GOOGL Stock: Unusual Options Activity Flags Bullish Bias as Alphabet Trades Near 52-Week Highs

April 15, 2026

By TrendSpider Editor

GOOGL Stock: Unusual Options Activity Flags Bullish Bias as Alphabet Trades Near 52-Week Highs

Alphabet Inc. is drawing attention in the options market Wednesday, with two unusual contracts totaling $8,445,200 in combined premium flagged on the session. GOOGL shares are trading at $335.62, up 0.81% on the day, sitting close to the top of their 52-week range of $146.10 to $349.00. The options activity skews heavily toward the call side, suggesting institutional or informed traders are positioning for continued upside in the near term.

Key Drivers of the GOOGL Stock Move

Main Catalyst: Two unusual options contracts were flagged today on GOOGL, one call and one put, both at the $335 strike expiring May 15, 2026. The call contract saw a size of 4,990 with a premium of $7,385,200, while the put contract came in at a size of 800 with a premium of $1,060,000, combining for $8,445,200 in total premium flow.
Bull Case: The call contract at the $335 strike is currently in the money with a size of 4,990, representing the overwhelming majority of the total premium at $7,385,200. The call's open interest capture of 10% on that contract, combined with its sheer size relative to the put, points to a lopsided bullish positioning heading into mid-May expiration.
Bear Case: The $335 put contract carries an open interest capture of 103%, meaning volume on Wednesday exceeded the existing open interest, a signal that new bearish positioning is being opened rather than closed. With GOOGL trading within roughly $13.00 of its 52-week high of $349.00, any broader market pullback or company-specific headwind could make that put protection valuable quickly.

The forward setup for GOOGL is constructive on a price basis, with shares recovering strongly from the 52-week low of $146.10 set earlier in the trailing year and now pressing against all-time high territory near $349.00. The concentration of call premium at the $335 strike expiring in exactly one month points to traders expecting the stock to hold or extend current levels through mid-May. That said, the unusually high open interest capture on the put side warrants monitoring, as it suggests at least some market participants are hedging or expressing a directional view to the downside at current prices.

GOOGL Unusual Options Activity

Contract 1: Call | Strike: $335 | Expiry: May 15, 2026 | Volume: 4,990 | Open Interest Capture: 10% | Status: In the Money
Contract 2: Put | Strike: $335 | Expiry: May 15, 2026 | Volume: 800 | Open Interest Capture: 103% | Status: At the Money

Both contracts share the same $335 strike and May 15, 2026 expiration date. The call-side premium of $7,385,200 dwarfs the put-side premium of $1,060,000, giving the overall flow a distinctly bullish character. The put contract's open interest capture of 103% is notable and indicates fresh positioning rather than a roll or close of existing contracts.

GOOGL Seasonality

Mid-April through mid-May has historically been an active period for Alphabet, as the company typically reports first-quarter earnings within this window. Options positioning at the $335 strike with a May 15, 2026 expiration could reflect traders seeking exposure around an anticipated earnings catalyst in the weeks ahead.

GOOGL Relative Performance

GOOGL is up 0.81% on Wednesday and trading at $335.62, placing it approximately $13.38 below its 52-week high of $349.00. The stock has staged a significant recovery from its 52-week low of $146.10, effectively more than doubling off that level over the trailing year. At current prices, GOOGL is outperforming the broad perception of mega-cap tech fragility in 2025, though the proximity to the 52-week high means the stock carries meaningful resistance nearby.