Alphabet (GOOG) Options Signal Bullish Bias: Key Strike Levels and Trade Setups for Dec 19 Expiry

• GOOG trades at $305.97, down 1.08% with a short-term bearish trend but long-term bullish bias.
• Call open interest dominates near $320 strike, while puts cluster at $290—hinting at a potential price battleground.
• Block trades in older call options and recent news on renewable energy deals add layers to the trade narrative.

Here’s the core insight: options market sentiment leans bullish despite today’s dip, with key strike levels and technicals pointing to a possible rebound. Let’s break down why this could be a setup for traders to act on.

Where Bulls and Bears Are Betting: OTM Options and Block Trade Clues

The options chain tells a story of cautious optimism. For this Friday’s expiry (Dec 19), call open interest peaks at $320 (OI: 14,301) and $315 (OI: 9,126), while puts cluster at $290 (OI: 7,774) and $285 (OI: 6,742). This suggests a tug-of-war: bulls are hedging for a rebound near $315–$320, while bears are bracing for a drop toward $285. The put/call ratio of 0.73 (calls > puts) reinforces the bullish tilt.

Block trades add intrigue. A recent 800-lot buy of the GOOG20250919C245 call (expiring Sept 19) hints at long-term conviction, but most recent activity focuses on near-term strikes. Think of it like a chess game—traders are setting up positions for both immediate volatility and longer-term moves.

News That Could Tip the Scales: Renewable Energy and Dividend Signals

Alphabet’s recent renewable energy partnerships (Rajasthan solar, TotalEnergies PPA) and a $0.21 quarterly dividend send mixed signals. The green energy deals align with its net-zero goals and could boost long-term investor confidence, but today’s technicals remain bearish. Here’s the catch: bullish fundamentals often clash with short-term volatility. If the stock tests support near $285 (Bollinger Band level), these news-driven tailwinds might help it rebound—assuming volume holds up.

Actionable Trade Ideas: Calls, Puts, and Price Levels to Watch

For options traders, the GOOG20251219C320 call (Dec 19 expiry) stands out. If GOOG breaks above its 30-day moving average ($301.75) and holds the $305.97 level, this strike could act as a catalyst. For a conservative play, consider a bull call spread using the $315 and $320 strikes to cap risk.

On the stock side, here’s a setup: enter long near $305.97 if price holds above the 200-day MA ($210.64). Target $315 first (30D MA + RSI rebound zone), with a stop-loss below $290 (key put cluster). For bears, the GOOG20251219P290 put offers downside protection if the stock gaps below $300.

Volatility on the Horizon: Balancing Risk and Reward

The key takeaway? Alphabet’s options and technicals are in a holding pattern, with bulls quietly stacking up near $320 and bears eyeing $285. The renewable energy news and dividend add a floor to the downside, but today’s intraday drop suggests short-term profit-taking. Traders should watch the Dec 19 expiry closely—those call-heavy positions could force a rebound or, if failed, accelerate the slide. Either way, the stage is set for a directional move.