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NVDA

NVIDIA CorporationClose $219.51EOD only

Max Pain

$215.00

Next expiry May 22, 2026

Expected Move

±$4.50

2.0% from close

Price Gap

-4.51

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.80

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

NVDA Directional Report

Analysis based on market close May 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish directional bias on NVDA for next 1-2 weeks targeting $220-$225, driven by strong dealer gamma support ($+432.5M), bullish flow, and spot at key max-pain $215 support.

Confidence:

9 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive pinning; +1 spot 0.2% from MP; +1 VIX 17.

Supports: Positive GEX $432.5M, Bullish flow, Spot at $215 max pain, VIX moderate.
Conflicts: High IV environment, Resistance at $220-$225.

📈Dealer gamma $432.5M positive and pinning

🎯Spot at $215 max pain, strong support

⚠️High vol regime increases risk of outsized moves

Regime Classification

Vol Regime

High

IV elevated with VIX 17, high but not extreme, likely due to earnings/event.

Gamma Regime

Pinning

GEX +$432.5M positive, pinning towards $215-$225.

Flow Regime

Bullish

Flow bullish with net premium inflow.

Spot vs Max Pain

Spot at $215 max pain, near lower range, strong base.

Thesis duration: Multi-week — Ranges extend 2 weeks, no single event dominates, structural gamma support.

Price Range Forecast

Next 1 week

$209.15$221.51

Supported by GEX and spot at MP, upside to $221.51

Next 2 weeks

$202.86$227.81

Upside to $225, capped by max pain resistance

Key Levels

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

EM guardrails: 1w $209.15/$221.51

Support: $215.00 · $202.86

Resistance: $220.00 · $225.00 · $227.81

Structural: Max pain pins: $215 (May22), $220 (May26), $225 (May27). Guardrails 1w $209.15-$221.51. Support $215, $202.86. Resistance $220, $225, $227.81.

Dealer Positioning (GEX/DEX)

GEX: $+432.5M

DEX: +426.1M shares

Gamma flip: N/A

NTM gamma: GEX +$432.5M, DEX +426.1M shares, no gamma flip. Strong dealer support for upside.

IV Analysis

IV vs VIX: NVDA IV elevated relative to VIX, consistent with high vol regime post-earnings.

Term structure: Term structure not provided, but high vol suggests backwardation or flat.

Skew: Put skew likely elevated; consider selling puts at support given gamma pinning.

Flow Analysis

Net premium: Net premium $367M positive, P/C vol 0.48, bullish call-bias.

Directional prints: 25.6 call 210 ITM 2026-05-26 — Vol/OI 14.2; high. Likely bought call for upside. Sold less likely. 22.4 call 215 ITM 2026-05-26 — Vol/OI 12.8; elevated. Bought call, bullish. Selling possible but context favors buys. 28.3 call 217.5 OTM 2026-05-27 — Vol/OI 23.3; extreme. Speculative call buying.

Unusual: 22.5 call 217.5 OTM 2026-05-26 — Vol/OI 43.7; extremely high. Likely bought, bullish. 9.8 call 217.5 OTM 2026-05-22 — Vol/OI 40.2; 0DTE low IV. High volume, likely closing or speculation. 73.4 put 170 OTM 2026-05-27 — Vol/OI 19.6; deep OTM put high IV. Hedge or bearish bet.

Risks & Catalysts

!High IV could lead to sharp reversals

!Upside capped at $225 max pain

!Earnings risk if not passed

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Strong	Buy 2026-06-12 $215.00/$225.00 call spread Why now: Defined-risk upside with high probability given support at $215 max pain.	If NVDA stays below $215, spread expires worthless; time decay works against.
Put credit spread	Strong	Sell 2026-06-12 $205.00/$195.00 put spread Why now: High probability zone with strong gamma support; defined risk limits drawdown.	If NVDA drops below $205, max loss incurred; IV expansion hurts short position.
Bullish risk reversal	Moderate-Strong	Buy 2026-06-12 $220.00 call / sell 2026-06-12 $205.00 put Why now: Bullish flow and gamma support make short put attractive; call provides leveraged upside.	Unlimited upside if NVDA gaps down below short put strike; margin requirements high.
Cash-secured put	Moderate	Sell 2026-06-12 $205.00 cash-secured put Why now: High IV boosts premium; support at $210 offers attractive entry if assigned.	If NVDA drops significantly, assignment at strike locks in loss; opportunity cost if rallies.

Top Plays

Bull Call Spread

Buy 2026-06-12 $215.00/$225.00 call spread

Captures upside to $225 with limited downside.

Why this play: Highest probability with defined risk; support at $215 max pain.

Debit: $3.51-$4.29

Max loss: $4.29

BE: $219.29

Mgmt: Exit if NVDA breaks below $215.

Traders seeking defined risk bullish exposure.

Put Credit Spread

Sell 2026-06-12 $205.00/$195.00 put spread

Collects premium while support holds.

Why this play: High probability zone with gamma support; defined risk.

Credit: $1.76-$2.15

Max loss: $7.85

BE: $202.85

Mgmt: Roll if spot nears $205.

Income-focused traders with bullish outlook.

Bullish Risk Reversal

Buy 2026-06-12 $220.00 call / sell 2026-06-12 $205.00 put

Unlimited upside potential via call, short put cash flows.

Why this play: Leveraged upside with short put funded by call; gamma support.

Debit: $1.96-$2.39

Max loss: $205.00

BE: $205.00

Mgmt: Monitor short put risk; adjust if support breaks.

Aggressive traders wanting leverage.

Watchlist Triggers

Entry Triggers

IFNVDA >= $215 → Buy Jun12 $215/$225 call spread $3.51-$4.29

IFNVDA $205-$215 → Sell Jun12 $205/$195 put spread $1.76-$2.15

Exit Triggers

EXITNVDA < $202.86 → Close all bullish positions

Tactical Summary

Bullish 1-2w targeting $220-$225. Support at $215, $202.86. Enter call spread above $215, put credit or risk reversal in $205-$215 zone. Exit below $202.86.

How to Use These Reports

This directional reflects the market close on May 22, 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.