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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 Theta 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 theta report is available for May 20, 2026.

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Theta Verdict

Confidence:

7 / 10

base 5; +2 high IV; +1 strong pinning; +1 bullish flow; -2 earnings in 3 weeks

IV Environment

IV Regime

High

IV vs VIX

IV 41% — Elevated. No VIX provided, but 41% is rich for a mega-cap.

Favorable?

Yes

Term structure: Humped near-term (40-42% for 1-2 DTE), dips to ~33% for 10-17 DTE, then rises again to ~39% for May expirations.

💰Rich IV (41%) provides excellent premium for sellers

📊Term structure hump allows for premium capture in 30-45 DTE

Pin Risk Assessment

Spot vs MP: Below max pain by 4.9% (spot $287.56 vs MP $302)

GEX regime: Strong Pinning (GEX +$56.6M)

Gamma flip: ~$215.00 — Far below spot at ~$215. Market structure strongly supportive of mean reversion/pinning above this level.

OI concentrations: Major Put Walls: $215 (16,944 OI), $200 (15,973 OI). Major Call Walls: $345 (56,453 OI), $340 (42,898 OI), $300 (22,976 OI).

Verdict: Highly Favorable — Massive positive GEX and heavy OI concentrations create a strong magnetic pinning effect, ideal for credit strategies.

Premium Opportunities

put spread

Sell $280/$275 Put Spread exp 2026-04-17 (17 DTE)

Strike aligns with near-term max pain ($280) and is $7.56 below spot. High 33.9% IV for this expiration provides good credit. Strong pinning regime supports staying above this level.

Credit: $1.10-$1.40

Max loss: $3.90

BE: $278.60

Mgmt: Close at 65% profit. Exit if GOOGL closes below $275. Roll down/out if tested but pinning thesis holds.

iron condor

Sell $275/$270 Put Spread & $300/$305 Call Spread exp 2026-04-17 (17 DTE)

Capitalizes on the strong pinning range between the $280 max pain and the $300 call wall. Expected move is ±$18.33, placing wings outside this range. High IV and positive GEX favor range-bound price action.

Credit: $1.60-$2.00

Max loss: $3.40

BE: 273.40 / 301.60

Mgmt: Close at 50% profit. Manage legs independently: roll tested side out in time. Close entire position if spot breaches either short strike.

cash-secured put

Sell $280 Put exp 2026-05-01 (31 DTE)

For those comfortable with assignment. Strikes at key max pain level with 31 DTE at peak IV (39.2%). Collects substantial premium with a 6.3% downside cushion. Bullish flow (P/C 0.71) supports bullish-to-neutral bias.

Credit: $8.50-$10.50

Max loss: $271.50

BE: $271.50

Mgmt: Roll down/out at 21 DTE if ITM. Close at 70% profit. Be prepared to take assignment below $280, which is a logical support area.

call credit spread

Sell $300/$305 Call Spread exp 2026-04-24 (24 DTE)

Targets the massive $300 call wall (22,976 OI) which should act as a ceiling. Spot is 4.3% below this strike. IV of 35% for this expiry provides decent premium.

Credit: $1.25-$1.60

Max loss: $3.75

BE: $301.25

Mgmt: Close at 65% profit. Exit if GOOGL closes above $302. Consider rolling up/out if bullish momentum continues toward the strike.

Risk Alerts

!Earnings on 2026-04-23 (~3 weeks). Close or roll all short premium positions well before this date to avoid earnings IV crush on long-dated options and event risk.

!Gamma flip is estimated at $215. A break below this level could lead to accelerated selling as dealer hedging flips from supportive to amplifying downtrend.

!Unusual volume in weekly calls ($297.5, $302.5 for 4/01) indicates potential for short-term upside volatility. Favor defined-risk spreads over naked shorts.

!Net premium flow is strongly bullish (+$74.8M). While supportive of put selling, it suggests persistent buying pressure that could challenge call credit spreads.

!Max pain is trending downward across expirations ($302 -> $295), indicating a gravitational pull lower over time. Favor put-side bias in strategies.

How to Use These Reports

This theta 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.