thetaOwl
HomeOptionsGOOGLReports

GOOGL

Alphabet Inc.Close $368.03EOD only
Max Pain
$365.00
Next expiry Jun 22, 2026
Expected Move
±$6.35
1.7% from close
Price Gap
-3.03
Distance to max pain
IV Rank
100
High premium
P/C OI
0.82
Slightly call-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Jun 18, 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
Jun 18, 2026 close
GOOGL Theta Report
Analysis based on market close June 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Iron condor
Invalidation: Spot moves beyond 320-350 range; VIX spike above 20
Confidence:
4.5 / 10
base 5; -1 GEX/flow contradict; -0.5 spot 4.2% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
IV 43.6% vs VIX 17.3; 2.5x premium
Favorable?
Yes

Term structure: Front-end elevated, 0DTE call IV 49% hints bullish skew; backwardation in puts suggests near-term downside fear.

📈IV vs VIX: 2.5x multiple, selling premium attractive
⚠️Negative dealer gamma ($-12.9M) increases hedging risk
📉Trending regime indicates directional risk; avoid naked short

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-12.9M)

Gamma flip: ~$320.00 — Approx — based on put OI concentration of 17,318 (8.5% below spot)

OI concentrations: Max pain $365 (0DTE); put floor $300-$320; call wall $400-$450

Verdict: Pin risk high at $365 expiring today; gamma flip at $320 could accelerate spot

Premium Opportunities

#1
Iron condor
Sell 2026-07-24 $330.00/$325.00 put wing and $375.00/$380.00 call wing
Sells OTM wings in high-IV regime, benefits from volatility crush.
Credit: $2.07-$2.53
Max loss: $2.47
BE: 327.47 / 377.53
Mgmt: Adjust wings if spot approaches $330 or $375.
#2
Cash-secured put
Sell 2026-07-24 $330.00 cash-secured put
Sells put at support, earns time decay.
Credit: $5.15-$6.30
Max loss: $323.70
BE: $323.70
Mgmt: Roll if spot breaks $330.

Risk Alerts

!Gamma flip at $320 – hedging could amplify moves
!High front-end IV – avoid 0DTE naked positions
!Dealer short gamma – large directional swings possible
How to Use These Reports
This theta reflects the market close on June 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.