Alphabet Inc (NASDAQ:GOOGL) stock has been steadily climbing since its early-April lows, recently getting a boost from an upbeat second-quarter earnings report. At last check, the Big Tech giant was trading flat at $201.14, just a chip-shot away from its Feb. 4 record high of $207.05. Since the start of the year, the shares are up 6.3%.
Options traders have been targeting the equity as it moves closer to that peak. GOOGL landed on Senior Quantitative Analyst Rocky White's list of equities with the highest options volume over the past two weeks. In the last 10 sessions, the stock has seen 3,636,530 calls and 1,355,104 puts exchanged.
The most popular contract during this time frame was the weekly 8/8 200-strike call, followed by the weekly 8/1 195-strike call. Options traders are still leaning optimistic today, too, with 274,000 calls exchanged so far in comparison to 109,000 puts. The contract drawing the most volume now is the August 202.50 call, where new positions are being bought to open.
These options are reasonably priced at the moment, too. GOOGL's Schaeffer's Volatility Index (SVI) of 30% ranks in the low 19th percentile of its annual range, meaning options traders are pricing in low volatility expectations.
