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NVDA

NVIDIA CorporationClose $219.51EOD only

Max Pain

$215.00

Next expiry May 22, 2026

Expected Move

±$4.50

2.0% from close

Price Gap

-4.51

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.80

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

NVDA Flow Report

Analysis based on market close April 7, 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 April 7, 2026. A newer flow report is available for May 21, 2026.

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Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.8% from MP

Watch next session: Size and direction of flows at $180.00 (net premium and volumes vs OI); Activity at $175.00–$177.50 into the 4/08 and 4/10 expiries (rolls or heavy closeouts)

Flow Summary

Net premium: +$114.8M bullish

P/C volume ratio: 0.98 — neutral (slight call edge in volume)

P/C OI ratio: 0.90 — moderate call lean in positioning

Net premium is strongly skewed to calls (notably at $175, $177.50 and $180) while overall P/C volume is near neutral. Dealers are long gamma (GEX +$422.8M) creating pinning pressure around near-term strikes; flow looks like institutions adding call exposure around $175–$185 while put activity is concentrated as protective hedges around $170–$172.50 and in longer-dated odd strikes.

Notable Prints

NVDA 2026-04-08 $177.50 Call

Vol: 66,409

OI: 7,818

Vol/OI: 8.5x

IV: 47.8%

Notional: ~$138M (66,409 * $2.09 * 100)

Intent: Aggressive short-dated directional call buying / opening (bullish into expiry)

Dual read: Could be buy-to-open (directional) or delta-hedged structured selling by an institution (less likely given net premium skew); either way it materially increases dealer short call deltas and GEX exposure.

Read-through: This print reinforces dealer pinning pressure around $177.50 and is consistent with the large GEX concentration at that strike; expect dealers to hedge by selling stock into strength near $177.50–$180.

NVDA 2026-04-08 $175.00 Call

Vol: 41,472

OI: 6,194

Vol/OI: 6.7x

IV: 51.1%

Notional: ~$164M (41,472 * $3.95 * 100)

Intent: Short-dated directional call accumulation (bullish / pin-support into expiry)

Dual read: Bought calls (bullish) or heavy overwriting/synthetic structures by institutions (neutral to bullish net exposure).

Read-through: Adds to the short-dated pin at $175–$177.50; dealers will be pressured to sell stock into rallies and buy into dips, enhancing pin behavior at $175 MP.

NVDA 2026-04-24 $172.50 Put

Vol: 7,306

OI: 145

Vol/OI: 50.4x

IV: 37.2%

Notional: ~$24.1M (7,306 * $3.30 * 100)

Intent: Fresh directional put accumulation / speculative bearish hedge for sizing outside near-term expiries

Dual read: Could be institution buying puts for downside protection or a large trader selling a put vertical (complex spread).

Read-through: Shows targeted protection around $172.50 further out than imminent expiries — signals some participants are willing to pay for downside insurance even while front-month call buying dominates.

NVDA 2026-04-08 $172.50 Put

Vol: 46,668

OI: 9,006

Vol/OI: 5.2x

IV: 55.0%

Notional: ~$15.9M (46,668 * $0.34 * 100)

Intent: Short-dated put buying/rolling into expiry (protective hedges or short-dated risk transfer)

Dual read: Protective buys by holders (bearish/insurance) or dealers/strategists executing complex hedges around MP.

Read-through: Significant activity on the downside strikes coexisting with call prints — points to mixed flow: calls dominate premium but sizable protective puts exist, consistent with a hedged bullish stance.

NVDA 2026-04-24 $192.50 Call

Vol: 5,620

OI: 182

Vol/OI: 30.9x

IV: 30.7%

Notional: ~$3.99M (5,620 * $0.71 * 100)

Intent: Out-of-the-money call accumulation (speculative upside or part of structure)

Dual read: Directional bullish speculation or long call in a spread (e.g., call wings).

Read-through: Smaller notional than front-month prints but indicates conviction for upside beyond $190 among some participants; supports secondary resistance crowding at $190 if spot rallies.

Institutional Positioning

Call additions: $175.00-$185.00 (notably $175, $177.50, $180.00, $182.50) — heavy premium flow and OI concentration point to institutions adding call exposure in the front two expiries

Put additions: $170.00-$172.50 protective activity (front month and 4/24); larger odd long-dated put prints at high strikes in Top Premium Flow appear idiosyncratic but near-term protective puts concentrate at $170 and $172.50

GEX/DEX consistency: Yes — positive Total GEX $422.8M with major GEX buckets at $177.50, $180.00 and $182.50 matches the call-dominant net premium and front-month pinning regime

OI clusters: $177.50 (65,369 OI), $182.50 (62,916 OI), $180.00 (52,199 OI) as call walls; puts concentrated at $170.00 (36,763 OI) and $140.00 (91,662 put OI further out) — creates a near-term pin band and a lower put floor.

Hedging evidence: Yes — sizable short-dated put buys (e.g., 4/08 $172.50 and $170.00 activity) indicate protective hedging; limited evidence of broad collar structures but flow suggests bullish exposures are being protected on the downside.

Max pain context: Max Pain concentrated at $175 for multiple expiries; MP at $175 aligns with heavy short-dated call flow that will encourage dealer hedging to keep price near $175–$177.50 into the small expiries.

Signal vs Noise

~Large 4/08 call volumes (66k/41k on $177.50/$175) are partially expiry-driven — some of the volume will be short-dated directional bets but also include expiration positioning and dealer delta management.

~$172.50 and $170.00 large put flows around 4/08 and 4/24 look like protective hedges and short-dated insurance rather than new directional short bets.

~Premium spikes at very high/odd strikes in the Top Premium Flow (e.g., $340/$350/$320 net put flows) are idiosyncratic and likely skew trades or structured trades rather than signals for near-term direction.

~Multiple prints with very high vol/OI on thin OI (e.g., 4/24 $172.50 Put OI=145) signal large one-off openings but take into account low existing OI — could be single-block activity or a leg of a spread.

Key Conclusions

🐂Net premium is materially call-biased (+$114.8M) with front-month concentration at $175–$182.50 — skew favors upside exposure

📌Pinning regime is active with GEX concentration at $177.50 and $180.00 and MP at $175 — dealers likely to dampen moves away from this band in the short-term

🛡️Coexistence of large short-dated protective puts ($170–$172.50) shows institutions are adding or protecting bullish exposure rather than naked long speculation

⚖️P/C volume ~0.98 and P/C OI 0.90 — flow is mixed but leans call-heavy; look for continuation of call dominance to confirm bias

👀Watch next session for renewed activity at $180.00 and any shifts in OI at $175/$177.50 — these will be the clearest confirmations of dealer pinning or its breakdown

How to Use These Reports

This flow reflects the market close on April 7, 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.

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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.