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GOOGL

Alphabet Inc.Close $332.29EOD only
Max Pain
$335.00
Next expiry Apr 22, 2026
Expected Move
±$5.83
1.8% from close
Price Gap
+2.71
Distance to max pain
IV Rank
31
Middle-high premium
P/C OI
0.90
Balanced positioning
Consensus
6.5/10
Range bias
Published snapshot: Apr 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
Apr 21, 2026 close
GOOGL Earnings Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Bullish-leaning with pinning risk into earnings; dominant call demand outweighs smaller put hedges, so upside pressure near current strikes is likeliest outcome.

Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 VIX 19; override: Base confidence + aligned call flow/GEX, low VIX, and smaller put hedges
Most important: Large directional call flow and concentrated call OI around $332–$342 suggests upside pinning pressure, while notable but smaller put prints appear hedge/roll activity and do not offset call-driven gamma.
📌Pin pressure: concentrated call OI/prints centered $332–$342
📈Flow overall bullish: call notional materially exceeds put notional; put prints look like hedges (~20–35% of call size)
⚠️Front-week IV compressed; expect meaningful crush post-release

Regime Classification

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

Earnings Overview

Next earnings: 2026-04-23 (1 days)explicit

Expected moves:

  • 2026-04-24 (2d): ±$6.70 (2.0%)
  • 2026-04-27 (5d): ±$8.72 (2.6%)
  • 2026-05-01 (9d): ±$20.78 (6.1%)

IV Setup

Term structure: Very low intraday/front-week IV vs elevated 1–2 week IV (front-loading into event); near-dates show steep skew.

Crush estimate: Moderate (~20–35% absolute IV drop for front-week expiries).

Skew: Call-heavy skew around $332–342 from large call prints; puts show elevated IV farther OTM but with smaller notionals.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Historically realized moves have been smaller than option-implied move for this issuer.

Directional bias: Past events show mild upside bias; wins lean toward upside with muted realized vol.

Key Levels

1EM guardrails: 2d $332.62/$346.02; 1w $330.60/$348.05
2Max pain pins: $332 (2026-04-22); $325 (2026-04-24); $330 (2026-04-27)

Flow Highlights

Concentrated call prints at $337.5–$342.5 across 4/22–5/01 expiries.

Creates short-term upside gamma and pinning pressure near $332–340.

Large same-day activity included $340 calls and smaller $335 put prints on 4/22.

Put prints appear sized as hedges/rolls (≈20–35% of call notional) — they increase skew but don’t negate call-driven pinning.

Strategies

Call diagonal (long biased)
Sell 2026-05-01 $367.50 call / buy 2026-06-18 $350.00 call
Debit: $11.07-$13.54
Max loss: $13.54
Max gain: Variable
BE: Path-dependent
Trigger: Trim if spot >340 or front-week IV collapses; roll or take profit into back-month.
Expresses upside bias while harvesting front-week IV decay.
Outperforms: Sell front-week calls, buy back-month call to capture directional upside with lower front-loaded IV.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short strangle (premium sell)
Sell 2026-05-01 $320.00 put + sell $367.50 call
Credit: $5.10-$6.24
Max loss: Unlimited
Max gain: $6.24
BE: 313.76 / 373.74
Trigger: Close or hedge if spot pins into $332–$342; manage after earnings to avoid gap exposure.
Collects rich front-week premium where realized moves are typically smaller than implied.
Outperforms: Sell near-dated put and call to capture front-week IV premium, accepting pin risk.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Put diagonal (funded hedge)
Sell 2026-05-01 $320.00 put / buy 2026-06-18 $290.00 put
Debit: $0.16-$0.19
Max loss: $0.19
Max gain: Variable
BE: Path-dependent
Trigger: Hold through crush; widen or roll if invalidation near 332.5.
Uses front-loaded put IV to fund longer-dated downside protection.
Outperforms: Sell short put, buy cheaper back-month put to hedge drawdowns post-crush.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Iron condor
Sell 2026-05-01 $320.00/$310.00 put wing and $367.50/$387.50 call wing
Credit: $2.97-$3.63
Max loss: $16.37
Max gain: $3.63
BE: 316.37 / 371.13
Concentrated call OI near 332–342 implies pin risk; defined wings control upside gap exposure.
Outperforms: Defined-risk wings around heavy call pin zone to harvest premium while limiting tail losses.
Underperforms: Move outside short strikes invalidates range thesis.

Risk Assessment

!Pinning risk if spot drifts into heavy call strikes
!IV crush reduces option premium post-earnings
!Smaller put hedges can mask directional rebalancing; sharp gap moves remain possible

What to Watch

?Spot vs $332 and $340 into print
?Front-week IV moves at release (magnitude of crush)
?Any follow-through or outsized buys in far OTM calls that change net directional exposure
How to Use These Reports
This earnings reflects the market close on April 22, 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.