Alphabet (GOOGL) Options Signal Bullish Bias: Key Strike Levels and Trade Setups for Jan 23, 2026

• Current Price Action: GOOGL trades at $328.56, down 0.6% from its intraday high of $333.69. Volume is robust at 12.1M shares.
• Options Imbalance: Call open interest dominates at strikes like $335–$345, while deep puts at $260 hint at downside hedging.
• News Catalysts: AI advancements, cloud growth, and a $4T market cap milestone fuel optimism, but insider selling adds caution.

Here’s the core insight: The options market is pricing in a bullish bias with heavy call buying above $335, but deep puts at $260 suggest institutional players are bracing for volatility. Technicals align with a short-term rebound, but risks linger below $313 support. Let’s break it down.Bullish Calls vs. Deep Puts: What the Options Are Saying

The call open interest (OI) at $335–$345 is massive, with 10,273 contracts at $335 (this Friday’s expiry). This suggests traders expect a rally to test the upper Bollinger Band at $339.59. Meanwhile, the $260 put OI (10,875 contracts) is a deep OTM strike—over 8% below current price—which points to hedging activity or speculative bets on a rare selloff.

But here’s the twist: The block trade of 500 GOOGL20260320P300 puts (March expiry) adds intrigue. Buying puts at $300 implies a bearish outlook for mid-February, possibly tied to Q4 earnings risks. Yet the overall put/call ratio of 0.85 (calls > puts) still favors bulls.

News Flow: AI and Cloud Fuel Optimism, But Insiders Are Cautious

Alphabet’s Gemini AI integration and Google Cloud’s 34% YoY growth are clear tailwinds. Analysts are bullish, with a median price target of $336.50. But insiders sold $108.6M in shares over six months—a red flag for some. However, institutional buying (UBS added $7.6B in Q3) and a $4T valuation suggest the fundamentals are solid.

The key question: Will the market dismiss insider selling as personal financial moves or see it as a bearish signal? For now, the news and options data are in sync—AI/cloud momentum is the dominant theme.

Actionable Trade Ideas: Calls for the Rally, Puts for Protection

1. Options Play: Buy GOOGL20260130C335 (340-strike call expiring Jan 30) if price breaks above $333.50. The RSI at 67.6 suggests overbought territory, but the 30D MA at $318 and bullish Kline pattern support a push toward $340. Target: $345–$350.
2. Stock Entry: Consider buying GOOGL near $313.20 (30D support) if it holds. Stop-loss below $310 would validate a breakdown. Target: $339.59 (upper Bollinger Band).
3. Hedging Play: Buy GOOGL20260320P300 (March 20 put) for downside insurance. This is a speculative bet but aligns with the block trade’s sentiment.

Volatility on the Horizon: Balancing Bullish Momentum and Risks

The next 72 hours will test GOOGL’s resolve. A close above $333.50 could trigger call buyers to push toward $340, while a drop below $322.59 (middle Bollinger Band) might invite profit-taking. The March 2026 puts hint at longer-term caution, but for now, the technicals and options flow favor a bullish bias.

Bottom line: This is a stock primed for a rebound, but don’t ignore the deep puts. If you’re in, hedge with the $300 March puts. If you’re on the sidelines, a pullback to $313 could be your entry. Either way, the AI/cloud story isn’t done yet.