Option Focus | Alphabet's $3.69 Million Net Debit Call Buying Targets 2026 Upside as Institutions Stack OTM Calls Across $360 to $405 Strikes

Option Witch
08/22

Alphabet Inc. closed at 341.75 USD, up 1.05 percent.

Large options activity in GOOG leaned heavily bullish, with institutional traders deploying $3.69 million in net debit call buying across 2026 expirations. The flow was dominated by out-of-the-money calls spanning $360 to $405 strikes, signaling expectations for a sustained upside move rather than near-term premium collection.

>>>Click to claim your commission-free cards before trading!

Options Indicators

GOOG’s implied volatility is 30.96%, and with an IV percentile of 17.53%, current option volatility sits on the low side of its historical range, indicating that GOOG options are relatively cheaply priced at the moment. The IV/HV ratio of 0.82 further suggests implied volatility is running below realized volatility, reinforcing the view that current option premiums are not particularly expensive. The Call/Put volume ratio is 2.74.

Large Trades

A directional CALL buying combination with a net debit of $2.66 million was the largest displayed trade, consisting of two same-direction call purchases: long 4,000 Sep. 18, 2026 $360 calls and long 4,000 Sep. 18, 2026 $365 calls. This is a same-direction double-long CALL structure, and the position should be read by its provided net debit of $2.66 million rather than by the individual legs. With GOOG referenced at $341.75, both strikes were out of the money, showing a bullish directional bet that seeks a sizable upside move into 2026 rather than premium collection. The use of two nearby OTM call strikes suggests the buyer was positioning for an extended rally with leveraged upside exposure.

A second same-direction CALL buying combination carried a net debit of $1.03 million, pairing a long 3,150 Oct. 16, 2026 $405 call with a long 3,150 Sep. 18, 2026 $380 call. This was again a same-direction double-long CALL combination, executed for a net debit and clearly aimed at directional upside participation. Relative to the $341.75 reference price, both calls were out of the money, making this another higher-conviction bullish expression that requires a meaningful advance in GOOG to pay off. The inclusion of both a nearer-dated $380 call and a later-dated $405 call points to an investor looking for sustained upside momentum across time horizons, with no sign of income-oriented structuring.

Overall large-trade sentiment was decisively bullish, with $3.69 million in bullish flow versus $0.00 million in bearish flow, leaving a net bullish imbalance of $3.69 million. The conclusion is clearly positive: the bulk order activity was entirely concentrated in net-debit, out-of-the-money call buying, which typically reflects traders seeking leveraged upside exposure and anticipating a substantial advance rather than hedging or harvesting premium.

Strategy Reference

For a lower-margin bullish expression, consider a call debit spread such as buying the Sep. 18, 2026 $380 call and selling the Sep. 18, 2026 $405 call, which caps upside but reduces net premium and margin versus the outright long calls.

免責聲明:投資有風險,本文並非投資建議,以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請,作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考,不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證,投資者應自行研究並在投資前尋求專業建議。

熱議股票

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10