Alphabet closed at $348.97, edging up 0.32%.

The most notable options activity was a $6.91 million out-of-the-money put sale with a 2026 expiration. This long-dated, premium-collecting trade anchored a session where large-order flow leaned clearly bullish, with negligible bearish offset. Against an elevated 37.65% implied volatility and a 2.15 call/put volume ratio, the block prints show traders positioning for continued downside support rather than a near-term pullback.

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Options Indicators

Alphabet’s implied volatility stands at 37.65%, and with an IV percentile of 74.10%, current option pricing sits in the elevated zone, indicating options are priced relatively expensively versus their own recent history. The IV/HV ratio of 1.79 further suggests the implied volatility premium is meaningfully above realized volatility, so the market is embedding a sizable forward-looking volatility expectation into premiums.

The Call/Put volume ratio is 2.15.

Large Trades

A put sale worth $6.91 million was the standout large trade, with 5,319 contracts sold at the 340.0 strike expiring on 2026-12-18. With GOOG referenced at 348.97, this put was out of the money at the time of the trade, making it a moderately bullish position. Strategically, selling an out-of-the-money put typically reflects willingness to accumulate shares at a lower effective entry level while collecting premium upfront, or simply a view that the stock is likely to stay above the strike through expiration. The long-dated tenor also suggests conviction in downside support rather than a near-term tactical bet.

Overall, the large-trade flow leans clearly bullish. The dominant activity was a sizeable out-of-the-money put sale that signals confidence in price stability or gradual upside over time, while the only bearish flow in the broader large-order set was comparatively negligible. Taken together, the block activity indicates institutional sentiment is tilted positive, with traders appearing more focused on harvesting premium and expressing confidence that GOOG can hold above key downside levels than on positioning for a meaningful decline.

Strategy Reference

For a low assignment-probability premium sale, consider the 300.0 strike put with a nearer-dated expiration, or use a put credit spread such as selling the 340.0/300.0 put spread to cap margin and define risk while still benefiting from elevated IV.