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NVDA

NVIDIA CorporationClose $223.47EOD only

Max Pain

$215.00

Next expiry May 22, 2026

Expected Move

±$13.18

5.9% from close

Price Gap

-8.47

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.81

Slightly call-heavy

Consensus

7.5/10

Bullish tilt

Published snapshot: May 20, 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

May 20, 2026 close

NVDA Directional Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias driven by strong bullish flow and positive dealer gamma, with spot above max pain. Near-term resistance at $240 and pinning at $215-$225 may cap upside, but overall momentum supports drift higher. High vol regime adds convexity.

Confidence:

8.5 / 10

Base 5 +2 GEX/flow aligned +1 GEX positive pinning -0.5 spot 3.9% from MP +1 VIX 17 => base 8.5

Supports: Bullish flow, positive gamma, spot above MP, low VIX
Conflicts: Resistance at $240, pinning at $215-$225, spot 3.9% from MP

🐂Strong bullish flow and dealer gamma support upside

⚠️Resistance at $240 and pinning near $215-$225 may slow advance

🔮High vol regime favors options strategies

Regime Classification

Vol Regime

High

High vol regime; NVDA IV elevated vs typical range, consistent with elevated uncertainty.

Gamma Regime

Pinning

Positive gamma ($+603M GEX) with dealer pinning near max pain levels $215-$225.

Flow Regime

Bullish

Bullish net premium flow; put/call ratio low, indicating call buying.

Spot vs Max Pain

Above

Spot above max pain ($215) by ~9%; bullish sign but gamma pinning may slow move.

Thesis duration: Multi-week — Sustained bullish flow and high dealer gamma create a multi-week upward drift environment, absent a near-term catalyst.

Price Range Forecast

Next 2 days

$210.30$236.65

Drift toward $236.65 resistance; pinning at $215 supports

Next 1 week

$209.37$237.57

Range high $237.57; momentum likely to test resistance

Next 2 weeks

$204.72$242.22

Wider range to $242.22; breakout potential if resistance cleared

Key Levels

Max pain pins: $215 (2026-05-22); $220 (2026-05-26); $225 (2026-05-27)

EM guardrails: 2d $210.30/$236.65; 1w $209.37/$237.57

Support: $215.00 · $204.72

Resistance: $240.00 · $242.22

Structural: Max pain pins: $215 (2026-05-22), $220 (2026-05-26), $225 (2026-05-27). EM guardrails: 2d $210.30/$236.65; 1w $209.37/$237.57. Support: $215, $204.72. Resistance: $240, $242.22.

Dealer Positioning (GEX/DEX)

GEX: $+603.1M

DEX: +444.7M shares

Gamma flip: N/A

NTM gamma: GEX sum: +$603.1M, DEX: +444.7M shares. Positive gamma, no flip proximity.

IV Analysis

IV vs VIX: NVDA IV elevated vs VIX (17.44) reflecting high vol regime; rich for premium sellers.

Term structure: Upward sloping, with near-term elevated due to bullish flow and pinning uncertainty.

Skew: Put skew elevated; call selling may offer premium with resistance nearby.

Flow Analysis

Net premium: Net call premium $864M; P/C vol 0.46, OI 0.81, heavily bullish.

Directional prints: 90.4 call 255 OTM 2026-05-22 — 88k vol vs 7.7k OI near expiry speculative buying; strongly bullish. 58.5 call 237.5 OTM 2026-05-27 — 13k vol vs 302 OI (44.6x), acute interest; bought for upside momentum. 56.3 call 227.5 OTM 2026-05-27 — 3.7k vol vs 600 OI (6.2x), ITM accumulation; bullish positioning.

Unusual: 121.9 put 125 OTM 2026-05-29 — 10k vol vs 1k OI (9.7x) deep OTM put, high IV; likely hedging. 53.4 call 450 OTM 2026-09-18 — 1.1k vol vs 126 OI (9.2x) far OTM call; bullish tail speculation. 55.4 call 160 ITM 2026-06-26 — 922 vol vs 114 OI (8.1x) deep ITM call; unusual high vol/oi, likely institutional.

Risks & Catalysts

!Resistance at $240 may cap upside

!Pinning at max pain could trigger mean reversion

!Bullish flow reversal if macro weakens

!Gamma flip if spot drops below $215

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-06-12 $220.00/$230.00 call spread Why now: Bull call spread limits max loss while benefiting from directional move; high IV inflates call premiums but spread reduces cost.	Resistance at $240 may cap gains; max pain pinning near $215-$225 could limit upside.
Put credit spread	Moderate	Sell 2026-06-12 $220.00/$215.00 put spread Why now: Selling OTM put spread generates credit while defined risk; high IV boosts premium; support near $215-$220 provides buffer.	Bearish reversal could breach short put strike; resistance at $240 may stall rally and increase pin risk.
Bullish risk reversal	Moderate-Strong	Buy 2026-06-12 $230.00 call / sell 2026-06-12 $220.00 put Why now: High call skew and bullish flow favor long call; selling put reduces net cost and benefits from time decay if spot holds.	Unlimited downside risk if short put is not covered; large gap-down could result in significant loss.

Top Plays

Bull call spread

Buy 2026-06-12 $220.00/$230.00 call spread

Limited-risk bullish bet capped at $230, aligning with near-term resistance and positive gamma.

Why this play: Defined risk bullish play within pinning range; benefits from upside drift without overpaying for high IV.

Debit: $4.09-$5.00

Max loss: $5.00

BE: $225.00

Mgmt: Exit near resistance or if spot breaks $215; consider rolling up if momentum accelerates.

Traders seeking defined risk and moderate upside.

Put credit spread

Sell 2026-06-12 $220.00/$215.00 put spread

Neutral-bullish income strategy from selling puts with defined tail risk.

Why this play: High IV boosts credit; support at $215-220 provides buffer, making it a high-probability income play.

Credit: $1.91-$2.34

Max loss: $2.66

BE: $217.66

Mgmt: Manage near $215 invalidation; close for 50% profit if spot holds above $220.

Income-focused traders expecting flat to higher price action.

Bullish risk reversal

Buy 2026-06-12 $230.00 call / sell 2026-06-12 $220.00 put

Aggressive bullish structure with sold put financing bought call.

Why this play: Leverages high call skew and bullish flow; unlimited upside if resistance breaks, but high loss if support fails.

Credit: $0.49-$0.60

Max loss: $219.40

BE: $219.40

Mgmt: Monitor spot relative to $215 invalidation; adjust or close if spot weakens.

Aggressive traders willing to stomach large drawdown for convex upside.

Watchlist Triggers

Entry Triggers

IFIf NVDA holds above $215 and stays within $220-$230 range → Buy the 2026-06-12 $220/$230 call spread for 4.09-5.00 debit.

IFIf NVDA remains above $215 support → Sell the 2026-06-12 $220/$215 put spread for 1.91-2.34 credit.

IFIf NVDA breaks above $220 with strong momentum → Buy the 2026-06-12 $230 call and sell the $220 put for net debit 0.49-0.60.

Exit Triggers

EXITIf NVDA breaks below $215 → Close all bullish positions.

Tactical Summary

Bullish bias, resistance near $240, pinning $215-$225 caps upside. High vol favors defined risk. Top plays: bull call spread, put credit spread, bullish risk reversal.

How to Use These Reports

This directional reflects the market close on May 20, 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.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

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.