78% of Alphabet Options Premium Is in Calls as Chart Stays Bearish

By Olivia Hart

GTA Terminal’s latest options scan found that calls held 78% of the options premium on Alphabet Inc. Class A (BATS:GOOGL), even as GOOGL rose about 2.3% on Monday to near 291. The source said the stock had bounced off oversold levels but remained well below all four major moving averages. The combination left bullish options positioning at odds with a bearish daily chart.

What does the options flow show?

GTA Terminal’s scan found 78% of premium in calls and 22% in puts, with 13 unusual contracts. The source described the tension plainly: “A call-heavy lean against a bearish chart.”

The scan did not identify the strikes, expiration dates, premium values, or trade direction behind those 13 contracts. Without that detail, the data show the call-put allocation, not whether traders were opening bullish positions or closing them.

In plain terms, options money leaned upward, but the scan did not establish a confirmed bullish signal.

Does the chart confirm the call-heavy flow?

GTA Terminal’s daily technical snapshot placed GOOGL below all four major simple moving averages:

• 20-day SMA: 314.37
• 50-day SMA: 331.82
• 100-day SMA: 340.80
• 200-day SMA: 339.33

At a price near 291, GOOGL was below even the closest of those averages, the 20-day at 314.37. The 20-day average was falling and sat below the longer averages, which GTA Terminal described as a downtrend structure. The source therefore did not treat Monday’s rebound as a reversal.

In plain terms, the Monday bounce had not repaired the chart’s broader trend.

Where does price sit within its range?

GTA Terminal said GOOGL closed at 284.78 on Nov. 6; the Monday high so far was 296.33, just 0.16 points below the Nov. 4 high of 296.49. Its 20-day range ran from 276.92 to 359.40, while the 52-week low was 270.70, about 7% below price.

The 14-day RSI stood near 35, up from oversold readings in the previous week. GTA Terminal also said no completed reversal pattern had formed.

In plain terms, Alphabet was still near the lower end of its recent range without a confirmed reversal.

What does dark-pool activity add?

GTA Terminal recorded 12,334,444 shares of off-exchange, or dark-pool, activity on Nov. 6. That volume was about 0.9 times the 20-session normal, or roughly 10% below that benchmark. The source said it was not heavy enough to determine direction.

The source supplied no timestamp for the latest options scan, so the call split cannot be tied precisely to the Nov. 6 dark-pool session. Nor did it provide a buyer-seller breakdown that might strengthen the options signal.

In plain terms, off-exchange trading did not supply a second, independent vote on direction.

Which levels could settle the debate?

GTA Terminal identified four decision levels:

• 296.49: Nov. 4 high and first resistance.
• 314.37: 20-day SMA and resistance.
• 276.92: 20-day low and support.
• 270.70: 52-week low and invalidation.

The source was watching whether GOOGL could clear 296.49 and work back toward the 20-day SMA at 314.37. GTA Terminal said that path would align the chart with the call-heavy flow. It warned: “A close back under 276.92 keeps the downtrend in charge, and losing 270.70 would break the bounce read.”

In plain terms, clearing first resistance would improve the chart’s alignment with the calls, while a close below support would preserve the bearish case.

The immediate test is therefore price, not the options split alone. A move through 296.49 would put GOOGL on the source’s path toward 314.37 and improve the chart’s alignment with the 78% call premium.

A close below 276.92 would keep the downtrend in charge; losing 270.70 would undermine the bounce. Until one of those paths develops, the call-heavy flow shows positioning, not a confirmed reversal.