Term structure: Short-dated IV is depressed (0d ATM 10.7%, 2-7d 22.8%-26.1%) then re-steepens into 18d (40.2%) and 32d (36.7%) — good for 30-45 DTE defined-risk selling or calendar structures targeting the 18-32d hump.
Spot vs MP: Above (Spot $321.31 vs Max Pain near-term $312.50 → MP below spot)
GEX regime: Pinning (GEX +$190.8M) — strong dealer magnet toward near-term pin strikes
OI concentrations: Call wall concentrated $340-$350 (top OI: $345C 55,872; $340C 40,465), near-spot call OI at $320 (3,391), $322.50 (670), $325 (2,417). Put clusters at $310 (4,002), $315 (2,086), $300 (1,320).
#1put spread
Sell 320 / 310 put spread 2026-05-15 (32 DTE)
32D term sits near elevated IV (ATM 36.7%). Positive GEX (+$190.8M) and strong pin magnets at $320/$322.50 make downside pin more likely — defined-risk 10-point put spread captures elevated premium while limiting assignment risk.
Mgmt: Take profits at 60-70% of max credit; consider rolling down and/or widening if price < $317 (close to the $317.50 near-term level). Close/hem if price closes below $313.13 (1-week EM lower). Cut losses if spread reaches 60% of max loss.
#2iron condor (defined-risk)
Sell 317.5/312.5 put spread + sell 330/335 call spread 2026-05-15 (32 DTE)
Pinning regime and near-term GEX magnets tightly cluster around $320-$325. Using symmetric defined-risk wings collects elevated calendar IV while protecting against one-sided breakout. Sell-widths sized to keep max risk manageable (roughly $6.2-$6.4 per side after credit).
Mgmt: Take profits at 50% of max credit; if either short strike is tested intraday, tighten risk: roll that side out 1-2 weeks or roll to 10-15% wider protection. Exit full position if underlying closes beyond the opposite EM guardrail ($329.48 upper 1-week bound) or if price closes below $313.13.
#3cash-secured put (naked put) / buy-write alternative
Sell 320 put 2026-05-15 (32 DTE) — cash-secured
Near-spot 320 is a pin magnet (GEX +$14.2M at $320 and strong OI). If comfortable owning GOOGL at ~320, selling the 320 put collects rich premium given elevated 32D IV while being supported by dealer pinning behavior.
Mgmt: If option drops to 40% of quoted premium (quick profit), consider closing; if stock falls and trade moves to -3% relative to spot (below ~$311), buy back and reassess or convert to put spread (buy 310) to define risk. Avoid leaving through earnings (earnings later in month).
#4covered call (buy-write)
Buy stock and sell 325 call 2026-05-15 (32 DTE)
If you plan to own GOOGL, selling 325 calls at ~2.75-3.25 collects decent premium and sits just above the 1-week EM upper bound ($329.48). Works in pinning/bullish flow regime where upside acceleration is less likely short-term.
Mgmt: Close calls at 50-65% of max profit or roll up-and-out if stock rallies above 1% intraday and you want to keep the position. Cut losses on stock per your allocation (e.g., close entire covered position if stock closes below $313.13).
!Max pain trend is falling: near-term MP $312.50 → later expirations down to $300 — a break below $313.13 would remove dealer pin support and threaten credits.
!Earnings scheduled 2026-04-23 and 2026-04-29 — avoid selling naked premium through earnings windows; prefer defined-risk positions or close prior to event.
!Positive GEX (+$190.8M) creates strong pinning but can amplify mean reversion; a fast directional move away from magnets would hurt short strikes quickly (watch intraday flow).
!Short-dated IV is very low (0-7d ATM 10.7%-26%) while 18-32d IV is high — selling ultra-short weeklies may undercharge for risk; prefer 30-45D defined-risk sells or calendar structures keyed to the IV hump.
!Concentrated call OI at $340-$350 and large premium flow into $335/$340 calls — asymmetric institutional call positioning could force rapid repricing if a bullish catalyst appears.