Alphabet (GOOG) Options Signal Bullish Bias: Key Strike Levels and Trade Setups for 2026

• GOOG trades at $328.68, down 0.65% from its 52-week high but remains above all major moving averages.
• Options market shows a 23% call-heavy skew, with heavy open interest at $335C and $327.5P strikes.
• Analysts have raised price targets to $375–$390, while Bill Ackman’s GOOG position has gained $2B+ since 2023.

Here’s the takeaway: GOOG’s options activity and technicals suggest a high probability of testing $345–$350 by mid-February, but near-term volatility could create entry opportunities for directional or volatility trades.Bullish Sentiment Locked in at $335–$345 Strikes

Options data tells a clear story: traders are pricing in a 68% chance of GOOG staying above $327.5 (put OI: 11,160) while aggressively buying calls at $335 (OI: 11,873) and $345 (OI: 8,682). This Friday’s expiring $335C and $345C contracts show heavy accumulation, suggesting institutional players are hedging against a short-term breakout. The put/call ratio of 0.77 (calls > puts) reinforces this bias, though the $327.5P strike (OI: 11,160) acts as a psychological floor if the stock stumbles.

No major block trades have moved the needle today, but the next Friday’s options chain shows even more intrigue: $345C (OI: 5,150) and $320P (OI: 11,868) suggest a widening range trade. This hints at a potential strangle strategy if volatility expands.

News Flow Fuels AI-Driven Optimism

Alphabet’s AI dominance—Gemini 3 outperforming ChatGPT, cloud growth accelerating, and TPU chip traction—isn’t just hype. Analysts at UBS, Goldman Sachs, and BofA have raised price targets to $345–$390, with a median of $336.5. Bill Ackman’s $2.1B+ gains since Q3 2025 prove big money is all-in. But here’s the catch: social media chatter shows mixed reactions. While bulls cite $340 support, bears flag a recent pullback from all-time highs and warn of a potential test of the 200D MA at $313.64.

Actionable Trade Setups for 2026

For options traders, consider these setups:

• Short-term breakout play: Buy GOOG20260123C335 (strike: $335, expiring Friday) if the stock closes above $330.50. Target: $345 (5.6% gain in 5 days).
• Volatility strangle: Sell GOOG20260130P320 and GOOG20260130C345 (next Friday’s expirations) if GOOG consolidates between $320–$345. Maximum profit if the stock stays within this range.
• Stock dip play: Buy GOOG at $323–$325 (Bollinger Band middle) with a stop-loss below $315. Target: $340 (RSI suggests 10% upside potential).

For conservative investors, a bull call spread using GOOG20260130C330 (OI: 5,379) and GOOG20260130C345 could cap risk while participating in a potential AI-driven rally.

Volatility on the Horizon

Alphabet’s technicals and options data align on one thing: the stock isn’t done climbing. But with $313.64 (200D MA) and $315 (30D support) as critical levels, a breakdown below $310 could trigger panic selling. For now, the path of least resistance is higher—just don’t ignore the puts at $310 (OI: 6,726) as a dark cloud. Stay nimble, and let the data guide your entries.