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GOOGL

Alphabet Inc.Close $376.37EOD only
Max Pain
$385.00
Next expiry Jun 3, 2026
Expected Move
±$7.10
1.9% from close
Price Gap
+8.63
Distance to max pain
IV Rank
37
Middle-high premium
P/C OI
0.93
Balanced positioning
Consensus
9.0/10
Bullish tilt
Published snapshot: Jun 1, 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 1, 2026 close
GOOGL Earnings Report
Analysis based on market close April 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 15, 2026. A newer earnings report is available for May 26, 2026.

View latest report

Earnings Verdict

8.0/10 — Best play is harvesting elevated call-rich premium with defined-risk (put-credit or iron-condor) or buying event vol selectively (long straddle) if you want pure gamma. Primary risk is a guidance/markup surprise that breaks the pinned range and spikes directional IV beyond expected rails.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.7% from MP; +0.5 VIX 18
Most important: Front-cycle pinning (positive GEX concentrated at $335–$345) and heavy call premium around $335/$345 — this anchors dealer hedging and makes short premium strategies more favorable unless you want to buy event gamma.
📅Next reported earnings: 2026-04-23 (8d) — front-week expirations (4/24) carry elevated vol; choose expirations accordingly.
📈Top premium concentration: $335 call net premium $95,616,688 and $345 call OI 54,080 — heavy upside option interest.
🛡️Support pins at $325.00 and $313.52 (deterministic) provide clear strikes to anchor cash-secured puts or protective legs.

Regime Classification

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

Earnings Overview

Next earnings: 2026-04-23 (8 days)explicit

Expected moves:

  • 2026-04-17 (2d): ±$6.57 (1.9%)
  • 2026-04-20 (5d): ±$5.55 (1.6%)
  • 2026-04-22 (7d): ±$6.75 (2.0%)

IV Setup

Term structure: Front expirations (2026-04-17 / 2026-04-24 / 2026-04-22) show a near-term vol pick-up into the event (ATM 26.5% at 4/17 rising to 32.0% at 4/24) while the first post-event liquid tenor (2026-05-01 ATM 41.1%) is higher — front-week vol is elevated vs same-day spot but longer-dated tenors remain rich.

Crush estimate: Moderate-high crush risk: expect front-week IV to drop materially after the 2026-04-23 print but some residual term premium remains in the 2026-05-01 tenor (41.1% ATM). Immediate post-release IV could compress ~20–40% of front-cycle premium in nearest expirations (practical impact: long-vol faces big theta/IV loss; short premium can be harvested if range holds).

Skew: Skew is call-biased into the event — large concentrated call premium at $335 and $345 and low put/call volume ratio (0.30) implies upside option interest; downside structural put floor at $200–$215 is far away.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: GOOGL has a 100% historical beat rate (4/4) and prior quarters showed upside EPS surprises; implied rails (2d/7d EM) are ~±1.9–2.0% which the name has often respected, but guidance-led gaps can outsize EM.

Directional bias: Slight upside bias into earnings driven by consistent beats and heavy call buying (deterministic top premium flow shows net call premium concentrated at $335/$345).

Key Levels

1EM guardrails: 2d $330.55/$343.69; 1w $331.57/$342.67
2Max pain pins: $325 (2026-04-15); $308 (2026-04-17); $320 (2026-04-20)

Flow Highlights

Concentrated call premium at $335 and $345 across near-term expirations.

Speculative/hedge demand is skewed to upside — dealers are long call gamma exposure and will delta-hedge by selling stock on up moves, reinforcing pinning near those strikes.

Large positive GEX: +$267.2M total, with +$55.8M concentrated at $345 and +$26.8M at $335.

Dealer hedging flows should create pinning forces inside the EM guardrails ($330.55–$343.69 over 2d), making defined-risk premium sales attractive.

Strategies

Defined-risk put-credit to harvest pinned premium
Sell 2026-04-24 $330.00/$315.00 put spread
Credit: $2.38-$2.91
Max loss: $12.09
Max gain: $2.91
BE: $327.09
Trigger: Close into IV compression after the print or roll wider/down on heavy downside flow; tighten or unwind if spot trades below deterministic support $325.00.
Best risk-adjusted play: positive GEX, heavy call demand around $335–$345 and EM guardrails ($330.55–$343.69 over 2d) favor selling downside premium with limited risk.
Outperforms: Sell a 9–37 DTE put credit spread targeting ~0.30 short put delta (choose strikes from available list near that delta and inside 1w EM). Structure keeps defined downside and benefits if price remains pinned between $330–$345.
Underperforms: Break below support threatens short-put strike.

Risk Assessment

!Guidance-led gap risk: a strong guidance miss or blowout can break pinning and cause fast, directional moves outside EM rails.
!IV crush: long-vol faces large front-week IV compression; short-premium strategies rely on timely management around post-release compression.
!Liquidity: near-term strikes around $335/$345 show deep OI and good liquidity; far OTM puts have thinner markets.
!Sizing: prefer defined-risk structures or small sized long-vol trades — asymmetry between call demand and put liquidity means short upside naked exposure is riskier than balanced defined spreads.

What to Watch

?IV slope between 2026-04-24 and 2026-05-01 (currently 32.0% vs 41.1%) — steepening/flattener will change calendar/diagonal viability.
?Trade prints and volume at $335 and $345 strikes (top OI and premium flow) — large executed call buys may push spot toward resistance pins.
?Post-release trade and whether dealers flip hedges — watch spot vs EM guardrails ($330.55–$343.69 over 2d) for break/hold behavior.
How to Use These Reports
This earnings reflects the market close on April 15, 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.