Alphabet (GOOG) Options Signal Bullish Bias: Key Strike Levels and Trade Setups for Q1 2026

• Record $70.5B Q4 revenue and a $10B share buyback signal aggressive growth and shareholder returns.
• Call open interest dominates at $320–$327.5 strikes, while puts cluster at $300–$305, hinting at a bullish options battle.
• Block trades in deep-in-the-money calls (e.g., GOOG20250919C235) suggest institutional positioning for a sustained rally.

Here’s the core insight: GOOG’s options activity and technicals align for a bullish bias, but the EU antitrust lawsuit adds a wildcard. Let’s break it down.Bullish Options Pressure and Whale Moves

The options market is clearly leaning long. This Friday’s call open interest peaks at $320 (OI: 15,429) and $322.5 (OI: 13,897), while next Friday’s calls stretch to $330 (OI: 1,676). These strikes act like invisible magnets—price could snap to them if buyers step in. Conversely, puts at $305 (OI: 3,277) and $300 (OI: 2,592) offer a safety net, but the 0.75 put/call ratio (call dominance) suggests most money is betting on higher prices.

Block trades add intrigue. The GOOG20250919C235 call (800 contracts traded) and GOOG20251003C250 (another 800 contracts) hint at big players locking in gains or hedging long-term positions. These strikes are far below current price, so they likely represent legacy positions—still, their activity shows confidence in GOOG’s durability.

News-Driven Momentum: Fuel or Frenzy?

Alphabet’s recent news is a rocket boost. The $70.5B revenue beat, Google Cloud’s Microsoft partnership, and $10B buyback all scream "growth machine." The AI-powered search feature and data center expansion could turbocharge margins, especially with cloud now contributing 22% of revenue. Retail and institutional investors are already piling in—$3.5B in new capital post-earnings.

But the EU antitrust lawsuit is a speed bump. While it could take years to resolve, the threat of fines and algorithm changes might pressure shares if sentiment shifts. For now, though, the market seems to dismiss this as a distant risk—options buyers aren’t pricing it in yet.

Actionable Trade Setups: Calls, Stock, and a Hedge

1. Options Play: Buy GOOG20260102C320 (this Friday’s $320 call). With the stock trading at $314.94, this strike is just 1.6% out of the money. If GOOG holds above its 30D support at $314.30, the call could gain 10–15% by expiration. For a longer-term bet, GOOG20260109C330 (next Friday’s $330 call) offers leverage if the rally accelerates.

1. Stock Play: Consider entry near $314.30 (30D support) with a target at $325 (upper Bollinger Band at $325.30). A break above $317.7 (intraday high) would confirm bullish momentum. Stop-loss below $313.25 (intraday low) to protect against a reversal.

1. Hedge: Buy GOOG20260102P305 (this Friday’s $305 put) for downside protection. With a 4.3% buffer below current price, it’s a cheap insurance policy against the EU lawsuit or broader market jitters.

Bullish Trends Ahead: Positioning for Q1 Gains

Alphabet’s technicals, options flow, and news all point to a stock primed for a breakout. The key is managing risk—use puts to guard against the EU lawsuit and keep a tight stop on stock positions. If the $320–$325 call strikes attract enough buyers, we could see a short-term parabolic move. But don’t ignore the puts at $300–$305; they’re a reminder that no rally is immune to volatility. For now, the data says: buy the dip, sell the fear—but stay nimble.