GOOGL
Alphabet Inc.Close $387.66EOD onlyThis page reflects GOOGL options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Historical consensus-supported lens with full content, report chain context, and metric rail.
Outlook
GOOGL exhibits a bullish near-term thesis driven by strong dealer gamma (+$77.9M GEX) and persistently bullish flow, with spot trading below max pain at $398, suggesting upward pinning pressure. The normal vol environment (VIX 18) and support at $366.41 provide a favorable risk/reward for the next 1-2 weeks, targeting key resistance at $397.5-$400. Confidence is high (8.5/10) given aligned GEX and flow.
Conflicts: Resistance at $397.5-$400, potential gamma flip if spot drops below support.
Regime Classification
Price Range Forecast
Key Levels
Dealer Positioning (GEX/DEX)
GEX: $+77.9M
DEX: +77.4M shares
Gamma flip: N/A
NTM gamma: Net Gamma +$77.9M, Dealer long 77.4M shares; positive gamma supports pinning and reduces downside risk.
IV Analysis
IV vs VIX: GOOGL IV is in line with VIX; VIX at 18 suggests normal implied vol levels.
Term structure: Term structure likely contango given normal vol environment.
Skew: Put skew elevated; consider call spreads for upside exposure.
Flow Analysis
Net premium: Net premium +$92.4M, P/C vol ratio 0.53, strong call buying bias.
Directional prints: 30.9 call 390 OTM 2026-05-20 — Vol/OI 129x extremely high; aggressive OTM call buying; likely bought, bullish. 31.4 call 395 OTM 2026-05-20 — Vol/OI 56x high; heavy call buying; bought, bullish upside bet.
Unusual: 32.9 call 400 OTM 2026-05-20 — Vol 25k, OI 2.3k; large OTM call buying; bought, bullish. 58.2 put 400 ITM 2026-05-20 — IV 58% elevated; possible protective put or volatility trade; likely bought. 29.9 put 380 OTM 2026-05-20 — Vol/OI 29x high; OTM put buying for downside hedging; bought, bearish.
Risks & Catalysts
Strategy Viability
| Strategy | Edge | Best Setup | Primary Risk |
|---|---|---|---|
| Bull call spread | Moderate-Strong | Buy 2026-06-05 $380.00/$400.00 call spread Why now: Dealer gamma +$77.9M and P/C vol 0.53 suggest upward pressure; OTM call buying at 390 confirms bullish sentiment. | Max loss = debit paid; risk if stock fails to rally or reverses. |
| Put credit spread | Moderate-Strong | Sell 2026-06-05 $365.00/$355.00 put spread Why now: High GEX and bullish flow imply limited downside; selling puts at 370 captures premium while support holds. | Max loss if stock drops below 365; risk of gap down. |
| Bull call spread | Moderate-Strong | Buy 2026-06-18 $380.00/$410.00 call spread Why now: Defined-risk debit spread to capture upside to resistance at $400, using 30 DTE for theta decay management. | Risk of downside reversal or resistance cap at $400 limiting profit. |
| Cash-secured put | Strong | Sell 2026-06-18 $365.00 cash-secured put Why now: Cash-secured put at $370 strike offers premium with downside protection near recent support. | Stock could break support and fall below strike, resulting in assignment at a loss. |
| Long call | Moderate | Buy 2026-06-18 $390.00 call Why now: Long call at 390 strike captures delta and gamma exposure during expected upward move. | Time decay if move does not materialize quickly; full premium at risk. |
Top Plays
Watchlist Triggers
Tactical Summary
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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These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.