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GOOGL

Alphabet Inc.Close $337.42EOD only

Max Pain

$332.50

Next expiry Apr 22, 2026

Expected Move

±$6.25

1.9% from close

Price Gap

-4.92

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.89

Slightly call-heavy

Consensus

7.0/10

Consensus signal

Published snapshot: Apr 20, 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 20, 2026 close

GOOGL Theta Report

Analysis based on market close April 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.8% from MP; +0.5 VIX 20

IV Environment

IV Regime

Normal

IV vs VIX

ATM IVs (30–35% near term) sit below VIX; front-end cheap versus longer-dated elevated puts but with extreme short‑dated downside skew.

Favorable?

Term structure: Mixed term structure — very steep short-dated put skew (4/24) and elevated 10–60d vols; asymmetry raises tail risk.

⚠️Short‑dated put skew and pinning make naked premium selling inadvisable; prefer hedged sells

📌Dealer GEX +$94M supports pin near $335 but also creates gamma bleed risk if GEX flips

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+94.1M)

OI concentrations: Max‑pain pins at $335 (4/22), $325 (4/24), $330 (4/27); call wall $350–$375; sparse deep put OI inside 30% below spot.

Verdict: Pinning regime at $335 with concentrated short‑dated OI; high gamma/GEX exposure — avoid straight naked short‑dated sales near the pin to limit gamma bleed; use defined‑risk hedged structures.

Premium Opportunities

Call credit spread

Sell 2026-05-15 $362.50/$375.00 call spread

Sell 2026-05-15 $362.50/$375 call spread to collect front premium while capping loss.

Credit: $1.46-$1.78

Max loss: $10.72

BE: $364.28

Mgmt: Close or roll if price >335 or VIX spikes >25; trim on rapid skew reprices.

Put credit spread

Sell 2026-05-15 $310.00/$295.00 put spread

Sell 2026-05-15 $310/$295 put spread to collect premium with capped downside exposure.

Credit: $2.14-$2.61

Max loss: $12.39

BE: $307.39

Mgmt: Avoid near-pin naked exposure; close if price <326 or VIX >25; respect credit trigger.

Iron condor

Sell 2026-05-15 $310.00/$265.00 put wing and $365.00/$410.00 call wing

Sell 2026-05-15 350/362.50 call spread and 310/295 put spread; target net credit ≈ $2.50 per contract, max loss ≈ $10 per side (width − credit).

Credit: $6.12-$7.47

Max loss: $37.53

BE: 302.53 / 372.47

Mgmt: Enter only if combined bid-ask < $0.40 and combined OI >200; close or hedge if underlying <326 or >344, or if net credit falls below $1 or VIX >25. Liquidity warning: Liquidity constraints: long_call: Wide spread (81%).

Risk Alerts

!VIX >25 or rapid VIX rise invalidates sell thesis

!Close below 2d guardrail $326 sustains downside follow‑through

!GEX flip/large aggressive flow can trigger rapid gamma bleed — avoid naked shorting near pin

How to Use These Reports

This theta reflects the market close on April 21, 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.