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NVDA

NVIDIA CorporationClose $218.66EOD only

Max Pain

$215.00

Next expiry Jun 5, 2026

Expected Move

±$3.55

1.6% from close

Price Gap

-3.66

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.87

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: Jun 4, 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 4, 2026 close

NVDA Directional Report

Analysis based on market close June 5, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish near-term bias due to high vol, negative dealer gamma, and spot well below $215 max pain. Support at $200 gamma flip may provide a bounce. Elevated VIX and positive DEX limit downside.

Confidence:

7 / 10

Base 5/10 +2 GEX/flow aligned +0.5 VIX 22 -0.5 spot 6% below MP = 7.0

Supports: Negative GEX, spot below MP, high IV, tech selloff
Conflicts: Positive DEX (+396M shares), elevated VIX may mean panic low

📉Trending gamma with -$97M net GEX; dealer hedging amplifies moves below $200.

🛡️Gamma flip at $200 (put OI 98,545); expected strong support.

📊IV 75% vs VIX 22; rich vol offers premium selling opportunities.

Regime Classification

Vol Regime

High

IV elevated vs typical range due to broad selloff and earnings hangover.

Gamma Regime

Trending

Trending regime with negative GEX (-$97.1M), spot below dealer gamma midpoint; flip ~$200.

Flow Regime

Mixed

Mixed net premium but put-heavy skew; P/C signals caution.

Spot vs Max Pain

Below

Spot $202.84 vs MP $215 (6% below), indicating bearish positioning.

Thesis duration: Event-specific — Near-term catalyst from tech selloff and dealer gamma dynamics; duration limited by event flows.

Price Range Forecast

Next 2 days

$199.95$210.25

Test gamma flip at $200; range $199.95-$210.25.

Next 1 week

$197.00$213.20

Range $197-$213.2; resistance $215 max pain.

Next 2 weeks

$191.80$218.40

Wider range $191.8-$218.4; macro-driven.

Key Levels

Max pain pins: $215 (2026-06-05); $215 (2026-06-08); $215 (2026-06-10)

EM guardrails: 2d $199.95/$210.25; 1w $197.00/$213.20

Support: $200.00 · $191.80

Resistance: $215.00 · $218.40 · $220.00

Gamma flip: ~$200.00 — Approx — based on put OI concentration of 98,545 (2.5% below spot)

Structural: Support $200 (gamma flip), $191.8; Resistance $215 (max pain), $218.4, $220.

Dealer Positioning (GEX/DEX)

GEX: $-97.1M

DEX: +396.3M shares

Gamma flip: ~$200 (Approx — based on put OI concentration of 98,545 (2.5% below spot))

NTM gamma: Dealer net short gamma (-$97.1M) with long delta (+396.3M shares); gamma flip ~$200.

IV Analysis

IV vs VIX: NVDA IV 75% vs VIX 22, rich relative to index; elevated earnings premium.

Term structure: Front-end elevated, slight contango; 5Jun expiry important due to gamma.

Skew: Put skew elevated; consider call spreads vs high IV.

Flow Analysis

Net premium: Net credit $21.1M; P/C vol ratio 0.63 (call-heavy); puts likely sold for credit.

Directional prints: 21 put 207.5 ITM 2026-06-05 — Vol/OI 23.7x ITM put; high volume may indicate bearish positioning. Preferred: sold put. 43 put 185 OTM 2026-07-02 — Vol/OI 26.2x OTM put; similar flow. Preferred: sold put.

Unusual: 32.1 call 205 ITM 2026-06-08 — Vol/OI 215.7x near-ITM call; extremely high ratio. Net credit context suggests sold. Preferred: sold call. 31.7 call 207.5 OTM 2026-06-08 — Vol/OI 119.1x OTM call; likely sold. Preferred: sold call. 31.2 call 210 OTM 2026-06-08 — Vol/OI 116.5x OTM call; consistent with call selling. Preferred: sold call.

Risks & Catalysts

!Gap fill above $215 if macro stabilizes.

!Dealer hedging squeeze if spot breaks $200.

!Earnings drift from event-specific flows.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate-Strong	Buy 2026-06-18 $202.50/$195.00 put spread Why now: High vol, negative dealer gamma, spot below 215 max pain; bearish bias.	Bounce from 200 gamma flip could hurt; premium outlay if spot stays above 200.

Top Plays

Bear Put Spread

Buy 2026-06-18 $202.50/$195.00 put spread

Buy 2026-06-18 $202.50/$195.00 put spread to profit from downside.

Why this play: Only eligible candidate, aligns with bearish bias and high vol.

Debit: $2.13-$2.60

Max loss: $2.60

BE: $199.90

Mgmt: Exit if spot breaks above $215; limit loss to $2.6.

Bearish near-term traders.

Watchlist Triggers

Entry Triggers

IFIF spot breaks below $200 support → THEN enter Bear Put Spread: Buy 2026-06-18 $202.50/$195.00 put spread at $2.13-$2.6

Exit Triggers

EXITIF spot breaks above $215 → THEN exit Bear Put Spread

Tactical Summary

Bearish bias due to high vol, negative dealer gamma, spot below $215 max pain. Key support at $200 gamma flip. Only eligible play is bear put spread. Manage risk and exit if spot breaks above $215.

How to Use These Reports

This directional reflects the market close on June 5, 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.