Alphabet (GOOG) Options Signal Bullish Bias: Key Call Strikes and Block Trades Point to $320 Breakout Potential

• GOOG trades at $305.99 (-1.08%), with short-term bearish momentum but long-term bullish trends intact.
• Options data shows heavy call open interest at $320 and $315, while the put/call ratio (0.73) favors bullish positioning.
• Block trades in call options and renewable energy partnerships hint at institutional confidence in Alphabet’s AI and clean energy bets.

Here’s the core insight: options market sentiment and technicals align for a potential rebound above $315, with risks of a pullback to $290 if momentum stalls. Let’s break it down.

Bullish Call Dominance and Institutional Moves

The options chain tells a clear story: call open interest is concentrated at $320 (14,301 contracts) and $315 (9,126) for this Friday’s expiration. This suggests traders are pricing in a near-term rally to test those levels. Meanwhile, put open interest peaks at $290 (7,774) and $285 (6,742), indicating some defensive positioning but nothing close to the call-side enthusiasm.

Block trades add intrigue. A recent $1.14 million trade in GOOG20250919C235 and GOOG20251003C250—both call options—hints at institutional players hedging or scaling up positions ahead of key expirations. These moves, combined with the skewed put/call ratio, signal conviction in a near-term rebound.

News Flow: Sustainability and AI Fuel Long-Term Optimism

Alphabet’s partnerships with ReNew Energy and TotalEnergies to power data centers with renewable energy aren’t just feel-good stories—they’re strategic moves to lock in long-term cost advantages. Pair that with AI advancements (Gemini, Vertex AI) and analysts raising price targets to $350, and the fundamentals align with the bullish options data.

But here’s the catch: short-term volatility remains a risk. The stock’s 15.9% revenue growth in Q3 2025 is impressive, but the recent 1.08% drop shows investors are still digesting earnings and adjusting positions. If the $300 support level (lower Bollinger Band) holds, the news-driven optimism could reignite.

Actionable Trade Ideas

For options traders, the most compelling setup is a long call at GOOG20251219C320 (this Friday’s $320 strike). Why? The high open interest at this level suggests a liquidity pool that could catalyze a breakout if the stock closes above $315. A tighter play: GOOG20251226C315 (next Friday’s $315 strike) if you want to extend the timeline.

For stock traders, consider entry near $305.37 (lower Bollinger Band) if the price holds above the 30D support at $284.45. A successful rebound could target $315, with a hard stop below $300. A bearish countertrade: a put spread at $290 and $285 if the stock gaps down pre-earnings.

Volatility on the Horizon

Alphabet’s story is a tug-of-war between short-term profit-taking and long-term AI/clean energy bets. The options data leans bullish, but don’t ignore the risks: a breakdown below $300 could trigger a test of the 200D support at $164.29. For now, position yourself to capitalize on the $315–$320 breakout zone, and keep a close eye on block trades as early signals of institutional direction.

Bottom line: This is a stock where the fundamentals and options sentiment are in sync. The question isn’t whether Alphabet will grow—it’s when the market will price that growth into the stock.