Alphabet Inc. closed at USD 342.37, down 0.18%.

Large options trades in GOOG painted a cautiously bullish picture. A standout $1.78 million bull call spread targeted the $360–$385 zone, while a $0.70 million net-credit call package sold premium at higher strikes. Although the stock edged lower, options flow leaned bullish, with the session’s featured trades highlighting both directional conviction and a willingness to collect premium against resistance levels.

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

Options Indicators

GOOG’s implied volatility is 30.37%, and with an IV percentile of 13.94%, current option volatility sits on the low side of its historical range, indicating that options are cheaply priced rather than expensive. The IV/HV ratio of 0.61 also suggests implied volatility is running below realized volatility, reinforcing the view that current premium levels are relatively subdued. The Call/Put volume ratio is 2.61.

Large Trades

A bullish call spread with a net debit of $1.78 million was the largest featured trade, consisting of buying 4,000 September 18, 2026 $360 calls and selling 4,000 September 18, 2026 $385 calls. With GOOG referenced at $342.37, both strikes were out of the money, making this a defined-risk upside position that expresses a moderately bullish directional view. The trader paid a net debit to gain exposure to a rise toward the $360–$385 zone by expiration, which points to a directional bet on further upside while capping both maximum profit and upfront cost versus an outright call purchase.

A net-credit calendar-style call package worth $0.70 million was the other displayed large trade, structured as a four-leg call combination with short August 21, 2026 $347.5 and $352.5 calls alongside short August 14, 2026 $362.5 and $365.0 calls, all out of the money. Because the position brought in a net credit of $0.70 million and every leg was sold, the intent appears to be premium collection rather than aggressive upside participation, with the trader likely positioning for GOOG to remain below those strike levels over the respective expirations. Taken together, overall large-trade sentiment still leaned bullish, with total bullish flow of $3.43 million versus bearish flow of $1.13 million, leaving a net difference of $2.30 million in favor of bulls. The directional conclusion is therefore bullish, driven primarily by the sizable upside call spread, while the presence of call-selling activity suggests that optimism is constructive but not unchecked, with some traders still favoring income generation and resistance expectations at higher strike areas.

Strategy Reference

With IV at a subdued 30.37% and low IV percentile, premium sellers may find limited reward; those looking to sell for a high probability of expiring worthless could consider the August 21, 2026 $385.00 call or higher, which sits well above the featured bullish target zone and offers a wider buffer against assignment.