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GOOGL

Alphabet Inc.Close $321.31EOD only

Max Pain

$302.50

Next expiry Apr 15, 2026

Expected Move

±$5.25

1.6% from close

Price Gap

-18.81

Distance to max pain

IV Rank

High premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 13, 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

Apr 13, 2026 close

GOOGL Theta Report

Analysis based on market close April 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 VIX 19.12

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 39.7% vs VIX 19.12 — IV is rich versus index vol

Favorable?

Yes

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.

💰Avg IV 39.7% well above VIX 19.12 — tail-risk premium available to sellers

📆Very low intraday/weekend IV (10.7%-26%) but a pronounced rise into 18-32D — prefer 30-45D defined-risk sells

Pin Risk Assessment

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).

Verdict: Favorable — positive GEX and near-spot call/put concentrations (notably at $320/$322.50) support pinning; this helps credit sellers as dealers hedge toward the magnet

Premium Opportunities

put 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.

Credit: $3.20-$4.20

Max loss: $6.80

BE: 316.80

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.

iron 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).

Credit: $3.80-$5.00

Max loss: $6.20

BE: Lower: ~314.70 ; Upper: ~335.20

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.

cash-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.

Credit: $5.50-$7.00

Max loss: Unlimited to stock downside (owning stock), effectively (320 - credit) if assigned

BE: $315.80

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).

covered 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.

Credit: $2.75-$3.25

Max loss: Stock downside (unlimited) less collected premium

BE: $318.56

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).

Risk Alerts

!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.

Read the Theta analysis for GOOGL for 2026-04-13. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.