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GOOGL

Alphabet Inc.Close $332.29EOD only
Max Pain
$335.00
Next expiry Apr 22, 2026
Expected Move
±$5.83
1.8% from close
Price Gap
+2.71
Distance to max pain
IV Rank
31
Middle-high premium
P/C OI
0.90
Balanced positioning
Consensus
6.5/10
Range bias
Published snapshot: Apr 21, 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 21, 2026 close
GOOGL Theta Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Sell defined-risk put credit spreads: 1× 330/325 (5-point) weekly/near‑term (5–14d) expiries; target 8–12Δ short put, collect premium ≈50–60% width; max risk = width×contracts; scale 1–3 contracts depending on account size (Moderate sizing) with plan to roll 1–2 strikes down or close if spot ≤$325 or IV jumps >+8 pts.
Invalidation: Spot ≤ $325, sudden IV spike >+15 pts, borrow recall/assignment event, or inability to roll due to margin/liquidity
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV ~42% vs VIX 18.9 — realized/VIX lower; short‑dated put IV elevated relative to farther tenors
Favorable?
Yes

Term structure: Front‑loaded term structure: elevated 2–9d put IVs then decays into 30–90d; short expiries carry premium

📌Max‑pain cluster $332→$330 with dealer GEX +$210M supporting pinning
⚠️Short‑dated put IV elevated (2–5d) — watch rapid IV jumps which widen spreads

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+210.6M)

OI concentrations: Max‑pain pins at $332/$330/$325; call wall $375; concentrated OI near 330 increases expiry anchoring

Verdict: High pin risk around $332–$330 for near expiries; expect gamma/trade crowding into expiry days

Premium Opportunities

#1
Put credit spread
Sell 2026-05-15 $332.50/$327.50 put spread
Sell the 332.50/327.50 put spread to capture elevated IV with capped loss; expiry after earnings to avoid mis-timing.
Credit: $1.62-$1.98
Max loss: $3.02
BE: $330.52
Mgmt: Close or roll 1–2 strikes down if spot ≤$325 or IV spikes >+8 pts; max loss = width×contracts.
#2
Cash-secured put
Sell 2026-05-15 $332.50 cash-secured put
Sell the 332.50 cash‑secured put to collect premium and be prepared to buy stock on assignment.
Credit: $8.44-$10.31
Max loss: $322.19
BE: $322.19
Mgmt: Size to available cash; close before assignment risk if spot ≤$325 or IV jumps; avoid if borrow/assignment concerns.

Risk Alerts

!IV spike >+15 pts invalidates premium‑sell thesis
!Breach of support ≤ $325 with heavy flow/gap
!Assignment/early‑exercise risk on short puts — be ready to buy stock or close spreads
!Borrow availability/recall risk for underlying short stock hedges — confirm borrow before naked exposure
!Upcoming earnings/dividend dates can move IV and spot — check calendar before trade and avoid through event if undesired
!Margin/roll liquidity risk: inability to roll or wide spreads may force assignment or costly exits
How to Use These Reports
This theta reflects the market close on April 22, 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.