Alphabet (GOOGL) Options Signal Bullish Bias: Key Strikes and Block Trades Point to Strategic Entry Zones

• Current price: $309.83 (down 0.83% from $312.43)
• Call open interest dominates next Friday’s chain, with 24,309 contracts at $335
• Block trades reveal $1.35M bought in 1,000 GOOGL20251219C260 calls

Here’s the takeaway: options market sentiment and technicals align for a bullish bias, but short-term volatility remains. Let’s break down why GOOGL could test $330 by Friday—or why a pullback to $290 might offer a better entry.

Bullish Pressure in Options, But Caution at Key Levels

The options chain tells a story of cautious optimism. For next Friday’s expiration, GOOGL20251219C335 (335 call) leads with 24,309 open contracts, followed by GOOGL20251219C330 (19,562 OI). This suggests traders are pricing in a potential $330+ move—especially with the stock currently hovering near its 30-day support level of $284. But don’t ignore the puts: GOOGL20251219P290 (20,176 OI) acts as a shadow warning. If the stock dips below $310, that strike could become a magnet for panic selling.

Block trades add intrigue. A $1.35M purchase of GOOGL20251219C260 calls (strike $260) signals confidence in a rebound from current levels. Meanwhile, a $720K buy of GOOGL20260320P235 puts (March 2026 expiration) hints at long-term bearish positioning. The takeaway? Big players are hedging for both near-term rallies and potential 2026 corrections.

News Flow: AI Wins Outweigh Ad Woes

Alphabet’s recent headlines are a mixed bag. The Q4 revenue forecast (12% growth) and AI-powered search tool are tailwinds—these justify the call-heavy options activity. But the 4% ad revenue slowdown in Q3 and EU AI regulation reshuffling add friction. Retail investors might overreact to the ad news, creating short-term buying opportunities if the stock dips to $307 (middle Bollinger Band). However, the $2.5B SynthMind acquisition and $25B buyback program are structural positives that could outweigh near-term noise.

Actionable Trades: Calls for Aggressives, Puts for Cautious

For options traders:

• Bullish play: Buy GOOGL20251219C330 (330 call) if GOOGL breaks above $314.85 (intraday high). Target $330 by Friday.
• Bearish hedge: Sell GOOGL20251219P290 (290 put) if the stock dips below $309.80. Use $290 as a stop-loss.

For stock traders:

• Entry near $307.05 (middle Bollinger Band) if support holds. Target $330 (call-heavy zone).
• Bear put spread: Buy GOOGL20251219P290 and sell GOOGL20251219P300 if the stock tests $300. Caps risk at $10/share.

Volatility on the Horizon

The next 72 hours will test GOOGL’s resolve. A close above $314.85 could trigger a rally toward $330, fueled by call buying and AI-driven earnings optimism. But a breakdown below $307.05 (middle Bollinger) might force institutional buyers to step in, given the 30-day support at $284. Either way, options activity and block trades suggest a high-probability directional move—just pick your side before Friday’s expiry.