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GOOGL

Alphabet Inc.Close $341.68EOD only

Max Pain

$322.50

Next expiry Apr 20, 2026

Expected Move

±$3.42

1.0% from close

Price Gap

-19.18

Distance to max pain

IV Rank

100

High premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Apr 17, 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

Apr 17, 2026 close

GOOGL Directional Report

Analysis based on market close April 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Moderately bullish — positive dealer gamma and net DEX long support mean price is likely to gravitate toward mid-330s (max pain ~335) and resist sustained breakdown absent a volatility spike; bias favors buying weakness into 331–335 and fading rallies above 350 into near-term option expiration flow.

Confidence:

9 / 10

High positive GEX (+$153.7M), DEX long +73M shares, spot near MP; VIX ~19 keeps IV normal.

Supports: Positive dealer gamma, DEX long, proximity to max-pain 335, normal IV
Conflicts: Mixed flow, broader market weakness (SPY/QQQ down) could overwhelm pin if VIX jumps

📌Max pain cluster at $335–$332 concentrating near-term pin

🧭Dealer GEX +$153.7M and +73M shares DEX favor mean reversion into mid-330s

⚠️Mixed flow and market-wide downside risk could flip bias if VIX >22

Regime Classification

Vol Regime

Normal

Normal IV vs VIX ~19 — no acute premium dislocation

Gamma Regime

Pinning

Pinning — strong positive GEX encouraging spot anchoring near max pain

Flow Regime

Mixed

Mixed — some directional premium but not overwhelming; buys and sells offset

Spot vs Max Pain

Spot at/within 0.7% of midpoint; high likelihood of pin to $335–$332

Thesis duration: Event-specific — Gamma-driven pinning into near-term expiries and concentrated max-pain levels

Price Range Forecast

Next 2 days

$331.17$343.67

Expect gravitation to $331–$343 range; buy dips to low-330s

Next 1 week

$326.35$348.50

Lean toward mid-330s; watch $348 breakout for momentum shift

Next 2 weeks

$314.27$360.57

Wider range; tail risk if market volatility rises, monitor 314/360 levels

Key Levels

Max pain pins: $335 (2026-04-20); $332 (2026-04-22); $318 (2026-04-24)

EM guardrails: 2d $331.17/$343.67; 1w $326.35/$348.50

Support: $335.00 · $314.27

Resistance: $340.00 · $350.00 · $355.00

Structural: Max pain cluster: $335 (4/20), $332 (4/22), $318 (4/24). EM guardrails 2d: $331.17/$343.67; 1w: $326.35/$348.50. Support: 335, 314.27. Resistance: 340, 350, 355.

Dealer Positioning (GEX/DEX)

GEX: $+153.7M

DEX: +73.4M shares

Gamma flip: N/A

NTM gamma: Dealer GEX +$153.7M; DEX long +73.4M shares — net convexity positive, favors pinning near max pain.

IV Analysis

IV vs VIX: IV in-line/normal vs VIX ~19 — no rich cheap edge; favors directional plays over vol plays.

Term structure: Flat-to-slightly-backwardated near-term with expiries clustered this week (pinning risk into expiries).

Skew: Skew moderate; consider put-protection rather than outright short vol; calendar/diagonal buys may capture pinning decay.

Flow Analysis

Net premium: Net premium large positive (~$91.4M); flow leans call-biased (put/call vol 0.81, OI 0.89).

Directional prints: 7.2 call 340 OTM 2026-04-20 — Massive same-day call volume (15.9k) vs OI (3.6k); likely short-term buy-to-open call aggression or sweep. 4 put 337.5 ITM 2026-04-20 — Very large intraday put flow (16k) with elevated OI; could be protective hedges or large block sells of stock. 26.7 call 345 OTM 2026-04-22 — High call flow into near-week expiry (4.1k vol, 541 OI); directional call buying or dealer delta hedging.

Unusual: 29.9 put 325 OTM 2026-04-27 — Very high vol/oi (13x) — aggressive put buyers in weekly/near-month tenor. 38.8 put 295 OTM 2026-05-22 — Large May put flow (2.2k vol, 174 OI) with high IV — tail protection or directional bearish bet. 41.8 put 327.5 OTM 2026-05-01 — Notable May-1 put with high IV and vol/oi (5.7) — meaningful one-off buyer interest.

Risks & Catalysts

!Market weakness/VIX spike overwhelms dealer gamma and breaks pin

!Large sell flow or concentrated OI shifts ahead of expiry

!Earnings/sector shock or macro headline driving gamma unwind

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Call calendar	Moderate-Strong	Sell 2026-06-18 $335.00 call / buy 2026-07-17 $335.00 call Why now: Flow is call-biased and dealers pin mid-330s; calendar captures rich back-month vol while selling nearer-term decay after the earnings event; keeps upside exposure if price drifts into 335–350.	Earnings or macro shock causes a large vol spike or directional gap that breaches short leg; requires monitoring of post-earnings flow.
Put credit spread	Moderate-Strong	Sell 2026-05-08 $325.00/$305.00 put spread Why now: Expresses bullish tilt with limited risk and positive time decay; benefits if underlying drifts up or holds steady.	IV spike or large downside move through short put before adjustments increases losses.
Bull call spread	Moderate-Strong	Buy 2026-05-08 $345.00/$360.00 call spread Why now: Captures upside exposure toward mid-range levels with capped cost vs outright long calls.	Strong upside beyond short call cap or large IV collapse reducing long option value pre-roll.
Call credit spread	Moderate	Sell 2026-05-08 $350.00/$360.00 call spread Why now: Takes advantage of call-skewed premium while limiting tail risk if rallies accelerate.	Strong, sustained rally above short call or gamma-driven squeeze increases losses.

Top Plays

Call calendar (sell Jun / buy Jul 335)

Sell 2026-06-18 $335.00 call / buy 2026-07-17 $335.00 call

Collects premium while retaining upside if drift into 335–350 occurs after earnings.

Why this play: Best expresses dealer-gamma view: captures rich back-month vol and sells near-term decay into expected pin ~335.

Debit: $3.53-$4.32

Max loss: $4.32

BE: Path-dependent

Mgmt: Enter near lower entry range; trim if stock >340 or IV collapses; roll front leg out if pinned at 335 into back month.

Traders wanting event exposure with limited directional conviction.

Call credit spread 350/360 May

Sell 2026-05-08 $350.00/$360.00 call spread

Limited-risk short call spread that profits if rally stalls before expiry.

Why this play: Lines up with thesis to fade rallies above 350 and harvest call-skew premium.

Credit: $2.41-$2.94

Max loss: $7.06

BE: $352.94

Mgmt: Collect premium, tighten or buy back if price >352 or IV spikes; cut loss if momentum breaks above 360.

Income traders comfortable with defined risk against a near-term rally.

Put credit spread 325/305 May

Sell 2026-05-08 $325.00/$305.00 put spread

Keeps downside protection via limited-risk short put spread if price holds near mid-330s.

Why this play: Bullish, low-cost way to express skewed upside bias while keeping capital efficient.

Credit: $3.83-$4.68

Max loss: $15.32

BE: $320.32

Mgmt: Deploy near top of entry range; defend if price nears 325 or VIX jumps.

Risk-conscious bulls seeking steady theta.

Watchlist Triggers

Entry Triggers

IFIF price falls into 331–335 AND IV_rank >30% → THEN enter cal_001: sell Jun 335 / buy Jul 335 at bid, max 4 contracts

IFIF price rallies to 350–355 pre-expiry AND RSI(14) drops below 60 within 3 trading sessions after peak → THEN enter ccs_001: sell May 350/360 call spread at ask, max 3 contracts

IFIF price holds mid-330s AND seeking bullish defined-risk → THEN enter pcg_001: sell May 325/305 put spread within entry_range 3.83–4.68, max 4 contracts

Adjustment Triggers

ADJIF stock >340 OR IV collapses after entry (IV_rank falls below 20%) for cal_001 → THEN trim front Jun leg or roll front leg out; reduce position to 2 contracts

Exit Triggers

EXITIF price breaks and closes above 360 OR sustained momentum RSI(14)>70 above 352 for ccs_001 → THEN buy back spread to cut losses

EXITIF VIX >28 OR VIX rises >25% intraday OR stock breaches 314 → THEN close all option positions and reassess risk

Tactical Summary

Moderately bullish into earnings: buy weakness 331–335 (cal_001, max 4c) when IV_rank>30%; fade rallies 350–355 with RSI signal (ccs_001, max 3c); use pcg_001 for defined-risk upside (max 4c). Trim/roll if IV_rank<20% or stock>340; exit all if VIX>28 or VIX spikes >25% or stock<314.

How to Use These Reports

This directional reflects the market close on April 20, 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.