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GOOGL

Alphabet Inc.Close $380.34EOD only

Max Pain

$385.00

Next expiry Jun 1, 2026

Expected Move

±$5.36

1.4% from close

Price Gap

+4.66

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.90

Balanced positioning

Consensus

9.0/10

Bullish tilt

Published snapshot: May 29, 2026 close

End-of-day snapshot

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

Published Snapshot

May 29, 2026 close

GOOGL Directional Report

Analysis based on market close April 14, 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 April 14, 2026. A newer directional report is available for May 26, 2026.

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Outlook

Neutral-to-bullish with upside magnet into the $330–$335 pin range; Confidence: 7.5/10. Primary supports are large positive GEX +$265.1M concentrated at $330 and heavy net bullish premium flow ($271.4M) which create dealer buying below spot; conflict is max-pain trend lower (short-dated pins at $312–$315) which caps medium-term upside.

Confidence:

7.5 / 10

Base 7.5 (pre-computed): +GEX concentration at $330/$335, +net premium $271.4M, -spot sits ~6.5% above longer-dated MP which limits conviction for breakout.

Supports: GEX +$46.5M at $330 and +$35.9M at $345; Net premium +$271.4M; heavy call flow at $330/$320/$335.
Conflicts: Max pain curve falling ($312→$300), structural call OI at $350; short-dated MPs $312/$300/$315 exert mean-reversion pull.

📌Pinning: concentrated GEX at $330 (−0.9% from spot) creates a short-term magnet into the $330–$335 band

📈Bullish flow: Net premium +$271.4M and heavy call flow at $330/$320/$335 supporting upside

⚠️MP slope downward and short-dated MPs ($312 on 4/15, $300 on 4/17) are structural caps if pin fails

Regime Classification

Vol Regime

Normal

IV regime: 'Normal' — Avg IV 41.5% but near-term ATM IV suppressed (1d 22.4%, 3d 27.3%) reflecting expiry compression; longer-dated IVs jump (17d 42.0%) useful for calendar/diagonal setups.

Gamma Regime

Pinning

Pinning — large positive GEX (+$265.1M) concentrated at $330/$345/$325; dealers are long gamma and will lean into buying dips around those levels.

Flow Regime

Bullish

Bullish — Net premium +$271.4M, call-heavy premium at $330/$320/$335; P/C volume 0.50 confirms call demand.

Spot vs Max Pain

Above

Spot $332.91 sits above short-dated MPs ($312–$315) which creates asymmetric upside (pin magnet now, but MP trend lower may pull price into below-330 if dealers offload).

Thesis duration: Multi-week — GEX positive and concentrated across the next several expirations and MP trend persistently downward across 2–4 weeks; IV term shows elevated mid-dated vol (17–45d) supporting multi-week directional/range trades.

Price Range Forecast

Next 2 days

$330.60$335.23

Dealer gamma at $330/$335 will bias flows; sustained trade above $335.23 required to remove magnet.

Next 1 week

$328.04$337.79

Max pain at $312–$315 can reassert if sellers increase; failure below $328 widens downside.

Next 2 weeks

$309.01$356.81

Breakout above $337.79 (1w EM) with heavy call OI at $345/$350 would accelerate rally; break < $309.01 invalidates bullish tilt.

Key Levels

Max pain pins: $312 (2026-04-15); $300 (2026-04-17); $315 (2026-04-20)

EM guardrails: 2d $330.60/$335.23; 1w $328.04/$337.79

Support: $330.00 · $325.00 · $320.00

Resistance: $335.00 · $345.00 · $350.00

Structural: Structural call wall at $350 (large OI) caps rallies; put floor $200–$215 is distant and only relevant for multi-month tail hedges.

Dealer Positioning (GEX/DEX)

GEX: $+265.1M

DEX: +84.6M shares

Gamma flip: N/A

NTM gamma: Near-term positive gamma concentrated at $330 (+$46.5M GEX) and $345 (+$35.9M); dealers will buy on dips toward $330 and sell into rallies above $345 — a ±2% move (~$326–$339) will see dealer hedging flip from buying to selling, reducing responsiveness and widening moves.

IV Analysis

IV vs VIX: Near-term IV compressed (1d 22.4%, 3d 27.3%) vs VIX 18.36; mid-term IV rich (17d ATM 42.0%) — good for selling premium in mid-dated expirations or buying front-week hedged exposure.

Term structure: Front-week IV depressed vs 17–45d hump (17d 42.0% > 6–10d ~26–31%) — supports calendar/diagonal sells of higher-IV mid-dates vs cheap front-week.

Skew: Notable cheap short-dated calls around $330–$335 (1d–3d IV ~22–27%) vs 17d IV 42% — opportunity to sell mid-term premium and hedge with front-week long options (sell 17d, buy 3–6d).

Flow Analysis

Net premium: + $271.4M (bullish); P/C vol 0.50 indicates strong call demand

Directional prints: 22.4 call 332.5 ITM 2026-04-15 — Large activity in GOOGL260415C00332500 (vol 12,390 vs OI 586, 21x) — could be buy-to-open calls betting continuation into pin or covered-call rolling by institutions. 21.5 call 335 OTM 2026-04-15 — GOOGL260415C00335000 heavy prints (vol 15,777 vs OI 632, 25x) — aggressive short-dated upside exposure into $335 level.

Unusual: 28.1 put 322.5 OTM 2026-04-17 — GOOGL260417P00322500: vol 11,914 vs OI 202 (59x) — sizable protective/hedge flow just below spot; interpreted as bought protection or synthetic positioning (both possible), more consistent with risk-hedging given overall call-heavy flow.

Risks & Catalysts

!Gamma magnet at $330/$335 can reverse quickly if $328 breaks (dealer selling pressure),

!Short-dated max-pain cluster ($312 on 4/15, $300 on 4/17) could pull price lower into expiries if heavy put buying occurs,

!VIX/market shock: VIX currently 18.36; sudden move >+6 vols would blow out short-premium setups;

!Earnings late-April (4/23, 4/29) creates elevated mid-term IV and asymmetric tail risks.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Long stock	Moderate	Buy GOOGL stock at market $332.91	Drawdown to MP $312–$320 if pin fails (capital at risk).
Short stock	Weak	Short GOOGL shares (anticipate pull to MP $312.5–$315)	Large gap-up to $350+ against short, dealer buying support near $330.
Covered call	Moderate-Weak	Buy stock + sell 2026-05-01 345C	Capped upside at $345; tail downside to $312 invalidates income thesis.
Cash-secured put (CSP)	Moderate-Strong	Sell 2026-05-01 325P cash-secured	Assignment risk if price < $325; MP pressure could push below 320.
Short put spread	Strong	Sell 2026-05-01 325/320 put spread	Loss if GOOGL closes below $320 on expiry (max loss $5 minus credit).
Long call	Moderate-Weak	Buy 2026-04-24 345C (directional breakout)	Front-week IV dynamics and decay; expensive if no breakout.
Long put / bear put spread	Moderate	Buy 2026-04-17 327.5/320 put spread (bear hedge)	Costly if pin holds above 330 and decay; used as hedge vs MP moves.
Iron condor	Moderate-Strong	Sell 2026-05-01 320/315 put x 345/350 call iron condor	VIX spike or gap through wings causes large losses; short gamma near edges.
Calendar / Diagonal (sell higher-IV leg)	Moderate-Strong	Sell 2026-05-01 325P (17d ATM IV 42.0%) and buy 2026-04-24 325P (10d ATM 31.2%) — regular calendar (sell higher IV mid-dated, buy cheaper near-week)	Front-week pin resolution can remove calendar value quickly; requires stability into mid-dated expiry.
PMCC / LEAPS diagonal	Moderate	Buy 2026-07-17 320C LEAP, sell 2026-05-01 345C calls against stock (covered diagonal)	Requires term structure and stock ownership; roll risk if rallies to short call.

Top Plays

Sell 325/320 Put Spread (Defined-risk short)

Sell 2026-05-01 325/320 put spread

Takes advantage of positive GEX pin at $330, heavy call flow and elevated mid-term IV (17d 42%) — collects mid-dated premium with dealer buying expected on dips.

Credit: $0.55-$0.75

Max loss: $4.45

BE: $324.45

Mgmt: Take profit at 50–70% of max credit; cut if spot < $320 or VIX spikes >30.

Traders wanting defined-risk income and neutral-to-bullish exposure

Sell 320/315 Put Wing in Iron Condor (Balanced defined-risk)

Sell 2026-05-01 320/315 put and sell 345/350 call (iron condor)

Uses pin support at $330/$325 and call OI at $345 to collect premium across both wings; term balances front-week pin risk with 17d IV richness.

Credit: $0.95-$1.40

Max loss: $4.05

BE: Lower BE ~319.05; Upper BE ~353.40

Mgmt: Take 50–60% profit; hedge or exit if spot < $320 or > $345 intraday.

Accounts wanting income with balanced upside cap

Sell 17d 325P vs buy 10d 325P (Calendar)

Sell 2026-05-01 325P (17d, IV 42.0%) and buy 2026-04-24 325P (10d, IV 31.2%) — regular calendar

Exploits steep mid-term IV vs cheap near-week; benefits if spot stays near $325–$332 and pin remains active.

Debit: $-0.25-$-0.50

Max loss: $0.50

BE: Requires spot near strike at short expiry; calendar value decays if front-week pin resolves

Mgmt: Close short leg before front-week expiry if spot deviates >±3%; take 50% profit on positive roll-ups.

Vol-sellers who want controlled directional exposure and theta carry

Watchlist Triggers

Entry Triggers

IFIf spot tags $330 and holds 30 minutes → Sell 2026-05-01 325/320 put spread

IFIf spot stalls inside $330–$335 for 2 sessions with VIX <20 → Sell 2026-05-01 320/315 put + 345/350 call iron condor

IFIf front-week IV (2026-04-24) falls >5 vol points vs 17d IV (2026-05-01) → Initiate 325-calendar: sell 2026-05-01 325P, buy 2026-04-24 325P

Adjustment Triggers

ADJIf spot drops below $328 with rising put flow and VIX >22 → Widen put spreads (roll 325/320 to 325/315 or buy front-week protective puts 327.5/320)

ADJIf spot rallies above $345 with heavy call OI prints → Buy back short calls in iron condors and roll short calls to 355/360 or to later expiry

Exit Triggers

EXITIf short premium trade reaches 60% of max profit → Take profits and trim short exposure

EXITIf spot < $320 on daily close or VIX >30 → Close all short-premium positions

Tactical Summary

Primary thesis: positive GEX + bullish net premium creates a short-term magnet into $330–$335 favoring defined-risk short premium (put spreads, iron condors) in 17–45d expiries; invalidation is a sustained close below $320 (breach of dealer support). Top plays: Sell 325/320 put spread (best for defined-risk income), 320/315 put + 345/350 iron condor (balanced income), 325-calendar (exploit IV term slope).

How to Use These Reports

This directional reflects the market close on April 14, 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.