Alphabet finished the session at $347.41, registering a 0.99% decline.

The tape showed aggressive long-dated bullish options activity. A $5.13 million out-of-the-money call purchase in the March 2027 $360.00 strike was the standout, followed by a $3.00 million buy of October 2026 $375.00 calls. Both orders were single-leg, out-of-the-money call purchases versus the $347.41 reference, underscoring conviction-driven upside positioning across medium- and long-term horizons.

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Options Indicators

Alphabet’s implied volatility stands at 34.64%, and with an IV percentile of 46.22%, current volatility is sitting in a neutral range rather than at an extreme. That suggests options are neither especially cheap nor especially expensive versus their own recent history. At the same time, the IV/HV ratio of 1.56 shows implied volatility is running meaningfully above realized volatility, indicating the options market is pricing in more movement ahead than the stock has actually delivered recently.

The Call/Put volume ratio is 2.21.

Large Trades

A call purchase worth $5.13 million was the standout large trade, consisting of 1,450 contracts of the March 19, 2027 $360.00 call bought at a stock reference price of $347.41. With the strike above the underlying, this was an out-of-the-money bullish call buy, signaling a directional upside bet with long-dated exposure. The structure suggests the buyer was willing to pay premium for extended time value and leverage on a continued advance in GOOG, likely expressing confidence that the stock can move above $360.00 over the longer horizon.

Another bullish trade was a $3.00 million purchase of 9,000 contracts in the October 16, 2026 $375.00 call. This was also an out-of-the-money single-leg call buy versus the $347.41 stock reference, pointing to a straightforward upside speculation or bullish positioning into a medium-term horizon. The choice of a higher strike indicates the trader was targeting further appreciation rather than seeking immediate intrinsic exposure, which reinforces a conviction-driven bullish view. Overall, the large-trade flow is clearly bullish: the biggest orders were both out-of-the-money call purchases, showing traders were actively paying premium for upside participation, while the limited bearish flow was comparatively small and did not materially challenge the positive tone.

Strategy Reference

For a lower assignment probability on the put side, a seller could consider an out-of-the-money October 2026 $250.00 or $240.00 put; alternatively, a call debit spread such as buying the March 2027 $360.00 call and selling the $420.00 call may reduce upfront premium and margin versus an outright long call.