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GOOGL

Alphabet Inc.Close $388.91EOD only

Max Pain

$385.00

Next expiry May 22, 2026

Expected Move

±$8.38

2.1% from close

Price Gap

-3.91

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.90

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 20, 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 20, 2026 close

GOOGL Directional Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias driven by strong dealer gamma ($111M+) and bullish flow, with spot near max pain $390 pinning. Confidence elevated to 9/10.

Confidence:

9 / 10

Base 5 +2 GEX/flow aligned +1 GEX positive +1 spot near MP +1 VIX 17

Supports: Bullish flow, GEX +$111M, spot at max pain
Conflicts: Resistance $400, no gamma flip below

📊GEX +$111M positive, strong pinning

🎯Spot at max pain $390, tight pinning

Regime Classification

Vol Regime

Normal

Normal vol, VIX 17.4, no expansion

Gamma Regime

Pinning

GEX +$111M, positive, pinning near $390

Flow Regime

Bullish

Bullish net premium, low P/C

Spot vs Max Pain

Spot at max pain $390, pinning

Thesis duration: Event-specific — Strong GEX and flow alignment, spot near MP for upcoming expiries

Price Range Forecast

Next 2 days

$380.54$397.29

Range 380.54-397.29, pin near 390

Next 1 week

$377.74$400.09

Range 377.74-400.09, resistance 400

Next 2 weeks

$369.21$408.61

Range 369.21-408.61, support 369

Key Levels

Max pain pins: $390 (2026-05-20); $385 (2026-05-22); $390 (2026-05-26)

EM guardrails: 2d $380.54/$397.29; 1w $377.74/$400.09

Support: $369.21

Resistance: $390.00 · $400.00 · $408.61

Structural: Max pain $390 (5/20,5/26), $385 (5/22); EM 2d $380.54/$397.29, 1w $377.74/$400.09; support $369.21; resistance $390,$400,$408.61

Dealer Positioning (GEX/DEX)

GEX: $+111.4M

DEX: +78.3M shares

Gamma flip: N/A

NTM gamma: GEX +$111.4M, DEX +78.3M shares, no gamma flip

IV Analysis

IV vs VIX: GOOGL IV near VIX, normal environment

Term structure: Flat, no major event kinks

Skew: Neutral skew, no standout opportunity

Flow Analysis

Net premium: Bullish net call premium of $124M; P/C vol ratio 0.43 (strong call dominance).

Directional prints: 5.5 call 390 OTM 2026-05-20 — Vol 47841 vs OI 5570 (vol/OI 8.6); massive call buying, deep OTM with low IV 5.5%, likely bullish speculative bets. 8.2 call 392.5 OTM 2026-05-20 — Vol 32972 vs OI 3031 (vol/OI 10.9); another large OTM call buy, IV 8.2%, directional bullish.

Unusual: 30.5 call 385 ITM 2026-05-20 — Vol 16009 vs OI 213 (vol/OI 75.2); extreme relative volume, IV 30.5%, likely bought calls, aggressive bullish. 9.6 call 387.5 ITM 2026-05-20 — Vol 37415 vs OI 517 (vol/OI 72.4); similar extreme, IV 9.6% low, bought calls reflect strong bullish flow. 20.6 put 382.5 OTM 2026-05-20 — Vol 16157 vs OI 1124 (vol/OI 14.4); put with last 0.01, IV 20.6%; likely protective bought puts or sold puts for premium.

Risks & Catalysts

!Resistance at $400 caps upside

!Absence of gamma flip below spot

!VIX spike could disrupt pinning

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-06-05 $390.00/$400.00 call spread Why now: High call volume and dealer gamma support upside; defined risk limits loss.	Resistance at 400 caps gains; time decay works against if stock stalls.
Put credit spread	Moderate	Sell 2026-06-05 $380.00/$370.00 put spread Why now: Put selling collects premium with high probability zone below spot.	If stock drops below 375, max loss realized; gamma risk near expiration.
Bullish risk reversal	Conditional	Buy 2026-06-05 $400.00 call / sell 2026-06-05 $380.00 put Why now: Call dominance and low put vol allow cheap upside via put sale.	Unlimited downside if stock collapses; margin requirement for naked put.
Long call	Moderate-Weak	Buy 2026-06-05 $390.00 call Why now: Massive call volume and low IV (31%) offer attractive premium for upside.	Time decay accelerates; requires directional move within 16 days.

Top Plays

Bull Call Spread

Buy 2026-06-05 $390.00/$400.00 call spread

Buy 390/400 call spread for limited cost and max gain if GOOGL reaches $400 by 6/5.

Why this play: Best defined-risk play to capture expected upside to $400 amid strong call flow and dealer gamma.

Debit: $3.51-$4.29

Max loss: $4.29

BE: $394.29

Mgmt: Exit near $400 resistance or prior to earnings if momentum fades.

Traders seeking upside with capped risk and solid probability.

Long Call

Buy 2026-06-05 $390.00 call

Buy 390 call to profit from unlimited upside; premium is elevated but IV remains attractive.

Why this play: Direct upside play leveraging massive call volume and low IV; best for high-conviction bullish view.

Debit: $8.71-$10.64

Max loss: $10.64

BE: $400.64

Mgmt: Set stop-loss at invalidation level $369; consider rolling up on rally.

Aggressive traders with high risk tolerance and strong bullish conviction.

Bullish Risk Reversal

Buy 2026-06-05 $400.00 call / sell 2026-06-05 $380.00 put

Buy 400 call and sell 380 put to create synthetically long exposure with no upfront cost.

Why this play: Cheap upside via call purchase funded by put sale; suited for high-conviction bullish with defined risk.

Credit/Debit: N/A

Max loss: $380.00

BE: $380.00

Mgmt: Monitor short put leg; close if stock drops below $380.

Sophisticated traders seeking leverage without paying premium.

Watchlist Triggers

Entry Triggers

IFIf GOOGL holds above $380 with sustained call volume, enter the 390/400 call spread (googl_1) for 3.51–4.29 debit. → Enter the 390/400 bull call spread.

Adjustment Triggers

ADJIf GOOGL reaches $400 resistance, close the call spread for max gain or roll up to a higher strike. → Close or adjust bullish call spread.

Exit Triggers

EXITIf GOOGL breaks below $369.21 support, exit all bullish positions to limit losses. → Exit all bullish positions.

Tactical Summary

Bullish bias with $390 max pain pinning. Strong call flow and dealer gamma support upside to $400. Top play: 390/400 call spread (googl_1). Entry on hold above $380. Exit if $369.21 fails. Monitor $400 resistance for profit-taking.

How to Use These Reports

This directional reflects the market close on May 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.