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GOOGL

Alphabet Inc.Close $341.68EOD only
Max Pain
$322.50
Next expiry Apr 20, 2026
Expected Move
±$3.42
1.0% from close
Price Gap
-19.18
Distance to max pain
IV Rank
100
High premium
P/C OI
0.86
Slightly call-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Apr 17, 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 17, 2026 close
GOOGL Theta Report
Analysis based on market close April 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Conservative
Primary: Defined‑risk short‑dated credit spreads (avoid naked short 2–4d puts); prefer 7–14d put spreads or iron‑condors sized small
Invalidation: Spot decisively below $326 or above $349, or sudden IV gap >+10 vol pts on 2–7d expiries
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.7% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Mixed — index VIX ~19 vs avg IV ~40; very low same‑day IV, elevated 2–11d and mid‑term skew
Favorable?
No

Term structure: Short‑dated (0–4d) dislocated (very low day0, big 2–4d put vs call skew); term mean elevated ~35–42

📌Pinning pressure near $335–$332 with dealer GEX +$153M
⚠️2–4d put IV stretched (put IV up to 87.9 on 4d) — localized tail risk; avoid naked shorting those days

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+153.7M)

OI concentrations: Max‑pain pins at $335/$332/$318; call wall $355–$375; no gamma flip lower within 30%

Verdict: High pin risk into near expiries; OI concentration favors downside pinning but structural call wall limits upside

Premium Opportunities

#1
Put credit spread
Sell 2026-05-15 $320.00/$300.00 put spread
Collect put premium while limiting loss if pin/close-to-strike flow materializes.
Credit: $3.17-$3.87
Max loss: $16.13
BE: $316.13
Mgmt: Close or roll if spot trades <=335 or IV jumps >+8 vol pts; size small.
#2
Iron condor
Sell 2026-05-15 $320.00/$300.00 put wing and $350.00/$385.00 call wing
Wider fly wings to avoid near‑term pinning while keeping risk limited.
Credit: $8.95-$10.93
Max loss: $24.07
BE: 309.07 / 360.93
Mgmt: Trim or tighten if spot breaches 331–344 guardrails or IV gaps >+10 vol pts.
#3
Call credit spread
Sell 2026-05-15 $350.00/$385.00 call spread
Sell limited upside exposure where call OI is concentrated.
Credit: $5.78-$7.06
Max loss: $27.94
BE: $357.06
Mgmt: Close if spot >340 or IV collapses; keep size smaller than puts.

Risk Alerts

!Abrupt IV spike in 2–7d expiries (wide put IV)
!Spot breach outside 2d guardrails $331–$344 leading to dealer re‑hedge
!Concentrated OI at $335–$332 causing end‑session pin moves
How to Use These Reports
This theta reflects the market close on April 20, 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.