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GOOGL

Alphabet Inc.Close $376.37EOD only

Max Pain

$385.00

Next expiry Jun 3, 2026

Expected Move

±$7.10

1.9% from close

Price Gap

+8.63

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.93

Balanced positioning

Consensus

9.0/10

Bullish tilt

Published snapshot: Jun 1, 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

Jun 1, 2026 close

GOOGL Theta Report

Analysis based on market close April 15, 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 15, 2026. A newer theta report is available for May 26, 2026.

View latest report

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.7% from MP; +0.5 VIX 18

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 43.9% vs VIX 18.17 — rich long-dated vol with compressed near-term (0–2d ATM 11.4–26.5%); mids (16–64 DTE) sits ~35–42%.

Favorable?

Yes

Term structure: Steep term structure: very low immediate IV, rising materially into the 16–64 DTE band — favorable to sell 16–60 DTE wings or harvest front-month theta while owning longer protection.

💰Average IV 43.9% with 30–60 DTE ATM ~38–42% gives healthy theta for sellers

⚖️Near-term IV compressed vs back month — calendars/diagonals can sell near-term vol and buy back-month protection

🕰️Very low same-day IV (11.4%) makes ultra-short weeklies low-premium; prefer 16–45 DTE for better yield

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+267.2M)

OI concentrations: Strong call-side OI at $345 (54,080 OI, +$55.8M GEX) and heavy flow into $335/$340/$350 calls; put clusters sit deeper (250–320). Dealer GEX is net positive +$267.2M — net pinning toward the $335–$345 call walls.

Verdict: Favorable — positive GEX / pinning regime increases probability of pin toward nearby call walls ($335–$345), which supports put-credit and defined-risk credit structures; short naked calls near those walls face pin pressure and should be protected or winged.

Premium Opportunities

Put credit spread

Sell 2026-05-15 $315.00/$290.00 put spread

Sell a 30–45 DTE put credit spread sized to defined risk; target short put around 0.20–0.30 delta near $320–$330 with a 5–10 point hedge below.

Credit: $3.39-$4.14

Max loss: $20.86

BE: $310.86

Mgmt: Close at 50–65% profit; hedge or close if price closes persistently below $325.00

Call diagonal

Sell 2026-05-01 $355.00 call / buy 2026-06-18 $395.00 call

Sell ~16 DTE calls around the $335–$345 call walls and buy 60–95 DTE calls to cap assignment risk and keep upside optionality.

Credit: $1.33-$1.62

Max loss: $0.01

BE: Path-dependent

Mgmt: Take profits on short leg at 50–70%; roll short calls higher if bought out or if strong trend develops; exit on sustained close above $345.00

Iron condor

Sell 2026-04-24 $322.50/$310.00 put wing and $355.00/$365.00 call wing

Sell short strikes inside 1-week EM edges, buy wings outside EM bounds; avoid shorting the $345 magnet directly — size for defined risk.

Credit: $1.94-$2.37

Max loss: $10.13

BE: 320.13 / 357.37

Mgmt: Close at 50% max profit; tighten or roll if price approaches either short wing or if earnings volatility re-prices premiums.

Risk Alerts

!Earnings 2026-04-23 (8d) — avoid naked short exposure through that print; prefer defined-risk or expire before earnings.

!Pinning GEX (+$267.2M) concentrates risk around $335–$345; short calls near those walls can be pin-threatened and may require early rolls.

!Near-term IV compression (0–2d ATM 11.4% / 2d 26.5%) reduces weeklies' premium; prefer 16–45 DTE for better theta/IV balance.

!Support break below $325.00 (max pain) or the 2-week lower EM $313.52 will accelerate downside — exit or hedge credit positions on sustained close below $325.00.

!Unusual call flow at $335/$355 (large premium and OI) — be cautious selling naked call exposure without protection.

How to Use These Reports

This theta reflects the market close on April 15, 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.