Stock price
$340.52
-0.99% today
Strike
$315
at the July low
Expiry
Oct 30, 2026
32 days
Credit (mid)
$442.50
$4.425/share
Breakeven
$310.58
8.79% below
Annualized
16.02%
1.40% in 32 days
The trade in one look
Sell to open one $GOOGL Oct 30, 2026 $315 put (GOOGL261030P00315000) for about $4.425 ($442.50 per contract). It reserves $31,500 of cash. Breakeven is $310.58, 8.79% below $340.52. The idea dies on a close below the $314.90 July low, the floor this strike leans on.
The setup in 30 seconds
Alphabet ($GOOGL) owns Google Search, YouTube and Google Cloud. In the June quarter, revenue grew 24% to $119.8 billion, and Cloud revenue jumped 82% to $24.8 billion.
The stock peaked at $408.61 on May 18 and now trades 16.7% lower. It has gone sideways for a month. Friday's $343.92 close sat almost exactly on its 20-, 50- and 200-day averages, and it trades at $340.52 this morning.
The $315 strike sits right on the July 23 low of $314.90, the last time sellers ran out of steam. The catch: Alphabet's third-quarter report will very likely land before this put expires.
What is a cash-secured put?
You sell someone the right to sell you 100 shares at the strike, and you get paid up front. You keep the cash aside to buy those shares. If the price stays above the strike, you keep the premium. If it falls below, you buy the shares at the strike, and your real cost is the strike minus the premium.
The trade
| Item | Value |
|---|---|
| Contract | Sell to open $GOOGL Oct 30, 2026 $315 put (GOOGL261030P00315000) |
| Days to expiry | 32 |
| Delta | 0.21 |
| Bid / ask / mid | $4.35 / $4.50 / $4.425 |
| Limit range | $4.40 to $4.45, limit orders only |
| Cash reserved | $31,500 per contract |
| Breakeven | $310.58 (8.79% below $340.52) |
| Max return | $442.50 per contract = 1.40% in 32 days (16.02% annualized) |
| Max loss | $31,057.50 per contract if $GOOGL went to zero |
| Liquidity | Open interest 870; spread 3.39% of mid |
Snapshot: Sept. 28, 2026, 11:34 a.m. ET, Cboe delayed quotes (delta and implied volatility from Cboe). Rebuild the quote in your broker before acting on any of it.
Why this stock, why now
Technicals. RSI(14) is 49.7, dead neutral. Friday's $343.92 close sat between the 20-day average ($342.17), the 50-day ($344.29) and the 200-day ($338.21), all within 2% of each other. Volume ran at 0.81× its 20-day average. In plain terms: the stock is coiled and quiet, not falling apart.
Valuation. $GOOGL trades near 25.6× forward earnings, against about 26.1× for $MSFT and 23.3× for $META (stockanalysis.com). The trailing multiple looks lower only because June-quarter profit included a $98.0 billion gain on equity holdings. In plain terms: you are not paying a big premium versus its mega-cap peers.
Income. The put's implied volatility is 35.8%, and Cboe's 30-day IV is 34.2%. The stock actually moved 34.9% annualized over 60 days and 27.4% over the last 20. In plain terms: the premium is fair, not rich, and it already prices in some earnings risk.
Calendar. Alphabet has not confirmed its Q3 date. Last year it reported on Oct. 29, and estimates range from Oct. 27–28 to Nov. 4. The next $0.22 dividend should go ex in December, after expiry. This week brings JOLTS (Sept. 29), PCE inflation (Sept. 30), ISM manufacturing (Oct. 1) and the jobs report (Oct. 2). Ad-tech remedy filings are due Oct. 2. In plain terms: plan on earnings landing inside this trade.
Earnings-aware setup
Alphabet will most likely report around Oct. 27–29, before this put expires on Oct. 30. That is why the strike sits at the bottom of the delta band (0.21). An earnings gap can move $GOOGL 5–10% overnight. If you do not want to hold through the report, plan to close before it.
The exit plan
- Take profit: buy the put back near $2.21, about 50% of the $4.425 credit.
- Time exit: close or roll at 14 to 21 days to expiry, around Oct 9 to Oct 16, whatever the profit, and before the earnings date.
- Roll trigger: a close below $328, the September low area, means roll down and out for a credit or close.
- If assigned: you own 100 shares at a $310.58 net cost and can sell covered calls above that price.
What invalidates the idea
A close below the $314.90 July low would break the floor this strike leans on. A weak Cloud or ad number in late October, or a harsher ad-tech ruling, would also change the trade.
What could go wrong
- Earnings gap: the Q3 report very likely lands before Oct. 30. A miss on Cloud growth or spending plans can push the stock through an 8.79% cushion in one session.
- Trend risk: $GOOGL is 16.7% off its May high and sits right on its 200-day average. A clean break below $338 would turn a sideways chart into a downtrend.
- Legal headlines: the ad-tech remedy filings are due Oct. 2 and Alphabet plans to appeal. Court news can hit the stock without warning.
Beginner corner
Delta 0.21 is the market's rough guess, not a promise, that this put ends in the money. The July low is support, not a guarantee. Only sell this put if owning $31,500 of Alphabet would feel fine, and remember that earnings can move the stock more than a normal week.
This fits someone who would happily own Alphabet at a net $310.58 and accepts holding through earnings. Skip it if an overnight 10% gap would push you to sell.
Sources
- [1]GOOGL delayed option quotes (Oct 30, 2026 puts, IV30) — Cboe · Accessed 2026-09-28 · Tier 1
- [2]GOOGL daily price history — Yahoo Finance · Accessed 2026-09-28 · Tier 3
- [3]Alphabet Announces Second Quarter 2026 Results (Exhibit 99.1) — SEC EDGAR / Alphabet · Accessed 2026-09-28 · Tier 1
- [4]GOOGL statistics (forward P/E, earnings date estimate) — StockAnalysis · Accessed 2026-09-28 · Tier 3
- [5]MSFT statistics (forward P/E) — StockAnalysis · Accessed 2026-09-28 · Tier 3
- [6]META statistics (forward P/E) — StockAnalysis · Accessed 2026-09-28 · Tier 3
- [7]GOOGL dividend history — StockAnalysis · Accessed 2026-09-28 · Tier 3
- [8]GOOGL earnings date (Zacks estimate) — Nasdaq · Accessed 2026-09-28 · Tier 2
- [9]Judge Brinkema's remedies decision in the Google ad tech antitrust case — AdExchanger · Accessed 2026-09-28 · Tier 2
- [10]Employment Situation release schedule — U.S. Bureau of Labor Statistics · Accessed 2026-09-28 · Tier 1
- [11]JOLTS release schedule — U.S. Bureau of Labor Statistics · Accessed 2026-09-28 · Tier 1
This content is for informational and educational purposes only and is not financial advice. Options involve risk and are not suitable for every investor. Do your own research before trading.
