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NVDA

NVIDIA CorporationClose $223.47EOD only

Max Pain

$215.00

Next expiry May 22, 2026

Expected Move

±$13.18

5.9% from close

Price Gap

-8.47

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.81

Slightly call-heavy

Consensus

7.5/10

Bullish tilt

Published snapshot: May 20, 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 20, 2026 close

NVDA Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 31, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

8 / 10

base 5; +2 for massive net premium ($132M) and call-dominant P/C (0.78); +1 for GEX/flow alignment (positive GEX + bullish flow); -0 for data quality

Watch next session: $177.50 call/put activity for April 1st expiration pinning; Net premium direction for the $180 strike

Flow Summary

Net premium: +$132.4M bullish

P/C volume ratio: 0.78 — call-dominant

P/C OI ratio: 0.90 — moderate call lean

Overwhelmingly bullish premium flow, dominated by call buying in the $170-$180 range. The flow is concentrated in near-term expirations, suggesting a tactical bullish bet or hedging of short-term upside risk.

Notable Prints

NVDA 4/1 $177.50 Call

Vol: 179,558

OI: 10,655

Vol/OI: 16.9x

IV: 9.8%

Notional: ~$31.9M (est. premium)

Intent: Massive directional call buying or short covering ahead of expiration.

Dual read: Bought (bullish) or sold to close (bearish). Extremely low IV suggests these are likely buyers taking cheap, short-dated delta.

Read-through: Dominant print of the day. Focus on pinning at $177.50 for April 1st expiry. Consistent with the bullish net premium flow.

NVDA 4/1 $175.00 Put

Vol: 117,647

OI: 8,742

Vol/OI: 13.5x

IV: 6.5%

Notional: ~$7.6M (est. premium)

Intent: Selling of downside protection or closing of existing put positions.

Dual read: Sold to open (neutral/bullish) or bought to close (bullish). Low IV again points to sellers collecting minimal premium.

Read-through: Paired with the huge $175 Call flow, this suggests market makers or institutions are unwinding hedges or selling puts against a bullish view, expecting spot to hold above $175.

NVDA 4/1 $177.50 Put

Vol: 41,478

OI: 407

Vol/OI: 101.9x

IV: 0.0%

Notional: Negligible (IV 0%)

Intent: Expiration-related adjustment or closing of microscopic positions.

Dual read: Noise. IV of 0% indicates these are likely worthless contracts being closed for pennies.

Read-through: Pure noise. Do not read direction from this print. Highlights the pinning activity around $177.50 for the April 1st expiry.

NVDA 4/8 $192.50 Call

Vol: 1,425

OI: 125

Vol/OI: 11.4x

IV: 29.9%

Notional: ~$428k (est. premium)

Intent: Fresh OTM call buying for leveraged upside exposure.

Dual read: Bought (bullish breakout bet) or sold (neutral/writing). Volume/OI suggests new position.

Read-through: Small but notable bet on a move above $192.50 within a week, extending the bullish flow narrative to higher strikes.

NVDA 4/24 $95.00 Put

Vol: 2,202

OI: 307

Vol/OI: 7.2x

IV: 94.5%

Notional: ~$208k (est. premium)

Intent: Far OTM put buying as tail-risk hedge or part of a defined spread.

Dual read: Bought (disaster hedge) or sold (premium collection). High IV suggests these are expensive, likely bought for protection.

Read-through: Not a directional signal for spot. Represents cheap (in dollar terms) portfolio insurance against a catastrophic drop, common in high-vol names like NVDA.

Institutional Positioning

Call additions: Heavy additions at $175, $177.50, $180 calls for April 1st and 8th expiries. Premium flow strongly positive in $170-$190 zone.

Put additions: Minimal. Notable put flow is concentrated in selling near-the-money ($175) or closing deep OTM positions, not buying new protection.

GEX/DEX consistency: Yes — strongly aligned. Positive GEX of +$316.1M indicates net long gamma, which aligns with call-buying flow and supports a pinning/mean-reverting regime near current spot.

OI clusters: Major call OI at $140 (114.8K), $160 (110.8K), $200 (~285K combined). Major put OI at $140 (91.7K). This creates a massive call wall at $200 and a significant put support level at $140.

Hedging evidence: Evidence of put selling (e.g., $175P 4/1) which reduces hedges, consistent with a bullish or less fearful stance. Far OTM put buys (e.g., $95P) are small notional tail-risk hedges.

Max pain context: Spot ($174.40) is far above near-term max pain ($90 for 3/23, $175 for 3/25-27). For the active weekly expiries, spot is trading right at or just below the max pain cluster ($170-$175), increasing pinning probability.

Signal vs Noise

~NVDA 4/1 $177.50 Put (41k volume): IV 0% makes this pure expiration noise, not a directional bet.

~Deep OTM put flow (e.g., $95P, $80P): Low-dollar tail-risk hedging, not a near-term directional signal.

~High volume in weekly options (April 1st, 8th): Likely contains significant market maker positioning and gamma hedging flows related to the pinning regime, not all pure directional institutional bets.

~The $0.50 Call with high OI (102,853) is a known artifact often related to corporate actions or listing quirks, not tradable flow.

Key Conclusions

💰Massive +$132M net premium flow is overwhelmingly bullish, dominated by call buying in the $170-$180 range.

📌Spot is in a strong Gamma Pinning regime (GEX +$316M), with heavy flow in weekly $175/$177.50 options, suggesting a battle around these levels into expiration.

🧱Major OI creates a distant but formidable call wall at $200 (~285K OI) and put support at $140 (92K OI), framing the medium-term range.

⚠️Watch for a break of the pinning range ($172.50-$177.50). A failure below $172.50 with rising put premium would challenge the bullish flow thesis.

How to Use These Reports

This flow reflects the market close on March 31, 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.