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GOOGL

Alphabet Inc.Close $382.97EOD only
Max Pain
$387.50
Next expiry May 26, 2026
Expected Move
±$5.76
1.5% from close
Price Gap
+4.53
Distance to max pain
IV Rank
33
Middle-high premium
P/C OI
0.90
Balanced positioning
Consensus
8.5/10
Bullish tilt
Published snapshot: May 22, 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 22, 2026 close
GOOGL Directional Report
Analysis based on market close May 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bullish bias supported by strong dealer gamma ($+159.5M), positive flow, and spot above max pain. Near-term pinning toward $388 resistance with upside to $393.5 in 2 days.

Confidence:
9 / 10
Base 5 +2 GEX/flow alignment +1 pinning +0.5 spot near MP +1 low VIX = 9.0
Supports: GEX +159.5M, bullish flow, spot above MP, VIX 17
Conflicts: Resistance at $400 and $410, potential gamma flip if put OI rises
📈Strong dealer gamma support at $385
🟢Bullish flow driving upside momentum
📊Spot above max pain, pinning higher

Regime Classification

Vol Regime
Normal
Normal vol regime, VIX at 17, implied vol likely in line with realized.
Gamma Regime
Pinning
Positive gamma of $+159.5M, pinning near $385-$388 with no flip risk nearby.
Flow Regime
Bullish
Bullish net premium flow, consistent with upward bias.
Spot vs Max Pain
Above
Spot above max pain ($385), suggesting upward pinning pressure.
Thesis duration: Multi-week — Sustained dealer gamma and flow alignment support a multi-week bullish drift within the expanding range.

Price Range Forecast

Next 2 days
$384.26$393.50
Support at $385, resistance $393.5, pinning higher
Next 1 week
$378.08$399.68
Range $378-$399.7, dealer gamma supports upside
Next 2 weeks
$367.86$409.91
Wider range $367.9-$409.9, trend favored

Key Levels

Max pain pins: $385 (2026-05-26); $388 (2026-05-27); $382 (2026-05-29)
EM guardrails: 2d $384.26/$393.50; 1w $378.08/$399.68
Support: $385.00 · $367.86
Resistance: $400.00 · $409.91 · $410.00
Structural: Support: $385 (max pain), $367.86; Resistance: $400, $409.91-$410; EM guardrails: 2d $384.26-$393.50, 1w $378.08-$399.68

Dealer Positioning (GEX/DEX)

GEX: $+159.5M

DEX: +78.3M shares

Gamma flip: N/A

NTM gamma: Net gamma +$159.5M, DEX +78.3M shares. No gamma flip within 30% below spot. Dealers long gamma, hedging in direction.

IV Analysis

IV vs VIX: GOOGL IV near VIX (17), not rich or cheap given normal vol regime.

Term structure: Contango expected, with kinks near weekly expiries.

Skew: Skew flat to slightly bullish; no actionable vol structure.

Flow Analysis

Net premium: Net call premium ~$170M; P/C vol ratio 0.39 (bullish), OI ratio 0.93 (neutral).

Directional prints: 9.4 call 387.5 ITM 2026-05-26 — Vol/OI 12.1x, IV 9.4%; likely large call buying, bullish. 3.6 call 390 OTM 2026-05-26 — Vol/OI 9.2x, IV 3.6%; aggressive call buying, bullish. 21.2 call 395 OTM 2026-05-27 — Vol/OI 16.3x, IV 21.2%; unusual call activity, likely bought.

Unusual: 30.9 call 385 ITM 2026-05-26 — Vol/OI 9.5x, IV 30.9% high; possible call selling. 9 put 385 OTM 2026-05-26 — Vol/OI 9.3x, IV 9.0%; put buying? Unusual.

Risks & Catalysts

!Resistance at $400 and $410 caps near-term upside
!SPY reversal could drag GOOGL to support $385
!Gamma flip if put OI accumulates below spot

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate
Buy 2026-06-26 $385.00/$410.00 call spread
Why now: Dealer gamma support, positive call flow, spot above max pain; resistance at $410 makes spread efficient.
Spot below $390 at expiry results in full loss of debit paid.
Bullish risk reversalModerate-Strong
Buy 2026-06-26 $400.00 call / sell 2026-06-26 $365.00 put
Why now: Low P/C vol ratio and strong call flow favor upside; short put strike below support provides cushion.
Sharp sell-off below $380 leads to undefined put loss; call premium needs to offset put assignment risk.
Put credit spreadModerate
Sell 2026-06-26 $355.00/$345.00 put spread
Why now: Dealer gamma bullish, spot above max pain and $370 is a solid support from OI and dealer positions.
Spot below $365 at expiry leads to max loss of spread width; tail risk from broad market reversal.

Top Plays

#1
Bull Call Spread
Buy 2026-06-26 $385.00/$410.00 call spread
Expresses bullish view with defined risk/reward using $385-$410 call spread.
Why this play: Best fit: bullish bias, dealer gamma support, resistance at $410 caps upside. Efficient, limited risk.
Debit: $8.93-$10.92
Max loss: $10.92
BE: $395.92
Mgmt: Exit on IV spike or near $410. Roll up if momentum continues.
Traders seeking controlled bullish exposure.
#2
Bullish Risk Reversal
Buy 2026-06-26 $400.00 call / sell 2026-06-26 $365.00 put
Long call, short put to capture upside with put premium offset.
Why this play: Higher risk/reward for aggressive traders. Unlimited upside if breakout above $400.
Debit: $4.07-$4.98
Max loss: $365.00
BE: $365.00
Mgmt: Monitor short put; roll if spot drops near $365.
Aggressive traders comfortable with short put risk.
#3
Put Credit Spread
Sell 2026-06-26 $355.00/$345.00 put spread
Sells out-of-the-money put spread to profit from neutral-to-bullish move.
Why this play: Defensive play: collects premium with support at $355-$345. Bias bullish but uses downside risk.
Credit: $1.00-$1.23
Max loss: $8.77
BE: $353.77
Mgmt: Close early or let expire; adjust if spot approaches $355.
Conservative income-focused traders.

Watchlist Triggers

Entry Triggers
IFSpot holds above $385 for 2 days → Enter Bull Call Spread (buy 385/410 call spread) up to $10.92 debit
IFSpot breaks above $400 with volume → Enter Bullish Risk Reversal (buy 400 call/sell 365 put) for up to $4.98 credit
Exit Triggers
EXITSpot closes below $385 → Exit Bull Call Spread to limit loss

Tactical Summary

Bullish bias, near-term target $393.5 in 2 days, resistance $400-$410. Prefer Bull Call Spread for controlled risk. Enter on $385 hold; exit on $385 break or near $410.
How to Use These Reports
This directional reflects the market close on May 26, 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.