GOOGL
Alphabet Inc.Close $382.97EOD onlyThis page reflects GOOGL options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from April 7, 2026. A newer flow report is available for May 22, 2026.
View latest reportFlow Verdict
Watch next session: Activity at the 300–310 strikes (fresh call buys or short-call covering around $300–$310); Large put sweeps at $295–$300 that would push MP toward $295
Flow Summary
Net premium: +$61.0M bullish
P/C volume ratio: 0.78 — call-dominant (call volume ~22% greater than put volume)
P/C OI ratio: 0.86 — moderate call lean in positioning (OI still reasonably balanced but biased to calls)
Notable Prints
Read-through: High-volume, near-ATM call activity at the spot strike is the single largest short-dated bullish signal — consistent with pinning to the 300–310 area and forcing dealer buy-the-dip hedging into small intraday declines.
Read-through: Large rush into April-8 295 puts shows hedging interest into the imminent expiry and contributes to the pin dynamic (MP near $295). Volume >> OI indicates new activity rather than passive OI shifts.
Read-through: Significant short-dated put buying at the $300 strike offsets some bullish call flow but is concentrated in the expiry day — likely hedges that accentuate pin risk toward $295–$300.
Read-through: Strong call flow at $310 (a listed near-term GEX concentration) will increase dealer delta-hedging buy pressure beneath that level and reinforce pinning between $300–$310.
Read-through: Heavy volume into near-ATM short-dated puts around 297.50 strengthens the expiry pin dynamic and shows asymmetric hedging demand just below spot.
Institutional Positioning
Call additions: $300.00–$315.00 short-dated calls (4/08–4/15) and larger structural call OI out at $330.00–$345.00
Put additions: Concentrated short-dated put buying at $295.00–$300.00 (April 8) and some put OI at $290–$300 across April expiries; long-dated protective put clusters at $200–$215 (structural floor)
GEX/DEX consistency: Yes — large positive GEX (+$133.7M) and DEX (+69.7M shares) align with bullish flow and the observed short-dated call buying; GEX concentrations create a pin around 300–310.
OI clusters: Largest OI clusters: $345C (56,811), $340C (41,515), $330C (29,073); near-term cluster concentration: $300C (9,340 / 5,643 entries across expirations), $310C (8,785). These call clusters create resistance above the spot but also supply for dealer hedging below spot.
Hedging evidence: Yes — heavy short-dated put buying (295–300) is clear evidence of protective hedging into April 8 expiry. Structural put OI at $215/$200 suggests long-term downside protection on institutional books.
Max pain context: Max pain for the imminent expiries sits at $295 while spot is $305.46 (spot above MP). Short-dated flows look to pin price toward the 295–300 band; dealers will be managing delta into that expiry which supports pinning dynamics.
Signal vs Noise
Key Conclusions
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