Alphabet closed at USD 351.66, rising 0.97% from the previous session.
The session's most notable options activity leaned decisively bullish, anchored by a large out-of-the-money put sale and a long-dated out-of-the-money call purchase. Both trades point to institutional confidence in price stability on the downside and meaningful upside optionality over time, despite elevated implied volatility that may make premium collection attractive.
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Options Indicators
Alphabet’s implied volatility is 38.75%, and with an IV percentile of 78.09%, current volatility sits in an elevated range, indicating that options are priced expensively relative to their own recent history. The IV/HV ratio of 1.63 also shows implied volatility is running well above realized volatility, reinforcing that the options market is embedding a meaningful premium for forward uncertainty.
The Call/Put volume ratio is 2.91.
Large Trades
A PUT sale worth $134,100.00 stood out as the largest displayed trade, with 1,616 contracts of the October 16, 2026 $335.00 put sold. With GOOGL referenced at $351.66, this strike was out of the money at the time, making the trade a moderately bullish income-oriented position. By selling an OTM put, the trader appears willing to collect premium while expressing confidence that the stock can remain above $335.00 into expiration, or at least that downside risk is manageable at that level.
A CALL purchase worth $31,500.00 was the other displayed large trade, consisting of 4,497 contracts of the October 16, 2026 $420.00 call bought. This strike was also out of the money versus the $351.66 reference price, so the trade reflects a bullish directional bet on meaningful upside over time. The buyer paid a relatively small premium for long convex exposure, suggesting an appetite for a larger upside move rather than a defensive hedge.
Overall, the large-trade flow points clearly to a bullish stance on GOOGL. The key pattern is that the notable activity was concentrated in out-of-the-money put selling and out-of-the-money call buying, a combination that typically reflects constructive expectations for price stability to the downside and optionality for upside participation. With the broader bulk-order summary also entirely skewed toward bullish flow and no meaningful bearish large-trade presence, the options activity suggests investors are positioning for a favorable medium- to long-dated outlook in the stock.
Strategy Reference
For traders seeking a lower assignment probability on the put side, selling the January 2027 $300.00 put offers a wider buffer below the October 2026 $335.00 strike, while those preferring limited margin may consider a $335.00/$300.00 put credit spread to cap risk and reduce buying power requirements.