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NVDA

NVIDIA CorporationClose $202.50EOD only
Max Pain
$190.00
Next expiry Apr 24, 2026
Expected Move
±$4.18
2.1% from close
Price Gap
-12.50
Distance to max pain
IV Rank
12
Low premium
P/C OI
0.86
Slightly call-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Apr 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
Apr 22, 2026 close
NVDA Earnings Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Bullish pinning into earnings with elevated call activity and concentrated short-dated put OI below spot; market leaning toward $200–205 pin.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.7% from MP; +0.5 VIX 19
Most important: Pinning around $200 with heavy short-dated put OI and large call prints that can accentuate upside flow.
📌Pinning risk centered near $200–205 from heavy short-dated puts
🔥Significant call volume at 4/27–4/29 could fuel upside into earnings

Regime Classification

Vol Regime
Normal
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above
Gamma flip: ~$140.00 — Approx — based on put OI concentration of 82,601 (29.9% below spot)

Earnings Overview

Next earnings: 2026-05-20 (27 days)explicit

Expected moves:

  • 2026-04-24 (1d): ±$3.08 (1.5%)
  • 2026-04-27 (4d): ±$4.91 (2.5%)
  • 2026-04-29 (6d): ±$6.83 (3.4%)

IV Setup

Term structure: Near-term IV elevated into earnings (~25–33%) with longer-dated skew higher; front expiries richest around 4/24–4/29.

Crush estimate: Moderate to large post-event crush (front IV drop ~8–15 vol pts likely if no surprise).

Skew: Put-heavy OI below spot and notable call volume at 200–205 and 210+, skew can compress if upside realizes.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Past moves often met or exceeded priced moves; history shows outsized post-print reactions.

Directional bias: Net flow and gamma suggest a bullish bias toward $200–205, but outcome dependent on fundamentals.

Key Levels

1$140.00 gamma flip
2EM guardrails: 2d $196.56/$202.71; 1w $192.81/$206.46
3Max pain pins: $192 (2026-04-24); $200 (2026-04-27); $195 (2026-04-29)

Flow Highlights

Very large 4/24 short-dated put prints and concentrated $200 put volume/OI.

Creates pinning pressure into 4/24 expiry and high dealer delta exposure.

Heavy call flow at 4/27–4/29 (200/205) with clustered OI at 210.

Upside flow can accentuate rallies and tighten skew if realized, amplifying gamma risk.

Strategies

Front-IV call diagonal
Sell 2026-05-22 $215.00 call / buy 2026-06-18 $210.00 call
Debit: $4.07-$4.98
Max loss: $4.98
Max gain: Variable
BE: Path-dependent
Trigger: Trim or roll short leg after print if price >205 or front IV spikes; unwind into June call if rally confirmed.
Hedges rich near-term IV while keeping upside exposure to a bullish pin and expected front-IV crush.
Outperforms: Short near-term call funded by longer-dated call to collect elevated May premium, limit naked risk and ride post-earnings skew compression.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
May iron condor (190/180 /200/210)
Sell 2026-05-29 $190.00/$180.00 put wing and $200.00/$210.00 call wing
Credit: $6.23-$7.62
Max loss: $2.38
Max gain: $7.62
BE: 182.38 / 207.62
Trigger: Widen or hedge wings if underlying breaches 200–205 or after a gap; exit into print if liquidity dries.
Collects rich premium around $200 pin while defining tail risk versus naked short.
Outperforms: Put and call wings sell premium around the pin with limited loss if decay dominates.
Underperforms: Move outside short strikes invalidates range thesis.
Short strangle
Sell 2026-05-29 $190.00 put + sell $200.00 call
Credit: $14.47-$17.68
Max loss: Unlimited
Max gain: $17.68
BE: 172.32 / 217.68
Heavy short-dated put OI and elevated call flow concentrate premium at 200–205; collect premium expecting IV crush.
Outperforms: Sell a balanced strangle around $200 to collect rich post-earnings premium.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Beat scenario: rapid rally, skew compression, short-dated sellers hurt, sharp near-term V move
!Miss/guidance shock: gap down, liquidity dries, puts spike and front IV jumps—large losses for short-dated call-heavy positions
!Post-earnings gap/liquidity risk: wide fills and gamma stress at $200–205 and 210 strikes; slippage risk if flow reverses

What to Watch

?Earnings beat vs miss and guidance language (sensitivity: beat→rally, miss→gap down)
?Post-print gap size and front-IV move; liquidity at $200–205 and 210 strikes
?4/24 and 4/29 expiries net positioning and unusual prints (4/24 $200–205 puts, 4/27–4/29 $200–205 calls)
How to Use These Reports
This earnings reflects the market close on April 23, 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.