Alphabet Inc. (GOOG) closed at 343.94 USD, edging up 0.46%.

A massive, net-credit combination trade dominated the options flow, with a trader selling calls and puts to collect a $2.81 million premium, pointing to an expectation that GOOG will struggle to rally significantly and may stay range-bound. The structure’s bearish tilt was only partially offset by a smaller, outright bullish call purchase.

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Options Indicators

GOOG’s implied volatility is 30.06%, and with an IV percentile of 12.35%, current option volatility is sitting on the low end of its historical range, indicating that options are cheaply priced rather than richly valued. The IV/HV ratio of 0.64 further suggests implied volatility is running below realized volatility, reinforcing the view that the market is not demanding a high premium for near-term option exposure. The Call/Put volume ratio is 2.09.

Large Trades

A net-credit three-leg CALL+PUT combination worth $2.81 million was the dominant large trade of the day. The structure involved selling 4,400 Sep. 18, 2026 $365 calls, selling 2,200 Sep. 18, 2026 $325 puts, and buying 2,200 Sep. 18, 2026 $385 calls, for a stated net credit of $2.81 million. With the stock reference price at $343.94, the short $365 calls, short $325 puts, and long $385 calls were all out of the money at execution. Strategically, this is a net-credit options combination that looks primarily like premium collection with a bearish-to-range-bound bias: the trader is willing to cap upside through the short $365 calls, takes in premium from the short $325 puts, and uses the long $385 calls as upside protection against a sharper rally.

A CALL buy worth $0.05 million was the other highlighted large trade, consisting of a purchase of 1,369 Aug. 14, 2026 $350 calls. With GOOG at $343.94, the $350 strike was out of the money, so this was a straightforward bullish directional bet on upside above current levels into expiration. The relatively small premium outlay suggests a defined-risk attempt to gain leveraged upside exposure rather than an income or hedging trade.

Overall sentiment across all large trades leaned bearish. Bullish flow totaled $1.52 million, while bearish flow reached $2.31 million, leaving a net difference of $0.79 million to the bearish side. The directional judgment is therefore moderately bearish, driven mainly by the much larger net-credit three-leg structure whose short-call exposure dominated the tape, while the smaller out-of-the-money call purchase only partially offset that negative skew.

Strategy Reference

For a low assignment probability, a seller could consider the 0.15 Delta September 2026 $420 call, while a bearish put spread, such as buying the $345 put and selling the $325 put, defines risk and avoids the margin requirements of a naked short put.