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GOOGL

Alphabet Inc.Close $387.66EOD only

Max Pain

$385.00

Next expiry May 22, 2026

Expected Move

±$5.24

1.4% from close

Price Gap

-2.66

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.92

Balanced positioning

Consensus

9.5/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

GOOGL Directional Report

Analysis based on market close May 21, 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 GEX/flow alignment, spot at max pain $385, and low VIX. Near-term pinning to $385-390 supports drift higher, but upside limited to $400 resistance without catalyst.

Confidence:

9 / 10

Base 5 + GEX/flow alignment (+2) + positive GEX pinning (+1) + spot near MP (+1) + low VIX (+1) = 9/10.

Supports: GEX $+102.3M, bullish flow, spot at MP, low VIX
Conflicts: Resistance at $400, no catalyst, range cap from gamma

📌Spot pinned to $385 max pain; expiry Friday supports

📈GEX/flow strongly aligned, dealers long gamma

⚠️Upside capped at $400 without catalyst

Regime Classification

Vol Regime

Normal

Normal: IV in line with VIX 16.76, no volatility premium.

Gamma Regime

Pinning

Pinning: Positive gamma $+102.3M, dealers hedging to keep spot near $385-$390.

Flow Regime

Bullish

Bullish: Net put/call premium skewed bullish, supporting call buying.

Spot vs Max Pain

At: Spot at $385 max pain, within 0.7%.

Thesis duration: Event-specific — Expiry pinning and GEX alignment create near-term directional bias to max pain levels, with catalyst from OPEX.

Price Range Forecast

Next 2 days

$382.42$392.91

Pinning to $385; range $382-$393

Next 1 week

$379.26$396.06

Drift to $390 max pain; range $379-$396

Next 2 weeks

$369.56$405.76

Breakout potential above $400 if support holds; range $370-$406

Key Levels

Max pain pins: $385 (2026-05-22); $390 (2026-05-26); $390 (2026-05-27)

EM guardrails: 2d $382.42/$392.91; 1w $379.26/$396.06

Support: $385.00 · $369.56

Resistance: $400.00 · $405.76 · $410.00

Structural: Support $385 (MP), $369.56; resistance $400, $405.76, $410. No gamma flip.

Dealer Positioning (GEX/DEX)

GEX: $+102.3M

DEX: +78.5M shares

Gamma flip: N/A

NTM gamma: GEX $+102.3M positive, DEX +78.5M shares net long; dealers stabilize near MP.

IV Analysis

IV vs VIX: IV neutral vs VIX; OTM calls cheap due to elevated put skew, not cheap overall IV.

Term structure: Flat; no event kinks for next 2 weeks.

Skew: Put skew elevated; favor OTM call verticals to exploit cheap calls.

Flow Analysis

Net premium: Net call premium $87.5M; put/call vol ratio 0.42 indicates heavy bullish flow.

Directional prints: 24.1 call 392.5 OTM 2026-05-22 — Vol/OI 8.7x on 14k vol; aggressive call buying, bullish. 24.4 call 387.5 ITM 2026-05-22 — Vol/OI 6.8x on 9k vol; heavy call accumulation, bullish. 22.3 call 387.5 ITM 2026-05-26 — Vol/OI 9.2x on 961 contracts; high ratio, likely bought calls.

Unusual: 22.3 call 387.5 ITM 2026-05-26 — Extreme vol/OI 9.2x; unusual activity, leans bullish. 24.1 call 392.5 OTM 2026-05-22 — Vol/OI 8.7x on 14k vol; unusual call buying. 24.4 call 387.5 ITM 2026-05-22 — Vol/OI 6.8x; high volume relative to OI.

Risks & Catalysts

!Failure to hold $385 support triggers sell-off

!Absence of catalyst limits upside beyond $400

!Macro vol spike from VIX move above 20

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate	Sell 2026-06-05 $375.00/$370.00 put spread Why now: Bullish bias with strong GEX at $385; near-term pinning suggests limited downside.	If $385 breaks, spread loses max defined risk.
Bull call spread	Moderate	Buy 2026-06-12 $390.00/$400.00 call spread Why now: Heavy call flow and low VIX support drift higher; capped at $400 resistance.	Upside limited; time decay if spot stays below $390.
Bullish risk reversal	Moderate	Buy 2026-07-17 $400.00 call / sell 2026-07-17 $360.00 put Why now: Bullish bias with limited catalyst; risk reversal provides cheap upside exposure.	Put side exposed if spot falls sharply below $375.
Long call	Moderate-Weak	Buy 2026-07-17 $395.00 call Why now: Strong bullish flow and low IV; long call offers convexity with limited downside.	Upside capped at $400; time decay accelerates near earnings.

Top Plays

Bull Call Spread

Buy 2026-06-12 $390.00/$400.00 call spread

Buy $390 call, sell $400 call, net debit ~$4.29. Profits from $390 to $400.

Why this play: Best fit for capped upside to $400; defined risk and profit zone.

Debit: $3.51-$4.29

Max loss: $4.29

BE: $394.29

Mgmt: Exit if below $385; roll up if near $400 early.

Moderate bulls targeting drift to $400.

Put Credit Spread

Sell 2026-06-05 $375.00/$370.00 put spread

Sell $375 put, buy $370 put, net credit ~$1.20. Max profit above $375.

Why this play: Collects premium on strong $385 support; low risk.

Credit: $0.99-$1.20

Max loss: $3.80

BE: $373.80

Mgmt: Close if below $385; roll out if sentiment weakens.

Traders expecting stock to hold above $375.

Long Call

Buy 2026-07-17 $395.00 call

Buy $395 call for ~$18.07. Breakeven ~$413; unlimited upside.

Why this play: Convex upside but expensive; lower priority due to limited catalyst.

Debit: $14.78-$18.07

Max loss: $18.07

BE: $413.07

Mgmt: Stop at $385; consider selling higher call to cap risk early.

Aggressive bulls expecting breakout above $400.

Watchlist Triggers

Entry Triggers

IFSpot holds above $385 for two consecutive closes → Enter bull put spread: sell 2026-06-05 $375 put, buy 2026-06-05 $370 put, net credit ~$1.20

IFSpot trades between $385 and $390 → Enter bull call spread: buy 2026-06-12 $390 call, sell 2026-06-12 $400 call, net debit ~$4.29

Adjustment Triggers

ADJSpot reaches $400 and shows stalling price action → Take profits on bull call spread or roll up strikes if remaining time allows

Exit Triggers

EXITSpot breaks below $385 → Exit all bullish trades immediately

Tactical Summary

Bullish bias with strong GEX at $385 and low VIX supports drift to $400. Key support $385 (MP), resistance $400. Prefer bull call spread (#1) for capped upside. Invalidation at $385; below triggers bearish reversal. Absence of catalyst limits upside beyond $400.

How to Use These Reports

This directional reflects the market close on May 21, 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.