Alphabet closed at USD 336.71, up 0.90%.
Alphabet shares moved higher in the session, and the options market responded with overwhelming bullish conviction. The most notable flow was a $22.52 million bull call spread, complemented by a $5.05 million multi-leg calendar call ladder. Total bullish premium expenditure reached $40.47 million, dwarfing a mere $2.38 million in bearish bets, producing a net bullish gap of $38.09 million and signaling a firmly directional stance among large traders.
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Options Indicators
GOOGL’s implied volatility is 34.93%, and its IV percentile stands at 47.01%, which places current volatility in a neutral range rather than at an extreme. With the IV/HV ratio at 0.89, implied volatility is also running slightly below historical volatility, suggesting options are not carrying an aggressive premium at the moment and overall pricing appears fairly reasonable rather than especially cheap or expensive. The Call/Put volume ratio is 2.82.
Large Trades
A bullish call spread worth $22.52 million was the largest displayed trade, structured as buying 26,900 GOOGL October 16, 2026 $375 calls while selling 26,900 September 18, 2026 $410 calls. This is a net debit bullish combination, with the long $375 call purchased for $19.93 million and the short $410 call sold for $2.58 million. Both strikes were out of the money versus the $336.71 reference stock price, which indicates a directional upside bet rather than an immediate intrinsic-value play. Strategically, this spread expresses a constructive view on GOOGL with defined risk, using the short higher-strike call to offset part of the premium cost while targeting upside toward the upper strike area.
A $5.05 million multi-leg calendar-style call structure was the second displayed trade, built as an 8-leg cross-expiration call combination. The trader bought two blocks of 1,025 July 31, 2026 $327.5 calls, then sold two blocks of 1,025 July 31, 2026 $337.5 calls, two blocks of 1,025 August 7, 2026 $347.5 calls, and two blocks of 1,025 August 7, 2026 $357.5 calls. This was a net debit structure, with the in-the-money $327.5 calls acquired against a ladder of higher-strike short calls, suggesting a moderately bullish but capped positioning. The construction points to a tactical directional bet combined with premium offset, as the trader gained near-the-money upside exposure while financing part of the entry cost by selling progressively higher out-of-the-money calls across two expirations.
Overall sentiment was clearly bullish, with total bullish flow of $40.47 million versus just $2.38 million in bearish flow, leaving a net bullish difference of $38.09 million. The directional judgment is firmly positive, as the dominant capital was concentrated in upside call structures rather than downside protection or outright bearish trades. In particular, the largest activity came through bullish call spreads and a call-based cross-expiration combination, showing traders were willing to pay premium for upside exposure while controlling cost through short higher-strike calls, a pattern consistent with confident but structured optimism on GOOGL.
Strategy Reference
For traders seeking a lower-margin requirement than a bull call spread, a cash-secured short put at the $300 strike could offer a high probability of expiring out of the money, aligning with the prevailing bullish structure while collecting premium.
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