Alphabet closed at USD 332.60, up 0.59% from the prior close.

Alphabet’s options market delivered a striking contrast on the same strike and expiration, as a $2.47 million call sale and a $2.46 million call buy both landed at the $370 line expiring 2026-11-20. This dueling flow left institutions visibly split on upside, with one large player capping gains while another paid up for a substantial rally, all against the backdrop of lower historical option pricing.

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Options Indicators

GOOGL’s implied volatility is 32.54%, and with an IV percentile of 25.50%, current option volatility is sitting on the lower side of its historical range, indicating that options are relatively cheaply priced rather than expensive. At the same time, the IV/HV ratio of 1.79 shows implied volatility is running meaningfully above realized volatility, suggesting the market is still embedding a notable premium over recent actual movement even though overall pricing remains in the cheaper portion of its own historical band.

The Call/Put volume ratio is 3.82.

Large Trades

A CALL sale worth $2.47 million was the largest displayed single-leg trade, with 2,944 contracts sold at the 370.0 strike expiring on 2026-11-20. With GOOGL referenced at 332.60, this call was out of the money, making it a moderately bearish income-style trade that likely reflects a view that the stock may struggle to rally through 370 by expiration. Strategically, selling an out-of-the-money call at this level suggests premium collection and upside capping rather than outright bullish participation, which leans bearish in the context of large directional flow.

A CALL purchase worth $2.46 million was the other displayed large trade, with 2,905 contracts bought at the same 370.0 strike and 2026-11-20 expiration. This option was also out of the money versus the 332.60 reference price, so the buyer was paying for upside exposure that requires a meaningful advance in GOOGL over time. As a single-leg long call, the trade expresses a bullish directional view with defined risk, indicating expectations for a substantial move higher before expiration. Overall, the bulk-order flow still points to a mildly bullish bias, as call buying remained slightly stronger than bearish positioning, suggesting institutions are willing to pay for upside exposure even though some large sellers are simultaneously harvesting premium and fading near-term upside.

Strategy Reference

For call sellers seeking low assignment probability, a shorter-dated out-of-the-money strike near the 370 area still offers a meaningful premium cushion given the elevated IV/HV ratio, while a call debit spread using the same 370 strike against a higher long call can cap margin requirements for bullish traders who want defined risk instead of an outright single-leg purchase.