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GOOGL

Alphabet Inc.Close $388.91EOD only

Max Pain

$385.00

Next expiry May 22, 2026

Expected Move

±$8.38

2.1% from close

Price Gap

-3.91

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.90

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 20, 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 20, 2026 close

GOOGL Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 31, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

7 / 10

base 5; +2 strong net premium & call flow; +1 GEX/flow alignment; -1 spot below max pain & long-dated put OI

Watch next session: $300C OI build for 4/1 expiry; Defense of $287.50 level (current spot); Any large put flow at $280 or below

Flow Summary

Net premium: +$74.8M bullish

P/C volume ratio: 0.71 — call-dominant

P/C OI ratio: 0.85 — moderate call lean

Strong bullish premium flow and call volume dominance point to institutional optimism, particularly in the near term. However, heavy long-dated OI in deep OTM calls and puts creates a complex positioning backdrop.

Notable Prints

GOOGL 4/1 $300 Call

Vol: 24,305

OI: 2,131

Vol/OI: 11.4x

IV: 14.8%

Notional: ~$23.3M (based on top premium flow)

Intent: Fresh directional call buying targeting a move above $300 by end of week.

Dual read: Bought to open (bullish) or sold/written (bearish/neutral). Premium flow data strongly suggests buying.

Read-through: This is the largest single-strike premium inflow ($14.1M net). The low IV (14.8%) suggests buyers are paying relatively cheap premium for a quick, aggressive bet.

GOOGL 4/1 $297.50 Call

Vol: 13,521

OI: 289

Vol/OI: 46.8x

IV: 15.6%

Notional: ~$2.1M (estimated)

Intent: Fresh, high-conviction call buying, likely part of a bullish spread or outright bet for a move above $297.50.

Dual read: Almost certainly bought to open given the massive volume vs. OI and low IV.

Read-through: Extremely high vol/oi ratio indicates new positioning. Combined with the $300C, it forms a concentrated bullish bet on the 4/1 expiry, targeting a move to the $297.5-$300 area.

GOOGL 4/10 $310 Call

Vol: 9,958

OI: 1,169

Vol/OI: 8.5x

IV: 28.7%

Notional: ~$10.5M (based on top premium flow)

Intent: Directional call buying with a slightly longer timeframe, targeting a breakout above $310 over the next two weeks.

Dual read: Likely bought to open, extending the bullish thesis beyond the weekly expiry.

Read-through: Significant premium inflow ($9.0M net). This shows bullish conviction isn't limited to the immediate expiry; institutions are layering in calls for a continued move higher.

GOOGL 4/1 $290 Put

Vol: 6,513

OI: 217

Vol/OI: 30.0x

IV: 17.6%

Notional: ~$1.9M (estimated)

Intent: Likely short-dated hedging or speculative put buying as spot sits just above $287.50.

Dual read: Could be protective puts for call holders (bullish hedge) or outright bearish bets.

Read-through: The high vol/oi suggests new positioning. Given the dominant call flow, this is more likely a hedge against a drop below $290 before Friday's close, not a primary bearish signal.

GOOGL 4/2 $292.50 Put

Vol: 6,706

OI: 705

Vol/OI: 9.5x

IV: 28.5%

Notional: ~$1.9M (estimated)

Intent: Follow-on hedging into the next trading day, defining a near-term support zone around $290-$292.50.

Dual read: Similar to the 4/1 $290P, likely hedging activity.

Read-through: This reinforces the view that the $290 area is a key short-term pivot. The flow is defensive, not aggressively bearish.

Institutional Positioning

Call additions: Heavy additions at $295, $300 (4/1), and $310 (4/10) calls. Focus is on near-term upside.

Put additions: Minimal near-term put flow. Significant OI exists in deep OTM puts ($200, $215) and calls ($340, $345, $350), likely representing long-dated, non-directional structures (e.g., ratio spreads, collars).

GEX/DEX consistency: Yes — Positive GEX (+$56.6M) aligns with bullish call flow, supporting a pinning/mean-reverting regime that favors stability or a grind higher.

OI clusters: Major call walls at $340-$350 (40K+ OI each). Major put OI at $200-$215 (32K+ OI). These are far from spot and likely part of multi-leg, long-dated positions.

Hedging evidence: Evidence of short-term hedging via 4/1 $290P and 4/2 $292.50P. The massive deep OTM put OI could be part of institutional collars or portfolio protection.

Max pain context: Spot ($287.56) is below near-term max pain ($302.50 for 3/23, $295 for 3/25). This creates a gravitational pull higher towards $295-$302, which aligns perfectly with the concentrated call buying at $297.50 and $300.

Signal vs Noise

~The massive $440 strike net negative premium (-$23.2M) is almost certainly a data artifact or a single, anomalous trade (e.g., a far OTM call sale). Ignore as noise.

~Deep OTM OI clusters ($200P, $215P, $340C, $345C, $350C) are structural, likely from LEAPS positions, collars, or ratio spreads established long ago. They are not reflective of current directional intent.

~The high vol/oi prints in weekly calls (4/1 $302.50C, $297.50C) are strong directional signals, not noise, due to their alignment with net premium and spot vs. max pain dynamics.

Key Conclusions

🎯Aggressive weekly call buying targets $300 by 4/1, supported by max pain gravity.

🛡️Near-term put flow at $290-$292.50 is likely hedging, not a bearish reversal signal.

🧲Positive GEX and spot below max pain create a technical setup favoring a move toward $295-$302.

🏗️Ignore distant OI clusters ($200P, $350C); they are structural, not flow-driven.

How to Use These Reports

This flow reflects the market close on March 31, 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.