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NVDA

NVIDIA CorporationClose $215.33EOD only

Max Pain

$220.00

Next expiry May 26, 2026

Expected Move

±$4.51

2.1% from close

Price Gap

+4.67

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.79

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

NVDA Directional Report

Analysis based on market close May 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias targeting max pain pin at $218-$220, supported by strong dealer gamma, bullish flow, and spot below key strikes. High confidence during expiry week.

Confidence:

9 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive (pinning); +0.5 spot below MP; +1 VIX 17

Supports: Positive dealer gamma, bullish flow, low VIX, spot below MP, max pain pin at $218.
Conflicts: Resistance at $217.5 and $220; support at $200.66; risk of gamma flip below $200.

🃏Gamma pin at $218 (max pain) drives spot upward; strong dealer hedging.

📈Bullish flow with net call buying; positive premium skew.

🌱VIX at 17 provides accommodating vol environment for upside.

Regime Classification

Vol Regime

High

IV elevated vs VIX 17, consistent with high premium and near-expiry volatility.

Gamma Regime

Pinning

GEX +$367.6M positive; gamma pinning to max pain $218 with no nearby flip.

Flow Regime

Bullish

Net premium bullish; call buying dominates, supporting upward bias.

Spot vs Max Pain

Below

Spot ~1.2% below max pain $218; pinning supports drift toward strike.

Thesis duration: Event-specific — Weekly expiry with gamma pinning and max pain concentration $218-$220.

Price Range Forecast

Next 2 days

$211.51$218.22

Drift toward $218 pin supported by gamma and flow.

Next 1 week

$206.96$222.76

Expiry pin at $220 on Friday; target $220.

Next 2 weeks

$200.66$229.06

Structural upside toward $229, but watch expiry.

Key Levels

Max pain pins: $218 (2026-05-26); $220 (2026-05-27); $210 (2026-05-29)

EM guardrails: 2d $211.51/$218.22; 1w $206.96/$222.76

Support: $200.66

Resistance: $217.50 · $220.00 · $229.06

Structural: Support $200.66; Resistance $217.5, $220, $229.06; Max pain $218 (5/26), $220 (5/27), $210 (5/29).

Dealer Positioning (GEX/DEX)

GEX: $+367.6M

DEX: +411.8M shares

Gamma flip: N/A

NTM gamma: GEX +$367.6M positive, DEX +411.8M shares, no gamma flip. Strong dealer support for upside moves.

IV Analysis

IV vs VIX: NVDA IV is rich vs VIX 17 due to earnings risk, but vol is still accommodative for upside.

Term structure: Front-end elevated with expiry week; back-end flatter. Event-risk premium in near-term.

Skew: Call skew elevated; consider put credit spreads at $210 to collect premium.

Flow Analysis

Net premium: Net premium $565M positive, put/call vol ratio 0.43 indicates strong bullish flow.

Directional prints: 20.9 call 212.5 ITM 2026-05-26 — Vol/OI 157.3, high volume relative to OI. Likely aggressive call buying, bullish bet on NVDA. 26.5 call 215 OTM 2026-05-27 — Vol/OI 84.7, significant new call interest. Bullish directional bet for next day. 11.3 call 217.5 OTM 2026-05-26 — Vol/OI 35.7, large volume on OTM calls. Upside speculation.

Unusual: 2.1 call 215 OTM 2026-05-26 — Vol/OI 80.2 with IV 2.1, extremely low implied volatility. Possibly a melt-up play; bought calls expecting a move. 63.3 put 175 OTM 2026-06-01 — Far OTM put, vol/OI 23.6, high IV 63.3. Unusual downside tail hedge or panic buying.

Risks & Catalysts

!Downside breakout below $200.66 triggers gamma flip and sharp decline.

!Resistance at $217.5 and $220 could cap upside near expiry.

!IV crush post-expiry reduces option premiums.

!Geopolitical or sector-wide sell-off invalidates bullish thesis.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-06-12 $215.00/$230.00 call spread Why now: Bull call spread caps upside but fits defined-risk bullish view with $220 resistance.	Resistance at $220 caps profit; downside below $200.66 invalidates thesis.
Put credit spread	Moderate	Sell 2026-06-12 $200.00/$190.00 put spread Why now: Put credit spread benefits from bullish bias and upside drift; high IV for premium.	Sharp drop below $200 triggers max loss; gamma flip risk.
Bullish risk reversal	Moderate-Strong	Buy 2026-06-12 $215.00 call / sell 2026-06-12 $200.00 put Why now: Bullish flow and high call demand support risk reversal; cheap premium for upside.	Unlimited downside risk if sold put goes deep ITM.

Top Plays

Bull Call Spread @215/230

Buy 2026-06-12 $215.00/$230.00 call spread

Captures upside to $230 with limited loss, ideal when spot near resistance.

Why this play: Best aligns with bullish bias and $220 resistance cap, defined risk, and strong dealer gamma support.

Debit: $4.34-$5.30

Max loss: $5.30

BE: $220.30

Mgmt: Exit near $220 or adjust if spot breaks below $200.66.

Traders seeking defined risk upside.

Put Credit Spread @200/190

Sell 2026-06-12 $200.00/$190.00 put spread

Sell put spread to collect premium, profit if NVDA stays above $200.

Why this play: Benefits from bullish drift and high IV, with downside protection below $200.

Credit: $1.07-$1.30

Max loss: $8.70

BE: $198.70

Mgmt: Monitor $200.66 invalidation; roll or close if threatened.

Income-focused traders with bullish outlook.

Bullish Risk Reversal

Buy 2026-06-12 $215.00 call / sell 2026-06-12 $200.00 put

Buy call and sell put for zero/cheap cost, expresses strong bullish view.

Why this play: Cheap premium with unlimited upside, but open risk below $200; less suited for defined risk preference.

Debit: $4.54-$5.54

Max loss: $200.00

BE: $200.00

Mgmt: Hedge if spot drops near $200.66; take profits on call above $220.

Aggressive traders comfortable with downside risk.

Watchlist Triggers

Entry Triggers

IFNVDA holds above $200.66 and below $217.5 → Enter Bull Call Spread: buy 2026-06-12 $215/$230 call spread

IFNVDA holds above $200.66 → Enter Put Credit Spread: sell 2026-06-12 $200/$190 put spread

IFNVDA holds above $200.66 → Enter Bullish Risk Reversal: buy 2026-06-12 $215 call, sell $200 put

Adjustment Triggers

ADJNVDA reaches $220 resistance → Take partial profits on Bull Call Spread and Bullish Risk Reversal; adjust put credit spread

Exit Triggers

EXITNVDA breaks below $200.66 → Exit all bullish positions: close call spread, put credit spread, risk reversal

Tactical Summary

Bullish bias targeting $218-$220 max pain. Support $200.66, resistance $217.5/$220. Favor defined risk: Bull Call Spread (215/230) & Put Credit Spread (200/190). Exit if $200.66 breaks. Take profits near $220. Watch IV crush post-expiry.

How to Use These Reports

This directional reflects the market close on May 26, 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.