Alphabet closed at $350.50, rising 0.81%.

The largest options prints showed a clearly bullish tilt, led by a $2.32 million out-of-the-money put sale and a $1.57 million net-debit double-call purchase. Traders collected premium on downside support while paying aggressively for leveraged upside, indicating institutional confidence in continued strength and limited concern about a near-term breakdown.

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Options Indicators

Alphabet’s implied volatility is 36.70%, and with an IV percentile of 62.15%, current option pricing sits in a neutral volatility zone rather than at an extreme. At the same time, the IV/HV ratio of 1.52 shows implied volatility is running meaningfully above historical realized volatility, suggesting the options market is embedding a noticeable premium versus recent actual movement.

The Call/Put volume ratio is 2.29.

Large Trades

A PUT sale worth $2.32 million stood out as the largest single-leg trade, with 1,900 contracts sold on the December 18, 2026 $330.0 put. With GOOGL referenced at $350.5, this strike was out of the money at the time of the trade, making it a moderately bullish income-style position that suggests the seller was comfortable taking in premium while expressing confidence the stock can remain above $330.0 into expiration. Strategically, this kind of short put often reflects either willingness to accumulate shares at a lower effective entry point or a view that downside risk is limited relative to the premium collected.

A net-debit CALL combination worth $1.57 million was the other major trade, consisting of 1,600 contracts bought on the October 9, 2026 $345.0 call and 1,600 contracts bought on the October 9, 2026 $347.5 call. This is a same-direction double call buying structure rather than a spread, since both legs were bought, and both strikes were in the money versus the $350.5 spot reference. The trade reflects a directional bullish volatility bet, with the buyer paying a net debit of $1.57 million to gain leveraged upside exposure through two nearby in-the-money call lines. The structure points to conviction that GOOGL can continue higher, while also showing a preference for concentrated upside participation rather than premium collection.

Overall, the large-trade flow was clearly bullish. The biggest print was an out-of-the-money put sale that conveyed confidence in downside support, while the second-largest trade was an aggressive net-debit double-call purchase that directly targeted further upside. Although there were smaller bearish call sales elsewhere in the tape, they were not large enough to offset the dominant tone of put premium selling and in-the-money call accumulation. The bulk-order pattern therefore indicates institutional sentiment leaned meaningfully bullish, with traders favoring upside participation and limited concern about a material near-term breakdown.

Strategy Reference

For a lower assignment probability, a seller could consider the December 18, 2026 $300.0 put; for those avoiding large margin on a short put, a bullish call spread such as buying the October 9, 2026 $350.0 call and selling the $360.0 call may offer a defined-risk alternative.