio: 0.72 — moderate put lean in positioning

The bearish divergence from the prior report has intensified. While volume again shows call dominance (P/C 0.73), the net premium remains heavily negative (-$39.2M). This confirms that large, premium-heavy institutional put buying continues to drive the tape, overwhelming smaller call trades. The flow is now more concentrated in specific OTM put strikes.

Notable Prints

GOOG 4/17 $325.00 Put

Vol: 3,106

OI: 416

Vol/OI: 7.5x

IV: 49.2%

Notional: ~$9.7M

Intent: Fresh directional put buying or large-scale hedging

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

Read-through: This is the largest single-strike volume print. The high vol/OI ratio and significant notional value point to new bearish positioning. The $325 strike is 15.7% above spot, targeting a significant decline. This aligns with the massive negative premium flow at this strike (-$13.8M net).

GOOG 4/17 $330.00 Put

Vol: 2,501

OI: 269

Vol/OI: 9.3x

IV: 53.8%

Notional: ~$8.2M

Intent: Fresh directional put buying, likely part of a put spread with the $325P

Dual read: Bought (bearish spread) or sold (credit spread)

Read-through: Another massive OTM put print. The clustering of volume in the $325-$350 put zone for the 4/17 expiry suggests institutional players are establishing bearish positions for a mid-April move. The $330 strike also has the highest total put OI (24,066), indicating this is a key resistance level for bears.

GOOG 4/10 $307.50 Put

Vol: 228

OI: 1

Vol/OI: 228.0x

IV: 52.3%

Notional: ~$700k

Intent: New, aggressive bearish bet for early April

Dual read: Bought (bearish) or sold (unlikely given OI)

Read-through: Extremely high vol/OI ratio on a fresh strike. This is a pure, new directional bet targeting a drop to ~$307.50 within 11 days. The notional is meaningful, and the strike is 9.4% above spot, showing conviction in a swift move lower.

GOOG 4/2 $282.50 Call

Vol: 2,488

OI: 1,131

Vol/OI: 2.2x

IV: 26.7%

Notional: ~$700k

Intent: Rolling from 3/27 expiry or gamma scalping

Dual read: Bought (roll/gamma) or sold (closing)

Read-through: High volume but lower vol/OI ratio suggests this is likely rolling activity from last week's 3/27 $282.50C positions. The strike is near spot and the IV is low (26.7%), inconsistent with speculative buying. This is likely noise within the broader bearish flow.

GOOG 4/2 $287.50 Call

Vol: 2,117

OI: 977

Vol/OI: 2.2x

IV: 27.2%

Notional: ~$600k

Intent: Rolling or short-term bullish scalp targeting max pain

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

Read-through: Similar to the $282.50C, this appears to be rolling or short-term positioning. The $287.50 strike is near the upper expected move boundary for 4/2 and aligns with the 4/10 max pain. This could be a bet on a pin towards max pain, not a structural bullish view.

Institutional Positioning

Call additions: Minimal. Some rolling in near-term $282.50-$287.50 calls. Major call OI remains at $330C (18.3K), $320C (12.5K & 11.7K), $340C (11.0K & 10.5K).

Put additions: Heavy, concentrated additions in 4/17 OTM puts: $325P, $330P, $340P, $345P, $350P. Top OI remains at $330P (24.1K), $305P (20.6K).

GEX/DEX consistency: Yes — strongly consistent. Positive GEX (+$7.1M) indicates a 'pinning' regime, which is mean-reverting. This aligns with spot being below max pain and the presence of opposing forces (bearish flow vs. pinning gravity).

OI clusters: Major call walls at $320, $330, $340. Major put walls at $330, $305, $250. The new flow is building a significant put cluster in the $325-$350 zone for April, creating a descending resistance ceiling.

Hedging evidence: Overwhelming evidence of large-scale hedging. The top premium flow strikes are all OTM puts ($325, $330, $350, $360, $320) generating massive negative net premium. This is institutional portfolio protection being layered on for April expiries.

Max pain context: Spot ($281) is 3.9% below the 3/27 max pain ($292.50) but only 0.4% above the 4/2 max pain ($280). This creates a conflicted pin: a strong pull to $292.50 for 3/27 expiry, but a magnet at $280 for the following week. The flat MP trend across April (~$292-$295) remains a key resistance zone.

Signal vs Noise

~The high volume in 4/2 $282.50C and $287.50C is likely rolling activity from last week's 3/27 positions or gamma scalping, not new bullish conviction.

~The $190C and $85C with large net positive premium are likely legacy positions or structured product flows (e.g., buy-writes, covered calls on old low-cost basis shares). Their high notional is misleading for near-term direction.

~The $75C with 10,534 OI is a legacy position, not relevant for current flow.

~Some of the OTM put flow (e.g., $225P 4/10) could be part of far OTM put spreads or tail-risk hedges within a larger portfolio, not a direct bet on GOOG.

Key Conclusions

📉Bearish Flow Intensifies: Massive, concentrated put buying in April $325-$350 strikes confirms institutional hedging/bearish bets are being extended, not covered.

⚔️Battle Between Flow & Pinning: Strong bearish flow (-$39.2M net prem) conflicts with positive GEX (+$7.1M) and spot below max pain. Expect volatile, range-bound action between $280 and $292.50 until one force breaks.

🎯$325-$330 Put Zone is New Resistance: The cluster of high-volume, high-OI puts at $325-$330 for 4/17 creates a formidable ceiling. A move above this zone would invalidate the primary bearish flow thesis.

🔄Watch the 4/2 Max Pain Flip: With spot at $281 and 4/2 max pain at $280, a break below $280 would shift the pinning gravity lower and align with the bearish flow, potentially accelerating a move down.

How to Use These Reports

This flow reflects the market close on March 31, 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.