NVDA Flow Report

Analysis based on market close April 2, 2026

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 for massive net premium ($157.7M) and call-dominant premium flow; +1 for GEX/flow alignment (positive GEX + bullish flow); -0.5 for mixed P/C volume ratio (0.91) and large bearish put prints

Watch next session: Activity around the $175-$177.50 strike cluster for April 6th expiry; Follow-through on the massive May $150 Put and $195 Call prints

Flow Summary

Net premium: +$157.7M bullish

P/C volume ratio: 0.91 — mixed, slightly call-dominant

P/C OI ratio: 0.90 — moderate call lean

Massive bullish net premium flow is the dominant signal, driven by heavy call buying in the $175-$180 range. However, significant bearish put activity in May and near-term expiries creates a mixed volume picture, suggesting institutional hedging or defined spread activity alongside directional bullish bets.

Notable Prints

NVDA 5/1 $150 Put

Vol: 69,092

OI: 2,885

Vol/OI: 23.9x

IV: 43.4%

Notional: ~$103.6M (est. premium)

Intent: Large-scale protective put buying or spread leg.

Dual read: Bought to open (bearish hedge) or sold to open (bullish premium collection). The high volume/OI ratio and size suggest new positioning.

Read-through: This is the largest single print by notional value. At a ~15% OTM strike, it's likely a major portfolio hedge against a significant pullback over the next month, not a near-term directional bet. Its size demands attention but may be offset by other positions.

NVDA 5/1 $195 Call

Vol: 66,581

OI: 7,880

Vol/OI: 8.4x

IV: 30.4%

Notional: ~$99.9M (est. premium)

Intent: Fresh directional call buying or part of a bullish spread.

Dual read: Bought to open (bullish breakout bet) or sold to open (neutral/writing). The high volume and ~10% OTM strike suggest new bullish exposure.

Read-through: A massive bullish bet targeting a move above $195 by early May. The timing aligns with the May 20th earnings estimate, suggesting positioning ahead of the event. This print's size nearly matches the $150 Put, raising the possibility of a large-scale risk reversal (selling puts, buying calls) or collar structure.

NVDA 4/6 $175 Put

Vol: 35,048

OI: 3,843

Vol/OI: 9.1x

IV: 22.9%

Notional: ~$6.1M (est. premium)

Intent: Near-term downside protection or speculative put buying.

Dual read: Bought to open (bearish/short-term hedge) or sold to open (bullish premium sale).

Read-through: Significant activity just below spot ($177.39), targeting a move below $175 by this Friday. This is a tactical, short-dated bearish flow that contrasts with the longer-dated bullish call flow. Likely represents hedging against a near-term dip within the broader bullish structure.

NVDA 4/6 $177.50 Call

Vol: 31,545

OI: 4,194

Vol/OI: 7.5x

IV: 22.3%

Notional: ~$5.6M (est. premium)

Intent: At-the-money call buying for short-dated upside exposure.

Dual read: Bought (bullish) or sold (neutral/writing).

Read-through: Direct bullish flow at the money for the weekly expiry. This, combined with the $175 Put flow, indicates active two-way trading and gamma hedging around the $175-$178 pinning zone, consistent with the high positive GEX regime.

NVDA 10/16 $240 Call

Vol: 3,628

OI: 471

Vol/OI: 7.7x

IV: 40.3%

Notional: ~$1.5M (est. premium)

Intent: Long-dated, far OTM call buying for leveraged upside.

Dual read: Bought (bullish long-term bet) or sold (premium collection).

Read-through: A strategic bet on a >35% rally over the next 6+ months. This is a low-delta, high-conviction bullish positioning, often seen from institutions with a long-term positive outlook, complementing the nearer-dated bullish flows.

Institutional Positioning

Call additions: Heavy additions at $175-$180 calls for April 6th expiry and $195 calls for May 1st. Strategic long-dated buying at $240 (Oct).

Put additions: Major protective put buying at the May $150 strike. Tactical put flow at April $172.50-$177.50 strikes.

GEX/DEX consistency: Yes — strongly aligned. Positive GEX of +$250.5M indicates net long gamma, which aligns with the heavy at-the-money and near-term call buying flow, supporting a pinning/mean-reverting regime.

OI clusters: Major call OI walls at $140 (114.8K), $160 (110.8K), and $200 (~286K combined). Major put OI support at $140 (91.9K). This creates a massive call wall at $200 and significant put support at $140, framing a wide range.

Hedging evidence: Clear evidence of large-scale hedging via the May $150 Put. The simultaneous massive May $195 Call flow suggests this could be part of a complex position (e.g., collar, risk reversal) rather than a purely bearish stance.

Max pain context: Spot ($177.39) is far above the nearest max pain ($90 for 3/23) but trading near the max pain cluster for active weekly expiries ($170-$175). For the April 6th expiry, MP is $172.50, adding to the pinning pressure around current levels.

Signal vs Noise

~The $0.50 Call with 102K OI is a known artifact, not tradable flow.

~High volume in weekly April 6th options ($172.50-$180 strikes) contains significant market maker gamma hedging flows due to the pinning regime, not all pure directional bets.

~The massive May $150 Put and $195 Call prints, while significant, may be legs of a single multi-leg strategy (e.g., collar, diagonal spread) and should not be interpreted in isolation as purely bearish and bullish signals, respectively.

Key Conclusions

💰Net premium flow remains overwhelmingly bullish at +$157.7M, the dominant directional signal.

⚖️Institutional activity shows a bifurcation: massive bullish bets in calls ($195C May, $240C Oct) paired with massive protective puts ($150P May), suggesting sophisticated positioning for upside with defined downside protection.

📌Spot is in a strong Gamma Pinning regime (GEX +$250.5M), with heavy flow in weekly $175-$177.50 options, reinforcing a battle around these levels into the April 6th expiry.

⚠️The mixed P/C volume ratio (0.91) and large bearish put prints introduce caution. A break below $172.50 (April 6th max pain) with rising put premium would challenge the bullish thesis.

Read the Flow analysis for NVDA. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.