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GOOGL

Alphabet Inc.Close $382.97EOD only
Max Pain
$387.50
Next expiry May 26, 2026
Expected Move
±$5.96
1.6% from close
Price Gap
+4.53
Distance to max pain
IV Rank
28
Middle-high premium
P/C OI
0.91
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 Earnings Report
Analysis based on market close April 9, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 9, 2026. A newer earnings report is available for May 20, 2026.

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Earnings Verdict

Regime: Normal volatility, dealers are net long gamma and positioned to pin near-term strikes (GEX +$176.4M) with bullish flow. Best strategy: premium selling inside the 2‑day EM (collect credit via short strangle/condor) or a directional debit call-spread if you expect an upside gap. Key risk: a guidance-driven gap that exceeds the EM rails ($314.36–$322.62 for 2d) which would break dealer pinning and accelerate moves.

Confidence:
7 / 10
base 5.0; +2.0 GEX/flow strongly aligned (pinning, bullish); +1.0 GEX positive (pinning); -1.0 spot 5.3% above max pain
Most important: Monitor position of spot relative to pin magnets at $322.50 and $320.00 — a move through those will flip dealer delta behavior and can blow out either side of the EM.
📌Pin magnets at $320.00 and $322.50 are the single biggest structural force in the next 48 hours (GEX +$14.3M and +$17.0M).
📈Historical EPS: 4/4 recent quarters beat estimates — supports an upside bias into earnings windows.
⚠️Large call premium flow into $310–$315 and big OI at $340–$350 create asymmetric risk if a rapid upside gap materializes.

Regime Classification

Vol Regime
Normal
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above

Earnings Overview

Next earnings: Not confirmedunknown

Expected moves:

  • 2026-04-10 (1d): 7.13? ±$4.13 (1.3%) [$314.36 - $322.62]
  • 2026-04-13 (4d): 7.13? ±$6.46 (2.0%) [$312.02 - $324.95]
  • 2026-04-15 (6d): 7.13? ±$3.67 (1.1%) [$314.81 - $322.16]

IV Setup

Term structure: Front-end ATM IV is compressed relative to monthly (1d ATM 31.1% then 4d ATM 24.3%, 6d 27.3%). Short dated expirations show the lowest/most reactive IV reads in the immediate expiries.

Crush estimate: ~6-8 vol pts (front-end IV likely to settle back toward the 24-28% neighborhood after the near-term expiries)

Skew: Flow is call-heavy (large call premium flow at strikes 310/315/320/330); P/C volume is light (0.65) and P/C OI 0.88 — calls are currently richer in premium and there are concentrated call OI walls out at $340–$350.

Historical Context

Beat rate: 100% (4/4 most recent quarters: 2025-03-31 -> 2025-12-31 all positive surprises)

Avg move vs expected: Not explicitly quantified in provided fields; historical EPS surprises are consistently beats which supports upside bias.

Directional bias: Tends to gap up on earnings (recent quarters all positive EPS surprises).

Key Levels

1$322.50 (pin magnet, +$17.0M GEX, +1.3% from spot)
2$320.00 (pin magnet, +$14.3M GEX, +0.5% from spot)
3EM: $314.36 - $322.62 (2d expected move)

Flow Highlights

Heavy premium flow into $310 and $315 calls (Net premium: $310 => $17,204,757; $315 => $15,549,490).

Large directional call buying or structured bullish positioning around $310–$315; dealers have been selling that call exposure which contributes to positive GEX and pinning near $320–$322.50.

Large OI concentration at $340-$350 calls (top OI strikes: $345C OI=57,025; $340C OI=40,557).

A structural call OI wall overhead that could cap upside in a range-bound scenario but will offer convex upside to large gaps if those calls get run through.

Strategies

Short strangle (credit)
Sell 315C / Sell 310P exp 2026-04-13
Credit: $5.80-$6.60
Max loss: Unlimited
Max gain: $6.60
BE: Downside BE: 310 - credit; Upside BE: 315 + credit (approx 303.4 / 321.6 using mid credit range)
Trigger: Enter 1-3 days before expiry if spot is inside the 2d EM and IV hasn't spiked.
High positive GEX (+$176.4M) and pin magnets at $320/$322.50 favor premium decay; heavy call flow has already been sold into dealers.
Outperforms: Stock remains pinned within the 2d EM ($314.36-$322.62) and front-end IV compresses.
Underperforms: Guidance or macro shock causes a >~2% gap through $322.50 or below $314; large gap causes heavy losses.
Long straddle (debit) — front-end
Buy 320C + Buy 320P exp 2026-04-13 (approximate midpoint prices)
Max loss: $6.47
Max gain: Unlimited
BE: ≈ 312.02 / 324.95 (matches the 4d EM breakeven range)
Trigger: Enter if you expect a material beat/miss or if IV for 4d expiry has not re-priced lower and you want gamma exposure into the event.
Symmetric payoff captures either large upside (supported by historical beat rate) or downside; front-end straddle cost (~6.47) aligns with 4d EM breakevens.
Outperforms: Actual post-event move exceeds the EM by ~30%+ (large surprise/guidance-driven gap).
Underperforms: Outcome pins near $320 and IV collapses; or move is smaller than EM and IV crush erodes option value.
Bull call spread (directional, limited risk)
Buy 320C / Sell 330C exp 2026-04-24
Debit: $2.00-$2.40
Max loss: $2.40
Max gain: $5.60
BE: $322.00
Trigger: Enter if you expect an upside beat and prefer defined risk vs a long call or straddle; best entered 3-10 days before expected move to avoid front-end IV dislocations.
Lower IV on 4/24 compared to short-dated expiries makes a spread cheaper; cap at 330 sits under the structural call OI wall ($340–$350) for concentrated upside capture.
Outperforms: Stock advances above ~322 into the 325–330 area (breaks local pinning but capped by call OI wall).
Underperforms: Spot remains inside the EM or sells off below support levels.

Risk Assessment

!Gap risk: EM (1d) ±$4.13 (1.3%) and 4d ±$6.46 (2.0%) — a guidance or macro surprise could materially exceed these ranges and wipe out short premium trades.
!IV crush: Front-end IV sits at 31.1% (1d) and 24.3% (4d); long volatility strategies face contraction risk back toward mid-20s after flow settles.
!Liquidity: Very liquid overall (Total OI 2,471,914 and active strikes 143) but some strikes show extreme flow concentration (e.g., $317.50 and $315) that can widen spreads intraday.
!Sizing: Given positive GEX and pinning, size short premium trades moderately — dealers may dampen moves until a pin is broken, but once broken delta can accelerate.
!Skew/flow risk: Heavy call buying and concentrated call OI overhead ($340–$350) create nonlinear risks if a large upside gap occurs (short sellers of calls may be forced to buy into the move).

What to Watch

?Spot behavior around $320.00 and $322.50 pin magnets (dealer pinning expected near these levels).
?IV trajectory on 1d–4d expiries (watch ATM IV: 1d 31.1% vs 4d 24.3% — compression/spike matters).
?Unusual activity in near-term puts: large 317.50 put flow into 2026-04-10 and concentrated 310/315 call flow.
?Big prints at $340–$350 call region and whether those strikes begin to trade aggressively (would change cap dynamics).
How to Use These Reports
This earnings reflects the market close on April 9, 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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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.