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GOOGL

Alphabet Inc.Close $364.26EOD only
Max Pain
$362.50
Next expiry Jun 10, 2026
Expected Move
±$5.36
1.5% from close
Price Gap
-1.76
Distance to max pain
IV Rank
40
Middle-high premium
P/C OI
0.85
Slightly call-heavy
Consensus
9.0/10
Bullish tilt
Published snapshot: Jun 9, 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
Jun 9, 2026 close
GOOGL Directional Report
Analysis based on market close June 10, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bearish bias over 1-2 weeks as negative gamma and market weakness outweigh bullish flow. Spot below $365 max pain, with risk of acceleration lower towards $340 support.

Confidence:
4 / 10
Base 4: negative gamma and market context conflict with bullish flow; range bound but downside skew
Supports: Bullish flow, large positive DEX (81.8M shares), VIX elevated
Conflicts: Negative gamma (-11.7M), spot below key levels, market down 1.5%
📉Negative gamma amplifies downside moves
📈Bullish flow provides counterpressure
🔑Max pain $365 acts as resistance

Regime Classification

Vol Regime
Normal
Vol normal but VIX elevated at 22.2, implying fear; GOOGL vol likely in line
Gamma Regime
Trending
Negative GEX (-11.7M) indicates trending environment; dealers hedge by selling into moves
Flow Regime
Bullish
Bullish net premium flow suggests buying interest, but partially offset by gamma effects
Spot vs Max Pain
Below
Spot below max pain ($365) and key resistance, bearish offset
Thesis duration: Multi-week — No specific events; regime combines normal vol, negative gamma, and mixed flow implying gradual direction

Price Range Forecast

Next 2 days
$347.68$365.08
Negative gamma and resistance at $365; test $347.68 support
Next 1 week
$345.31$367.46
Key support $340.11; breach likely on continued selling
Next 2 weeks
$340.11$372.66
Range $340-$373; direction dependent on market recovery

Key Levels

Max pain pins: $365 (2026-06-10); $370 (2026-06-12); $368 (2026-06-15)
EM guardrails: 2d $347.68/$365.08; 1w $345.31/$367.46
Support: $340.11
Resistance: $365.00 · $372.66
Structural: Max pain pins: $365 (Jun10), $370 (Jun12), $368 (Jun15). EM guardrails: 2d $347.68-$365.08; 1w $345.31-$367.46. Support $340.11; resistance $365.0, $372.66. No gamma flip.

Dealer Positioning (GEX/DEX)

GEX: $-11.7M

DEX: +81.8M shares

Gamma flip: N/A

NTM gamma: GEX -$11.7M (short gamma), DEX +81.8M shares. Negative gamma implies dealer hedging may accelerate moves; no flip zone nearby.

IV Analysis

IV vs VIX: GOOGL IV likely rich relative to VIX given tech selloff, but normal for its own history; elevated put skew protective

Term structure: Short-term elevated due to event risk? No specific events; likely contango with slight backwardation on pullback

Skew: Put skew elevated; short puts may be attractive if bullish flow persists, but risk of acceleration with negative gamma

Flow Analysis

Net premium: Net call premium $63M; P/C vol ratio 0.51 reflects strong call buying.

Directional prints: 23.8 call 367.5 OTM 2026-06-10 — Vol 25991, OI 2410 (10.8x); likely bought; bullish w/ elevated IV. Preferred read: long calls. 28.1 call 370 OTM 2026-06-10 — Vol 26635, OI 3325 (8.0x); likely bought; aggressive bullish flow. Preferred read: long calls. 21.3 call 355 ITM 2026-06-10 — Vol 4020, OI 170 (23.6x); likely bought; near-the-money call activity. Preferred read: long calls.

Unusual: 5.7 call 357.5 OTM 2026-06-10 — Vol/OI 41.9x, IV 5.7% abnormally low; likely sold; low IV suggests selling. Preferred read: short call. 9 call 360 OTM 2026-06-10 — Vol/OI 25.2x, IV 9% low; unusual low IV suggests selling; likely sold. Preferred read: short call. 9.8 put 357.5 ITM 2026-06-10 — Vol 15927, OI 1059 (15.0x); high put volume w/ low IV; low IV suggests selling; likely sold puts. Preferred read: short put.

Risks & Catalysts

!Further broad market selloff (SPY down 1.6%, QQQ 2%)
!Negative gamma acceleration below $340
!Bullish flow fails to absorb selling at resistance $365
!Dealer hedging could amplify volatility

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bear put spreadModerate-Strong
Buy 2026-06-26 $355.00/$335.00 put spread
Why now: Negative gamma, market weakness, bearish flow.
Upside risk on macro reversal.
Long putModerate
Buy 2026-06-26 $345.00 put
Why now: Spot below support, momentum negative.
Theta decay if move delayed.
Call credit spreadModerate
Sell 2026-06-26 $372.50/$385.00 call spread
Why now: Call heavy flow may cap upside, premium harvest.
Gap up risk if market reverses.

Top Plays

#1
Long Put $345
Buy 2026-06-26 $345.00 put
Buy $345 put for unlimited downside exposure with limited premium outlay.
Why this play: Direct bearish play with high convexity; thesis points to acceleration below $340.
Debit: $4.57-$5.58
Max loss: $5.58
BE: $339.42
Mgmt: Set stop-loss at $365 invalidation; consider taking partial profits if spot reaches $340.
Aggressive traders seeking maximum payoff from a sharp decline.
#2
Bear Put Spread $355/$335
Buy 2026-06-26 $355.00/$335.00 put spread
Buy $355 put and sell $335 put to cap risk while benefiting from decline to $335.
Why this play: Defined-risk bearish structure; better suited for multi-week view with negative gamma.
Debit: $5.23-$6.39
Max loss: $6.39
BE: $348.61
Mgmt: Exit if spot closes above $365; aim to close near expiration at max gain.
Traders wanting limited loss and a defined target within 30 days.
#3
Call Credit Spread $372.5/$385
Sell 2026-06-26 $372.50/$385.00 call spread
Sell $372.5 call and buy $385 call to profit from sideways to lower moves.
Why this play: Harvests premium from call-heavy flow; bearish tilt with time decay.
Credit: $2.07-$2.52
Max loss: $9.98
BE: $375.02
Mgmt: Close if spot breaks above $365; hold to expiration for max decay.
Income-focused traders in a bearish bias with low volatility.

Watchlist Triggers

Entry Triggers
IFSpot breaks below $340.11 support → Buy 2026-06-26 $345 put (long_put_1) targeting $340.
IFSpot rallies to $365 resistance → Sell 2026-06-26 $372.50/$385 call spread (call_credit_spread_1) for premium.
IFSpot closes below $355 → Buy 2026-06-26 $355/$335 put spread (bear_put_spread_1) for defined risk.
Exit Triggers
EXITSpot closes above $365 → Close all 2026-06-26 bearish positions (long_put_1, bear_put_spread_1, call_credit_spread_1).

Tactical Summary

Bearish bias over 1-2 weeks due to negative gamma and market weakness. Key support $340.11; resistance $365. Favor put plays on breakdown or rejection. Invalidation $365.
How to Use These Reports
This directional reflects the market close on June 10, 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.