NVDA
NVIDIA CorporationClose $223.47EOD onlyThis page reflects NVDA options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from April 2, 2026. A newer flow report is available for May 20, 2026.
View latest reportFlow Verdict
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
Notable Prints
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.
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.
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.
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.
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
Key Conclusions
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