Alphabet Inc. closed at $335.38, rising 0.02%.

The session’s largest options activity pointed decisively bearish, with two dominant out-of-the-money call sales. Traders sold $1.32 million and $912,700 in premium at the $400.00 and $380.00 strikes, respectively, both expiring on 2026-11-20. The flow signals a capped-upside view, where market participants are willing to collect premium and accept the risk of assignment only above levels that are far from the current price.

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Options Indicators

GOOG’s implied volatility is 32.27%, and with an IV percentile of 27.49%, current option volatility sits on the lower side of its historical range, indicating that options are relatively cheaply priced rather than expensive. At the same time, the IV/HV ratio of 1.64 shows implied volatility is running meaningfully above realized volatility, suggesting the market is still embedding a noticeable premium for future movement even though overall pricing remains in the lower-volatility bucket.

The Call/Put volume ratio is 2.70.

Large Trades

A call sale worth $1.32 million stood out as the largest large trade, with 3,578 contracts sold at the $400.00 strike expiring on 2026-11-20. With GOOG referenced at $335.38, this call was out of the money at the time of execution, making it a bearish-to-neutral position that leans toward capped-upside expectations. Strategically, selling an out-of-the-money call at this strike suggests the trader was likely collecting premium while expressing the view that GOOG is unlikely to rally above $400.00 by expiration.

Another notable trade was a $912,700 single-leg call sale, with 1,484 contracts sold at the $380.00 strike for the same 2026-11-20 expiration. This option was also out of the money versus the $335.38 reference price, reinforcing a bearish or at least restrained upside outlook. Taken together, the large-trade flow points clearly bearish overall, as both top trades were sizable out-of-the-money call sales that appear consistent with premium-selling activity and expectations that GOOG’s upside will remain limited rather than break sharply higher into that expiration.

Strategy Reference

For a seller seeking a low assignment probability, the $400.00 strike call expiring 2026-11-20 offers a wider cushion above the $335.38 reference price; alternatively, a bear call spread such as selling the $380.00 call and buying the $400.00 call would cap margin and limit risk while still monetizing the capped-upside view.