Alphabet Inc. closed at $344.72, up 0.15%, after opening at $342.46 and fluctuating between $340.66 and $346.73 on roughly 19.7 million shares traded.

A dominant $2.40 million call purchase and an out-of-the-money put sale combined to deliver a decisively bullish options tape for GOOGL. The session’s large trades showed no bearish flow, as traders favored long-dated upside exposure and premium collection below the market, signaling confidence in both continued appreciation and durable downside support.

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

Options Indicators

GOOGL’s implied volatility is 30.51%, and with an IV percentile of 13.94%, current option pricing sits at the low end of its recent range, indicating volatility is subdued and options are relatively cheap. The IV/HV ratio of 0.64 further suggests implied volatility is running below historical realized volatility, reinforcing the view that the market is not demanding a rich premium for near-term optionality.

The Call/Put volume ratio is 2.78.

Large Trades

A CALL buy worth $2.40 million was the standout large trade, with 3,000 contracts bought on the October 16, 2026 $370.00 strike. With GOOGL referenced at $344.72, this call was out of the money at execution, making it a clear bullish directional bet that requires further upside in the stock over a long-dated horizon. The use of a higher strike and distant expiration suggests the buyer was positioning for continued appreciation while using options to gain leveraged upside exposure.

A PUT sale worth $16,100 was the other notable large trade, with 1,460 contracts sold on the August 28, 2026 $300.00 strike. Given the reference stock price of $344.72, this put was also out of the money, which points to a moderately bullish stance: the seller is effectively expressing confidence that GOOGL will remain above $300.00 into expiration, while collecting premium. This type of trade is typically associated with income generation and a willingness to own shares at a lower effective entry point if assigned.

Overall sentiment from the bulk orders was decisively bullish, with total bullish flow at $2.42 million versus bearish flow at $0.00 million. The directional read is clearly positive, as the activity was concentrated in upside call buying and out-of-the-money put selling, a combination that reflects both expectations for higher prices and confidence in downside support.

Strategy Reference

For a lower assignment probability, income-oriented sellers could consider puts further below the $300.00 strike already traded, while traders seeking defined risk without large margin requirements might prefer a bull call spread using the $370.00 strike as the long leg against a higher short call.