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GOOGL

Alphabet Inc.Close $388.91EOD only

Max Pain

$385.00

Next expiry May 22, 2026

Expected Move

±$8.38

2.1% from close

Price Gap

-3.91

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.90

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 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

May 20, 2026 close

GOOGL Theta Report

Analysis based on market close May 20, 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 0.3% from MP; +1 VIX 17

IV Environment

IV Regime

Normal

IV vs VIX

IV (41.36%) significantly above VIX (17.44), indicating elevated option premiums.

Favorable?

Yes

Term structure: Short-term IV spike at 2-day expiration with put IV 81.87%, likely due to event risk.

📈IV 41% vs VIX 17 - rich premiums for sellers

🎯Max pain $390; gamma pinning supports price stability

⚠️2-day put IV 82% - event risk near term

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+111.4M)

OI concentrations: Call OI wall at $410-$450; put floor $195-$215; max pain $390.

Verdict: Spot at max pain; gamma pinning likely; put floor far away limits downside, but near-term event risk could disrupt pin.

Premium Opportunities

Put credit spread

Sell 2026-06-12 $380.00/$370.00 put spread

Sells put spread to collect elevated premium from inflated IV; limited risk.

Credit: $2.68-$3.27

Max loss: $6.73

BE: $376.73

Mgmt: Close at 50% max gain or near invalidation level.

Iron condor

Sell 2026-06-26 $380.00/$375.00 put wing and $400.00/$410.00 call wing

Sells OTM put and call spreads to capture theta from elevated IV.

Credit: $4.61-$5.64

Max loss: $4.36

BE: 374.36 / 405.64

Mgmt: Manage gamma risk if spot moves; close at 50% gain or adjust.

Risk Alerts

!Near-term event risk from elevated put IV; potential earnings or news.

!Spot near max pain; watch for pinning but also possibility of breakaway if catalyst.

How to Use These Reports

This theta reflects the market close on May 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.