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GOOGL

Alphabet Inc.Close $336.02EOD only
Max Pain
$310.00
Next expiry Apr 17, 2026
Expected Move
±$4.21
1.3% from close
Price Gap
-26.02
Distance to max pain
IV Rank
100
High premium
P/C OI
0.80
Slightly call-heavy
Consensus
6.5/10
Consensus signal
Published snapshot: Apr 16, 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 16, 2026 close
GOOGL Theta Report
Analysis based on market close April 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8.2 / 10
Sizing: Moderate
Primary: Sell defined-risk put credit spreads into OI support (30–45 DTE) and use short call wings higher for protection (iron condor if range-bound)
Invalidation: Close sustained below $325.00 (max pain / deterministic support) or breach of 2-week EM lower bound $313.52
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

#1
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
#2
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
#3
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.

Read the Theta analysis for GOOGL for 2026-04-15. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.