GOOGL Options Chain

Type	Strike	Last	52wk High	52wk Low	Open Interest
CALL	$440.00	$7.50	$24.00	$0.78	2,307
CALL	$445.00	$8.00	$20.77	$0.71	526
CALL	$450.00	$6.30	$20.85	$0.72	1,345
CALL	$455.00	$5.80	$18.00	$0.70	213
CALL	$460.00	$5.50	$16.45	$0.62	758
PUT	$280.00	$3.20	$57.32	$2.27	11,260
PUT	$275.00	$2.70	$26.50	$2.00	3,718
PUT	$270.00	$2.41	$66.81	$1.82	5,908
PUT	$265.00	$2.10	$21.63	$1.76	1,454
PUT	$260.00	$1.79	$72.05	$1.46	4,000

Type	Strike	Last	52wk High	52wk Low	Open Interest
CALL	$440.00	$16.50	$34.10	$2.68	705
CALL	$445.00	$15.50	$34.15	$2.69	501
CALL	$450.00	$14.70	$32.20	$2.22	1,768
CALL	$455.00	$14.86	$29.45	$2.02	562
CALL	$460.00	$13.26	$28.60	$1.86	586
PUT	$280.00	$7.40	$57.00	$5.30	2,500
PUT	$275.00	$6.35	$11.37	$5.10	84
PUT	$270.00	$5.66	$50.50	$4.39	3,754
PUT	$265.00	$5.20	$46.25	$3.99	1,493
PUT	$260.00	$4.25	$77.85	$3.54	1,849

Type	Strike	Last	52wk High	52wk Low	Open Interest
CALL	$440.00	$19.32	$39.55	$3.20	3,087
CALL	$445.00	$18.52	$36.51	$3.35	469
CALL	$450.00	$16.90	$36.50	$2.80	9,321
CALL	$455.00	$15.61	$33.33	$2.62	863
CALL	$460.00	$14.95	$31.69	$2.46	631
PUT	$280.00	$7.90	$40.48	$5.85	8,185
PUT	$275.00	$7.24	$66.87	$5.47	3,075
PUT	$270.00	$6.25	$33.75	$4.86	3,495
PUT	$265.00	$5.40	$82.80	$4.47	7,112
PUT	$260.00	$5.20	$72.70	$4.25	4,221

Type	Strike	Last	52wk High	52wk Low	Open Interest
CALL	$440.00	$52.92	$72.50	$18.60	3,463
CALL	$445.00	$61.35	$70.81	$20.60	464
CALL	$450.00	$48.15	$71.50	$16.29	4,263
CALL	$455.00	$49.55	$67.02	$26.64	48
CALL	$460.00	$46.60	$65.00	$18.20	42
PUT	$280.00	$22.00	$59.27	$17.99	686
PUT	$275.00	$18.85	$50.47	$17.38	663
PUT	$270.00	$20.00	$48.02	$16.20	3,558
PUT	$265.00	$15.95	$44.80	$15.60	293
PUT	$260.00	$16.31	$48.52	$14.00	1,228

AI Commentary

Generated 2026-06-02 22:57 UTC · google/gemma-4-26B-A4B-it

GOOGL Derivatives Strategy Report: June 2026 Outlook

1. Best Collar Combinations

The following combinations optimize the trade-off between protection depth and capital outlay. Given the spot price of $361.85, these collars focus on long-dated structural protection.

Expiry	Put Strike	Call Strike	Net Cost	Scenario
2026-09-18	$280	$460	$2.30 debit	Low-Cost Floor: Minimal drag on upside; protects against a ~23% drawdown.
2027-01-15	$280	$460	$7.05 debit	Structural Hedge: Long-term protection for multi-year volatility/regime shifts.
2027-01-15	$270	$450	$9.00 debit	Aggressive Defense: Deep OTM protection with higher premium for a wider safety net.

2. OI Hot Spots & Gamma Exposure

Put Concentration (The Floor): Massive Open Interest is clustering at the $280 Put across multiple expiries (11,260 in Sept '26; 8,185 in Jan '27). This suggests a significant "psychological floor." Market makers short these puts will likely need to hedge aggressively (sell underlying) if GOOGL approaches this level, potentially accelerating downward moves.
Call Concentration (The Ceiling): The $450 Call is a major magnet for Jan '27 (9,321 OI) and Jan '28 (4,263 OI). This creates a significant gamma wall. As spot approaches $450, expect heavy dealer selling to hedge, which could lead to "pinning" or significant resistance near this strike.

3. 52-Week Range Context

Cheap Tail Risk: Almost all OTM Put premiums (specifically the $260–$280 strikes) are trading at the extreme low end of their 52-week price ranges (0%–6%). This indicates that the market is currently underpricing tail risk for 2026/2027, making long-dated protection relatively inexpensive on a volatility basis.
Expensive Upside: The 2028 $445 Calls are trading at 81% of their 52-week range, suggesting that long-term bullish convexity is being priced at a premium. Investors should favor collars that sell these expensive calls to fund cheaper put protection.

4. Actionable Trade Idea: The "Structural Protector"

Strategy: Long-dated Protective Collar * Strikes/Expiry: Buy 2027-01-15 $280 Put / Sell 2027-01-15 $460 Call * Net Cost: $7.05 per share ($705 per contract) * Max Loss: $82.80 per share (Spot $361.85 - Put $280 + Net Debit $7.05) * Max Profit: $91.10 per share (Call $460 - Spot $361.85 - Net Debit $7.05) * Rationale: This trade exploits the relatively "cheap" implied volatility of the $280 puts compared to the historical range, while utilizing the high OI/premium of the $460 calls to subsidize the hedge. It provides a defined floor for a long-term core position.

Costless Collar Matrix — $300 Floor

Spot $361.85 Floor $300.00 (-17.1% vs spot) 52wk High $408.61 52wk Low $162.00 Generated 2026-06-02 22:57 UTC

Collar structure: Buy put @ floor strike + sell call @ cap strike. For each expiry the call is solved as the OTM strike whose bid is closest to the put ask (net cost ≈ 0). Net cost = put ask − call bid. Credit = you receive cash. Debit = you pay.

Expiry	Put Strike	Put Ask	Call Strike (Cap)	Call Bid	Net Cost
2026-09-18 108d	$300.00 -17.1% vs spot	$5.70 bid $5.15 \| OI 5,168	$455.00 +25.7% vs spot	$5.55	$0.15 debit
2026-12-18 199d	$300.00 -17.1% vs spot	$11.85 bid $11.10 \| OI 4,910	$465.00 +28.5% vs spot	$11.65	$0.20 debit
2027-01-15 227d	$300.00 -17.1% vs spot	$13.00 bid $12.25 \| OI 9,145	$470.00 +29.9% vs spot	$13.05	$0.05 credit
2028-01-21 598d	$300.00 -17.1% vs spot	$30.00 bid $28.80 \| OI 3,666	$525.00 +45.1% vs spot	$30.05	$0.05 credit