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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 April 2, 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 April 2, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

4.5 / 10

base 5; -1.5 net premium negative & P/C elevated; +1 GEX pinning support; -0 spot below max pain trend

Watch next session: Defense of $287.50 put wall (4/6 expiry); Follow-through on $300C (4/8) volume; Any large block trades in the $180P (10/16)

Flow Summary

Net premium: -$1.2M bearish

P/C volume ratio: 0.90 — elevated put volume

P/C OI ratio: 0.87 — moderate put lean

A clear shift from last week's bullish premium. Net premium is now negative, and put/call volume ratio has risen, indicating increased defensive or bearish positioning. The flow is mixed and indecisive, with notable activity in both directions for near-term expiries.

Notable Prints

GOOGL 2026-10-16 $180 Put

Vol: 2,501

OI: 105

Vol/OI: 23.8x

IV: 45.7%

Notional: ~$45M (est. $18k/contract)

Intent: Long-dated protective put purchase or part of a complex spread/collar.

Dual read: Bought to open (bearish hedge) or sold to open (yield generation). High IV suggests buying is more likely.

Read-through: This is a massive, low-delta position. Its size and distance from spot (~39% OTM) point to institutional portfolio protection or a strategic hedge, not a near-term directional bet. It's a significant capital allocation for downside insurance.

GOOGL 2026-04-08 $300 Call

Vol: 8,884

OI: 539

Vol/OI: 16.5x

IV: 24.5%

Notional: ~$13.3M (est. $1.5k/contract)

Intent: Fresh directional call buying targeting a move above $300 next week.

Dual read: Bought to open (bullish) or sold/written (bearish). Lower IV and high volume/OI favor a buyer.

Read-through: This is the most significant near-term bullish signal, representing conviction for a rebound toward the key $300 level and the 4/8 max pain at $295. It directly contests the bearish put flow.

GOOGL 2026-04-06 $287.50 Put

Vol: 5,355

OI: 484

Vol/OI: 11.1x

IV: 25.1%

Notional: ~$4.8M (est. $900/contract)

Intent: Fresh put buying defining immediate support/resistance.

Dual read: Bought to open (bearish/hedge) or sold (bullish). Spot proximity and high volume/OI suggest new bearish positioning.

Read-through: This strike is critical—it's the max pain for the 3/27 expiry and now a focal point for 4/6. High volume establishes it as a key defensive level; a break below would likely trigger accelerated selling.

GOOGL 2026-04-08 $295 Call

Vol: 1,851

OI: 149

Vol/OI: 12.4x

IV: 27.2%

Notional: ~$1.1M (est. $600/contract)

Intent: Directional call buying targeting a recovery to the $295 area.

Dual read: Likely bought to open, complementing the $300C flow.

Read-through: Part of the bullish cluster for the 4/8 expiry, aiming to push spot from current levels back toward $295-$300. It aligns with the 4/17 max pain level.

GOOGL 2026-04-06 $292.50 Put

Vol: 1,671

OI: 167

Vol/OI: 10.0x

IV: 22.5%

Notional: ~$0.75M (est. $450/contract)

Intent: Near-term hedging or speculative put purchase.

Dual read: Similar to the $287.50P, likely defining a resistance zone just below spot.

Read-through: Adds to the defensive wall being built for the 4/6 expiry, creating a put-heavy zone between $287.50 and $292.50 that spot must overcome to rally.

Institutional Positioning

Call additions: Focus on 4/8 expiry: $295C, $300C, $302.50C. This is the primary bullish cluster, targeting a move back above $300.

Put additions: Significant near-term: 4/6 $287.50P, $290P, $292.50P. Long-term: massive 10/16 $180P block.

GEX/DEX consistency: Partially — Positive GEX (+$52.2M) suggests pinning support, but the flow is mixed/defensive. GEX may be preventing a breakdown more than fueling a rally.

OI clusters: Near-term: $287.50 put wall (4/6). Long-term: Massive call walls at $340-$350 (40K+ OI each) and put walls at $200-$215 (32K+ OI).

Hedging evidence: Strong evidence: 1) The $180P block is a major hedge. 2) The cluster of 4/6 puts around spot suggests short-term protection for long holders.

Max pain context: Spot ($295.77) is below the nearest max pain ($302.50 for 3/23). The max pain trend is falling across expirations ($302 → $290), indicating gravity is pulling strike concentrations lower, which aligns with the increased put activity.

Signal vs Noise

~The enormous negative net premium at the $440 strike (-$23.3M) is almost certainly a data artifact or a single, anomalous far OTM trade. Ignore.

~The deep OTM OI clusters ($200P, $215P, $340C, $345C) are structural, likely from LEAPS, collars, or ratio spreads established months/years ago. They are not current flow signals.

~The $5.00 strike call flow with high net premium is a micro-strike anomaly, often related to corporate action or index hedging, not a directional view on GOOGL.

Key Conclusions

⚖️Flow regime has flipped from bullish to mixed/defensive. Net premium is negative and P/C ratio elevated.

🛡️Institutions are adding near-term puts ($287.50-$292.50) and a massive long-dated hedge ($180P), indicating increased downside protection.

🎯Battle lines are drawn: Bulls are targeting $300 via 4/8 calls, while bears/hedgers are defending $287.50 with 4/6 puts.

🧲Falling max pain trend and spot below nearest MP create gravitational pull lower, conflicting with the positive GEX pinning effect.

How to Use These Reports

This flow reflects the market close on April 2, 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.