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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
28
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 Earnings Report
Analysis based on market close April 6, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 6, 2026. A newer earnings report is available for May 20, 2026.

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Earnings Verdict

Earnings expected around 2026-04-23 (17 days out). IV term structure shows a kink at 4/24 (33.1% vs 30% pre), indicating elevated earnings premium. Historical beat rate is 100% with large positive surprises, suggesting upside bias. Strong pinning (GEX +$96.4M) and bullish flow (net premium +$12.4M, P/C 0.76) support selling premium within the expected move.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.3% from MP
Most important: Historical EPS surprises average +$0.20 (9.5%), with 100% beat rate over last 4 quarters, indicating consistent upside momentum.
📅Earnings expected 2026-04-23 (17 days out), EPS est $2.62
📊Historical EPS beat rate 100% with avg surprise +$0.20 (9.5%)
📍Strong pinning: GEX +$96.4M, max pain $288-$290, spot $299.99 above

Regime Classification

Vol Regime
Normal
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above
Gamma flip: ~$215.00 — Gamma flip at ~$215 is far below spot (-28%), indicating minimal near-term gamma acceleration risk.

Earnings Overview

Next earnings: 2026-04-23 (17 days)explicit

Expected moves:

  • 4/24 (18d): ±$17.30 (5.8%) [$282.69 - $317.29]

IV Setup

Term structure: Kink at 4/24 (33.1% ATM) vs 30.0% at 4/13 and 30.9% at 4/15, indicating elevated earnings IV.

Crush estimate: ~3-5 vol pts post-earnings, back to ~30%

Skew: P/C OI ratio 0.87 suggests balanced positioning; near-term put OI clusters at $280-$290 provide support.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: No historical move data provided, but EPS surprises average +$0.20 (9.5%) vs estimates.

Directional bias: All 4 quarters beat EPS estimates, with surprises ranging +$0.06 to +$0.40.

Key Levels

1$295.00
2$290.00
3$280.00
4$305.00
5$310.00
6$330.00

Flow Highlights

Large net premium inflow at $300 strike: Call $14.38M vs Put $7.93M, net +$6.45M

Bullish positioning near spot, likely hedging or directional bets.

Unusual put activity: $292.50 PUT 4/10 exp, Vol=7,771 vs OI=414 (18.8x), IV=36.5%

Possible downside protection or speculative bearish bet ahead of earnings.

Strategies

Iron condor
Sell $282.69/$277.50P x $317.29/$322.50C 4/24
Credit: $1.50-$2.00
Max loss: $3.50
Max gain: $1.75
BE: 284.19/315.79
Trigger: Enter 5-7 days before earnings if IV remains elevated (>33%)
Historical beat rate supports upside, but pinning (GEX +$96.4M) and EM guardrails provide range-bound expectation. IV crush of ~3-5 pts enhances credit decay.
Outperforms: Stock stays within EM bounds ($282.69-$317.29)
Underperforms: Gap exceeds EM by >$5
Bull put spread
Sell $290.00P / Buy $285.00P 4/24
Credit: $1.20-$1.60
Max loss: $3.80
Max gain: $1.40
BE: $288.80
Trigger: Enter 1 week before earnings if spot holds above $295
Strong support at $290 (put OI cluster, GEX +$276.6K at $290) and historical EPS beats favor upside. Max pain at $288-$290 aligns with support.
Outperforms: Stock stays above $290
Underperforms: Stock breaks below $285
Long straddle
Buy $300 straddle 4/24
Max loss: $17.30
Max gain: Unlimited
BE: 282.70/317.30
Trigger: Enter 1-2 days before earnings if IV <35% to avoid overpaying
Historical large EPS surprises (+$0.20 avg) could drive a bigger-than-expected move, but IV crush risk is moderate given current 33.1% ATM IV.
Outperforms: Actual move exceeds EM by >30% (i.e., >±$22.49)
Underperforms: Stock pins near $300 and IV crushes to ~30%

Risk Assessment

!Gap risk: 5.8% EM ($282.69-$317.29), but historical EPS beats suggest upside bias; watch for guidance changes.
!IV crush may reduce long premium strategies by ~3-5 vol pts post-earnings.
!Liquidity is sufficient (2.37M OI, 208K volume), but wide spreads on OTM strikes could impact fills.
!Sizing: Keep positions small (<5% of portfolio) due to binary event risk.

What to Watch

?IV trajectory into earnings (watch 4/24 ATM IV)
?Unusual OTM put activity at $292.50
?Spot vs. max pain ($288-$290) for pinning behavior
How to Use These Reports
This earnings reflects the market close on April 6, 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.