Alphabet Inc. closed at $339.08 with a 1.59% gain, after opening at $336.51 and trading between $336.31 and $340.85 on volume of 12.85 million shares, as total inflows and outflows remained roughly balanced.

Large options trades were dominated by aggressive selling of long-dated upside calls, with standout blocks totaling $1.22 million at the 380 strike and $697,500 at the 400 strike for the 2026-11-20 expiration, pointing to a bearish-to-neutral institutional posture that seeks to cap upside and collect premium.

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Options Indicators

GOOG’s implied volatility is 29.87%, and with an IV percentile of 14.68%, current option volatility sits on the low end of its recent range, indicating that options are cheaply priced rather than expensive. The IV/HV ratio of 1.60 also suggests implied volatility is running above historical realized volatility, so the market is still embedding a meaningful premium, but in overall percentile terms GOOG’s options remain in a relatively inexpensive volatility regime.

The Call/Put volume ratio is 3.56.

Large Trades

A call sale worth $1.22 million was the largest highlighted trade, with 1,500 GOOG 380.0 calls sold against the 2026-11-20 expiration. With GOOG referenced at $339.08, the strike sat out of the money at the time of the trade, making this a bearish-to-neutral position that leans on the stock staying below that level or rising less than implied by option pricing. Strategically, selling an out-of-the-money call at this tenor is typically a premium-collection trade, while also expressing the view that upside through $380.0 is unlikely to be realized over the life of the contract.

A call sale worth $697,500 was the other major block, consisting of 1,500 GOOG 400.0 calls sold for the same 2026-11-20 expiration. This strike was also out of the money versus the $339.08 reference price, and it similarly reflects a bearish or at least upside-capping stance. The trade suggests the seller was comfortable underwriting higher-strike upside risk in exchange for premium, indicating expectations that GOOG will remain below $400.0 or that any advance will be restrained enough for the short call position to benefit from time decay.

Overall, the large-trade flow points clearly to a bearish near-to-medium-term institutional tone in GOOG options positioning. The fact that both standout trades were outright sales of out-of-the-money long-dated calls shows a consistent preference for fading upside rather than paying for bullish exposure, which implies skepticism toward a major breakout and a willingness to monetize elevated upside optionality through premium collection.

Strategy Reference

For traders sharing the upside-capping view but seeking lower margin than naked short calls, a bear call spread such as selling the 380 call and buying the 400 call for the same 2026-11-20 expiration can define risk while still benefiting from time decay and the belief that GOOG remains below $380.00.