OPTIONS FLOW$GOOGLAlphabet Inc.Open ticker analysis →
A 3-leg, $13.62M options structure landed in $GOOGL on Tuesday, built around the $350 to $380 strikes. The legs lean bearish: the bought side profits as Alphabet falls, and the sold side helps pay for it.
What happened
The legs printed together in the final half hour, around 3:45 p.m. ET on Tuesday, October 20, with $GOOGL near $339.07, for $13.62M in combined premium across 8,499 contracts.
Trading the legs as one ticket locks in the price of the whole structure at once, which is how professional desks usually put on spreads.
Netting the legs, the trader paid about $102K to put the position on. The sold legs mean the risk does not stop at that debit if the stock moves hard against them.
- GOOGL Feb 19, 2027 $350 Call: 2,833 contracts at $24.21 (bought)
- GOOGL Nov 20 $350 Call: 2,833 contracts at $10.42 (sold)
- GOOGL Feb 19, 2027 $380 Call: 2,833 contracts at $13.43 (sold)
Why it matters
Multi-leg trades shape risk on purpose: some legs pay for others, and the payoff depends on where the stock finishes relative to each strike.
Net of all legs, the structure behaves like being short roughly 70,900 shares of GOOGL, about $24.06M of stock exposure.
The strikes run from $350.00 (3.2% above the stock) to $380.00 (12.1% above the stock), so the trade is built around a zone rather than a single target.
With 31 days until Nov 20, the trade has a few weeks to be right, enough room for a catalyst but not much for waiting. Implied volatility sat near 35%, a middle-of-the-road price for movement.
Over the last 12 sessions $GOOGL has traded between $338.36 and $359.40 and is down 0.9% over that stretch. The stock came into this trade near the bottom of that range.
The numbers
| Structure | Multi-leg options trade (3 legs) |
|---|---|
| Lean | Bearish |
| Expirations | Nov 20 and Feb 19, 2027 (nearest in 31 days) |
| Strikes | $350, $380 |
| Contracts | 8,499 |
| Total premium | $13.62M |
| Net cost | $102K debit |
| Stock at the trade | $339.07 |
Three ways this could play out
Bullish continuation
A move through $380.00 puts $GOOGL above every strike. For a structure leaning bearish, that is the worst case.
Bearish rejection
A drop under $350.00 takes $GOOGL below every strike. That is where this bearish structure pays the most.
Neutral stabilization
If $GOOGL settles between $350.00 and $380.00 into Nov 20 and Feb 19, 2027, time decay and the final price decide who wins, which is exactly what spreads are built to control.
What to watch next
- $350.00 and $380.00: the outer strikes that define this trade.
- Open interest on each leg in the next session, to confirm the structure was opened rather than closed.
- Nov 20 and Feb 19, 2027: expiration, 31 days out for the nearest leg, when the structure resolves.
- Follow-on spreads at nearby strikes, which would show a desk building a larger position.
- $338.36 and $359.40: the edges of GOOGL’s recent trading range.
