NVDA Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning)

Watch next session: $180.00 call OI buildup; Put flow at $175.00

Flow Summary

Net premium: +$85.0M bullish

P/C volume ratio: 0.90 — moderate call lean

P/C OI ratio: 0.90 — balanced positioning

Strong net premium bullish despite balanced P/C ratios, with GEX pinning at $177.50-$180.00. Flow shows call buying near spot and put selling for premium capture.

Notable Prints

NVDA 2026-04-08 $177.50 Call

Vol: 38,695

OI: 4,865

Vol/OI: 8.0x

IV: 35.8%

Notional: ~$74.3M

Intent: Fresh directional call buying near spot

Dual read: Bought (bullish) or sold/overwritten (neutral)

Read-through: Massive volume at near-ATM strike suggests institutional positioning for upside. Consistent with $22.6M net premium at $180.00.

NVDA 2026-04-08 $175.00 Put

Vol: 30,642

OI: 5,521

Vol/OI: 5.5x

IV: 38.4%

Notional: ~$28.5M

Intent: Put selling for premium capture

Dual read: Sold (bullish/neutral) or bought (bearish)

Read-through: High volume with OTM puts suggests selling to collect premium, not bearish positioning. Aligns with net premium bullish flow.

NVDA 2026-05-22 $175.00 Put

Vol: 2,568

OI: 255

Vol/OI: 10.1x

IV: 40.1%

Notional: ~$22.9M

Intent: Long-dated protective put or put spread leg

Dual read: Bought (hedge) or sold (premium)

Read-through: Unusual activity in May expiration suggests longer-term hedging or structured trade, not immediate directional bet.

NVDA 2026-04-08 $172.50 Call

Vol: 9,724

OI: 1,578

Vol/OI: 6.2x

IV: 45.1%

Notional: ~$54.5M

Intent: ITM call buying or roll

Dual read: Bought (bullish) or sold/rolled (neutral)

Read-through: High volume in ITM calls could be rolling from lower strikes or fresh bullish positioning below spot.

NVDA 2026-04-08 $187.50 Call

Vol: 6,396

OI: 1,498

Vol/OI: 4.3x

IV: 37.5%

Notional: ~$0.3M

Intent: OTM call buying for leverage

Dual read: Bought (bullish) or sold (neutral/bearish)

Read-through: Small notional but high volume suggests retail/speculative interest above expected move.

Institutional Positioning

Call additions: $177.50-$180.00 calls in April expirations, plus $150.00 and $195.00 calls per premium flow

Put additions: Minimal protective put buying; $175.00 put selling dominates near-term

GEX/DEX consistency: Yes — positive GEX of $+389.1M aligns with bullish net premium and pinning regime

OI clusters: $180.00 call wall (8,764 OI), $177.50 call cluster (4,865 OI), $167.50-$175.00 put floor (6,132-5,521 OI)

Hedging evidence: Limited; some May $175.00 put activity but small relative to call flow

Max pain context: MP at $172-$175 near-term, spot above at $177.64 creating pinning pressure upward

Signal vs Noise

~Large put volumes at $175.00 and $177.50 are likely premium selling, not bearish bets

~$157.50 put volume (1,885) is deep OTM and small notional — noise

~Far OTM calls ($75.00, $790.00) in premium flow are likely spreads or legacy positions, not directional

Key Conclusions

🐂Net premium +$85.0M strongly bullish with GEX pinning at $177.50-$180.00

📌Gamma pinning regime suggests spot likely to gravitate toward $180.00

🛡️Put selling dominates near-term, indicating lack of bearish conviction

Read the Flow analysis for NVDA for 2026-04-06. 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.