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Why GOOG Is an Excellent Covered Call Candidate Right Now Strong · 78/100
Alphabet Inc Class C (Communication Services) · $356.65 ·
Analysis generated Jul 31, 2026 ·
Data as of market close Jul 31
Quick Take
GOOG is trading at $356.65 with RSI at 55 (neutral territory). Options IV is at 33% — 41% below its 30-day average of 56%. Neither RSI nor IV strongly favor selling calls right now. Consider waiting for better conditions or using a different strategy.
Technical Signals
RSI (14)
55
IV Today
33.0%
IV vs 30d Avg
-41%
MACD
bullish
ADX
13
MFI
50
The Setup
GOOG Covered Call
LONG STOCK
100 shares @ $356.65
SHORT CALL
$385 Sep '26 · $7.5/sh
Net Cost
$34,915
Max Profit
+$3,585
Break-even
$349.15
Projected P&L at Target
+$3,585
(10.3%)
P&L at Expiry
P&L Scenarios
What happens at different GOOG prices by expiry:
| GOOG Price | Today | Aug 17 | Sep 2 | Sep 18 (exp) |
|---|---|---|---|---|
| $285 (-20%) | -$6,398 | -$6,385 | -$6,383 | -$6,383 |
| $303 (-15%) | -$4,656 | -$4,614 | -$4,600 | -$4,600 |
| $321 (-10%) | -$2,985 | -$2,880 | -$2,822 | -$2,816 |
| $339 (-5%) | -$1,444 | -$1,245 | -$1,080 | -$1,033 |
| $350 (-2%) | -$610 | -$348 | -$88 | +$37 |
| $357 (0%) ← now | -$100 | +$202 | +$531 | +$750 |
| $364 (+2%) | +$371 | +$707 | +$1,101 | +$1,463 |
| $374 (+5%) | +$1,000 | +$1,375 | +$1,844 | +$2,533 |
| $385 (+8%) ← target | +$1,525 | +$1,919 | +$2,421 | +$3,585 |
| $392 (+10%) | +$1,837 | +$2,232 | +$2,731 | +$3,585 |
| $410 (+15%) | +$2,431 | +$2,793 | +$3,211 | +$3,585 |
| $428 (+20%) | +$2,822 | +$3,121 | +$3,416 | +$3,585 |
Why This Strategy, Why Now
- RSI at 55 — neutral-bullish
- IV -41% vs avg — premiums below average, less income
- MACD bullish — stock has upward momentum
- ADX at 13 — range-bound, perfect for selling calls
- No squeeze — no imminent breakout
Key Risks
GOOG has bullish momentum (MACD). If a positive catalyst emerges (earnings beat, product launch), the stock could gap past your strike. Consider rolling the call up if GOOG approaches the strike before expiry.