NVDA Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

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

Read the Flow analysis for NVDA for 2026-04-07. 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.