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NVDA

NVIDIA CorporationClose $224.36EOD only

Max Pain

$215.00

Next expiry Jun 3, 2026

Expected Move

±$6.70

3.0% from close

Price Gap

-9.36

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.81

Slightly call-heavy

Consensus

9.0/10

Bullish tilt

Published snapshot: Jun 1, 2026 close

End-of-day snapshot

This page reflects NVDA options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Jun 1, 2026 close

NVDA Directional Report

Analysis based on market close April 15, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 15, 2026. A newer directional report is available for May 26, 2026.

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Outlook

Neutral-to-bullish with an upside magnet toward $200 driven by heavy call GEX and +$957.6M net premium bullish flow; confidence base 8.0/10. Strong signals: concentrated GEX at $200 (+$222.3M) and heavy call premium at $200/$195/$185; supporting market strength in QQQ/XLK. Conflict: large same-day put blocks on 4/15 introduce short-term ambiguity and mean-reversion risk to near-term MP $190 if those prints represent buy-to-close or directional buying of protection.

Confidence:

8 / 10

Base score 5.0 + adjustments: +2.0 (GEX/flow alignment) +1.0 (GEX positive/pinning) -0.5 (spot distance to near-term MP) +0.5 (VIX level) = 8.0; adjustments documented to show additive logic.

Supports: Large NTM call OI/premium at $200/$195 (OI clusters, top-premium strikes) + GEX pinning at $200 and net bullish premium.
Conflicts: Substantial 4/15 put prints (see flow) create short-dated bid for protection or could be structured sell activity; ambiguity reduces conviction on pure short-week sellers.

📌Pin magnet at $200: +$222.3M GEX concentration and heavy call premium concentrate dealer hedging near $200.

📈Bullish flow: Net premium +$957.6M and P/C vol 0.45 reinforce skew toward buys of calls vs puts across expiries.

⚠️Short-dated IV very low (2d ATM 31.3% vs avg IV 47.6%) creating opportunity for sellers into the pin if market remains calm.

Regime Classification

Vol Regime

Normal

Vol classified Normal; short-dated IV compressed (2d ATM 31.3%, 9d 33.0%) while 37d+ term shows elevated IV into May (37d ATM 42.1%) — means short-weekly premium sale is attractive but longer tails priced richer.

Gamma Regime

Pinning

Pinning: concentrated positive GEX around $195-$200 forces dealers to hedge delta heavily and creates a magnet; matters because small moves toward strikes induce large dealer flows and reduced realized moves near pin.

Flow Regime

Bullish

Bullish: Net premium +$957.6M and low P/C ratio (0.45) show directional buying of calls; favors selling premium against skewed call demand or buying upside convexity financed by puts.

Spot vs Max Pain

Above

Spot Above MP: current spot $198.87 is above near-term MPs ($190/$180), suggesting dealers prefer pinning toward $190-$200; upside constrained near $200 but overall bias is constructive unless spot re-enters MP trend downward.

Thesis duration: Multi-week — Pinning and GEX concentrations persist across weekly expirations ($195/$200 appear in multiple expiries) and bullish net premium is sustained; prefer 30-45 DTE for base positions with weeklies for tactical overlays.

Price Range Forecast

Next 2 days

$194.35$203.38

Dealer hedging around $197.5-$200 will slow large moves; breakout above $203.38 requires clearing $200 resistance and GEX unwind.

Next 1 week

$193.10$204.64

Sustained push above $204.64 needs strong flow reversal; failure into $193.10 risks reversion to MP $190.

Next 2 weeks

$187.37$210.37

Break above $210.37 requires unwind of large call OI at $200 and sustained net-buying; push below $187.37 will flip dealer hedging toward gamma flip ~$140 over time.

Key Levels

Max pain pins: $190 (2026-04-15); $180 (2026-04-17); $190 (2026-04-20)

EM guardrails: 2d $194.35/$203.38; 1w $193.10/$204.64

Support: $190.00 · $187.37

Resistance: $200.00 · $210.37

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 82,750 (29.6% below spot)

Structural: Distant structural put floor at $140 long-term protective layer; clearing below $150-$140 opens acceleration and sustained downside.

Dealer Positioning (GEX/DEX)

GEX: $+1.1B

DEX: +468.2M shares

Gamma flip: ~$140 (Approx — based on put OI concentration of 82,750 (29.6% below spot))

NTM gamma: NTM gamma concentrated at $200 (+$222.3M) and $195/$197.5 (~$115.5M/$89.2M) driving a tight pin band; as spot moves +2% (~$202.85) dealers will sell delta (short calls hedge -> short stock pressure), and if spot moves -2% (~$194.91) dealers will buy stock/delta to hedge calls reducing downside; a move beyond ±3% breaks dealer capacity and accelerates directional moves.

IV Analysis

IV vs VIX: NVDA ATM IV (avg 47.6%) is rich vs VIX 18.17 in absolute terms but short-dated IV is compressed (2d ATM 31.3%) relative to monthly term — favors shorting very near-term vol while respecting higher mid-term IV into May earnings window (37d ATM 42.1%).

Term structure: Front-week IV low (2–9d ~31–33%), rises into 30–45d (35–42%) with a pronounced kink at 37d (2026-05-22) linked to earnings uncertainty and trade desks pricing larger tails into late-May.

Skew: Call-heavy premium at $200/$195 makes put/wing structures cheap; mispriced opportunity: sell short-dated weekly call credit spreads (near $200) while buying 30–45 DTE protection via lower-cost puts (put diagonal/calendar) to capture pin friction.

Flow Analysis

Net premium: Net premium strongly bullish: +$957.6M with P/C volume 0.45 indicating dominant call buying skew; overall flow supports selling short-week call premium near current pin.

Directional prints: 8.9 put 200 ITM 2026-04-15 — NVDA 4/15 $200 put print (Vol 60,687) — could be aggressive buy-to-close or dealer legitimacy; two-sided: if bought protection it's bearish, if sold (block) it's aggressive gamma sell; given heavy call flow, likeliest read is dealer/arb activity (sell-to-open) to monetize compressed weekly IV — preferred read: **sold puts**. 10.3 call 197.5 ITM 2026-04-15 — NVDA 4/15 $197.50 call (Vol 273,286 OI16,420) large ATM call volume—could be buyer-driven or dealer hedge; consistent with bullish flow, preferred read is buyer-initiated call accumulation forcing dealer hedging.

Unusual: 31.2 put 197.5 OTM 2026-04-17 — NVDA 4/17 $197.50 put heavy print (Vol 56,737 OI 2,039) — two interpretations: buys for short-dated hedge vs structured sell into weeklies; given net bullish premium and pinning, reads as dealers/arb selling hedges (put sell) financing call positions. 28.4 call 202.5 OTM 2026-04-20 — NVDA 4/20 $202.50 call block (Vol 16,344 OI 972) — could be directional buyer for breakout; consistent with upside-biased flow, prefer buyer-initiated call accumulation.

Risks & Catalysts

!Pin unwind: concentrated GEX at $200 could flip to accelerated move if large sell flow clears $200 resistance.

!Earnings & event drift: May 20 earnings (35d) inflate 37–45d IV and can repriced options; calendar risk into 5/22 kink.

!Macro shock: QQQ or XLK weakness could quickly remove call demand and push spot toward $190 MP levels.

!IV crush on quiet tape: compressed weeklies may crush, hurting long-dated structures bought against short-week sales.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Call credit spread	Moderate-Strong	Sell 2026-04-17 $200.00/$205.00 call spread Why now: Heavy call OI and GEX at $200 create a pin and compressed weekly IV; selling the 4/17 or 4/24 short call against a slightly higher short leg captures premium while benefiting from theta and potential small mean reversion.	Loss if spot rips above short strike and IV spikes; manage by rolling or buying back into momentum.
Put credit spread	Moderate	Sell 2026-04-17 $190.00/$185.00 put spread Why now: Support at $190 and put OI lower than calls; shorting 4/17–4/24 puts targets central MP and net bullish flow where dealers will buy delta on small declines.	Downside acceleration below $187.37 support over 1–2 weeks; maintain defined risk widths.
Bull call spread	Moderate-Strong	Buy 2026-05-15 $200.00/$210.00 call spread Why now: Front-week IV is cheap while 37d+ is richer; buying 30–45 DTE call spread captures upside with lower theta and avoids buying into the weekly pin friction.	IV climb into late-May or large gap down will hurt; defined-risk limits loss.
Call calendar	Moderate	Sell 2026-04-17 $200.00 call / buy 2026-05-22 $200.00 call Why now: Short-week IV compressed, May ATM IV elevated (37d ATM 42.1%)—sell 4/17 or 4/24 call and buy 5/22 call same strike to collect theta and own convexity into later event risk.	Calendar suffers if spot trends strongly; manage by rolling short leg or converting to diagonal.
Cash-secured put	Moderate	Sell 2026-05-15 $190.00 cash-secured put Why now: Support at $190 and MP clustering around $190–$185 makes $190–$195 attractive for covered entry; premium is high enough on 30–45 DTE to justify capital allocation.	Assignment if NVDA drops below strike; capital committed and opportunity cost vs other deployments.
PMCC / LEAPS diagonal	Conditional	Buy 2026-09-18 $200.00 call + sell 2026-04-17 $200.00 call Why now: Long-dated calls are relatively rich but allow for delta exposure while weekly call sales monetize the concentrated short-term premium near $200.	LEAP carry cost and potential assignment of short calls; requires active management to roll short legs.
Long call	Moderate-Weak	Buy 2026-05-15 $200.00 call Why now: If macro/sector strength pushes NVDA through the $200 pin, owning convexity with limited downside is efficient; avoid weeklies to reduce pin friction.	Premium decay and IV spikes into earnings; use defined-risk size.
Iron condor	Moderate-Weak	Sell 2026-05-15 $190.00/$185.00 put wing and $200.00/$205.00 call wing Why now: Price is likely to oscillate in the $187–$210 band; defined-risk condor captures rich mid-term IV while using structural wings to guard against tails.	Large directional gap (earnings or macro) can blow wings; width selection critical.

Top Plays

Sell the $200 weekly call credit into the pin (4/17)

Sell 2026-04-17 $200.00/$205.00 call spread

Short the near-week $200 call spread to collect compressed weekly IV as dealer pinning and heavy call OI cap upside; manage actively given large 4/15 put blocks that can flip short-week gamma.

Why this play: Compressed 29d IV and concentrated GEX at $200 produce high theta capture with defined risk; however, be ready to close/roll if short-dated put prints trigger short-gamma runs.

Credit/Debit: N/A

Max loss: N/A

BE: N/A

Mgmt: Close or roll if spot > $203.38 or intraday flow turns net-sell > $100M.

Traders sized for defined-risk short premium and active management.

Call calendar (sell weekly / buy May) at $200

Sell 2026-04-17 $200.00 call / buy 2026-05-22 $200.00 call

Sell a compressed near-week $200 call and own 5/22 $200 call to capture front/back IV dispersion into richer May; this keeps upside convexity while monetizing the pin band.

Why this play: Exploits cheap weekly IV vs elevated May (37d) and keeps upside optionality to ride through earnings repricing window.

Credit/Debit: N/A

Max loss: N/A

BE: N/A

Mgmt: If spot > $205, roll short leg or convert to a diagonal; if spot < $193, buy back short leg.

Traders who want exposure into May without paying front-week premium and who can manage short-leg rolls.

Buy the 3095 DTE bull call spread (200/210)

Buy 2026-05-15 $200.00/$210.00 call spread

Defined-risk 305 DTE bull call spread anchored at $200 to capture multi-week upside if call buying persists and dealer hedging fails, avoiding weekly pin noise.

Why this play: Aligns with multi-week thesis; better risk control than buying weeklies and avoids short-dated IV dislocations created by the 4/15 put blocks.

Credit/Debit: N/A

Max loss: N/A

BE: N/A

Mgmt: Take partial profits if NVDA > $205; cut if NVDA < $190 or IV into May spikes.

Directional traders who want capped risk and exposure to a breakout above $200 into the $20510 area.

Watchlist Triggers

Entry Triggers

IFIf NVDA trades ≥ $202.50 (break above $200 pin + 1.8%) then → enter S8 long_call 30–45 DTE at strike 205 (buy calls, DTE window 23–45) to ride breakout.

IFIf NVDA trades ≤ $195.00 (reversion toward MP/support) then → enter S2 put_credit_spread short_put 195 / long_put 190 with 1–2 week expirations to sell premium into dip.

IFIf IV term structure steepens: 37d ATM > 44% (May kink >44%) then → favor S4 calendar or S5 put_diagonal (buy longer puts, sell weeklies) to monetize front/back IV dispersion.

Adjustment Triggers

ADJIf NVDA closes daily > $203.38 (2d EM upper) then → roll short-week call in S1/S4 up +5 points or buy-back short call to avoid assignment (short_call move 200→205).

ADJIf net premium flow flips negative > $100M (one-day net premium outflow) then → trim S1/S4 short call exposure and shift to S3 bull call spread (30–45 DTE) to reduce short gamma.

Exit Triggers

EXITIf NVDA trades ≥ $210.37 (2-week upper bound) then → take profits on S3 and S8 or tighten/close short call credit spreads (buy to close).

EXITIf NVDA trades ≤ $187.37 (2-week lower bound) then → close S1/S4 short calls and hike protection (buy 30–45 DTE puts or convert to put diagonal at 180/195).

Tactical Summary

Primary thesis: short near-term call premium around the $200 pin while holding defined-risk multi-week bullish exposure; invalidation below $187.37 (2-week lower EM) or sustained breakout above $205. Regime favors selling compressed weeklies (S1, S4) and owning 30–45 DTE defined-risk bullish spreads (S3) — S1 best for income sellers, S4 for calendar exposure, S3 for directional players.

How to Use These Reports

This directional reflects the market close on April 15, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

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These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.