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NVDA

NVIDIA CorporationClose $214.86EOD only

Max Pain

$220.00

Next expiry May 27, 2026

Expected Move

±$3.35

1.6% from close

Price Gap

+5.14

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.82

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 26, 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 26, 2026 close

NVDA Flow Report

Analysis based on market close April 8, 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 8, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.0% from MP

Watch next session: Fresh put flow at $180-$185 (would signal defensive hedging if it accelerates); Call OI / premium accumulation at $185-$195 (confirms bullish institutional layering)

Flow Summary

Net premium: +$277.3M bullish

P/C volume ratio: 0.68 — call-dominant (call volume ~1.47x put volume)

P/C OI ratio: 0.90 — modest call lean in positioning (OI not extremely skewed)

Strong, concentrated call buying and premium accumulation around $180-$200 is the dominant story. Dealers are long gamma (GEX +$681.7M) and currently positioned to pin/hold price in the $177.50-$185.00 neighborhood while institutional flows add bullish exposure; near-term put demand exists but appears largely short-dated/defensive.

Notable Prints

NVDA 2026-04-10 $180.00 Put

Vol: 48,060

OI: 5,429

Vol/OI: 8.8x

IV: 35.2%

Notional: ~$4.81M

Intent: Short-dated defensive hedging / expiration protection

Dual read: Bought (protective hedge) or opened by selling caller (structured put-sell against call buys)

Read-through: Very large same-day put volume at $180 into Apr-10 expiry — large hedge into very near-term expiry. Given dominant call premium and positive GEX, more likely short-dated protective demand from institutions or option-buying desks rather than a broad directional pivot.

NVDA 2026-04-10 $182.50 Put

Vol: 32,926

OI: 1,100

Vol/OI: 29.9x

IV: 32.0%

Notional: ~$6.29M

Intent: Immediate downside protection / aggressive short-dated put buying

Dual read: Bought (bearish hedge) or sold/overwritten vs call sales (collar/structured flow)

Read-through: Extremely high Vol/OI (29.9x) at an ITM near-spot strike into Apr-10 — a concentrated protective trade. It increases short-term skew and forces dealer delta hedging, but in isolation it's consistent with risk-management into expiry rather than a sustained bearish thesis.

NVDA 2026-04-10 $185.00 Put

Vol: 19,209

OI: 2,674

Vol/OI: 7.2x

IV: 29.2%

Notional: ~$6.53M

Intent: Short-dated protective buying or roll from nearby strikes

Dual read: Bought (hedge/spec) or part of spread activity (put leg of collar)

Read-through: Significant ITM put volume at $185 into Apr-10 that will increase dealer need to hedge downside into expiry — contributes to near-term pin pressure toward the MP band but likely defensive rather than directional.

NVDA 2026-04-17 $182.50 Put

Vol: 6,635

OI: 1,142

Vol/OI: 5.8x

IV: 31.0%

Notional: ~$2.41M

Intent: Multi-day protective hedges extending past front-week expiry

Dual read: Bought (protective) or part of a laddered hedge extending expirations

Read-through: Additional put activity carrying protection into the next weekly expiry — indicates some institutions are laddering short-dated protection while still accumulating call exposure in other strikes/tenors.

Institutional Positioning

Call additions: Concentrated call premium and OI accumulation at $180.00 and $185.00 (Top premium: $180 net +$32,121,032; $185 net +$36,002,162) and notable call OI walls at $195-$200 and $140.00 (large longer-term positions).

Put additions: Heavy short-dated put buying centered on Apr-10/Apr-13 expiries at $180-$185 and ITM $182.50 — looks like defensive/expiration hedging rather than broad long-dated put accumulation (put OI clusters still concentrated lower at $170 and $160).

GEX/DEX consistency: Yes — positive Total GEX $681.7M and DEX +381.1K shares align with bullish flow and pinning regime; GEX concentrations at $182.50 (+$137.7M), $180.00 (+$85.1M) and $185.00 (+$61.9M) create dealer hedging that pins price in that band.

OI clusters: Largest OI clusters near spot: Calls at $177.50 (70,779), $182.50 (62,714), $180.00 (56,534), $190.00 (45,695); Puts concentrated lower at $170.00 (36,305) and $140.00 (91,574). These create a near-term magnet ~ $177.50-$185.00 and a structural put floor closer to $140.

Hedging evidence: Clear evidence of short-dated protective puts (Apr-10/13/15) — likely institution-driven hedges; limited evidence of widespread collars but collar-like structures (calls + short put sells) could explain dual readings on some prints.

Max pain context: Max pain pinned at $175 across front-dated expiries, but MP trend is rising (toward $180 over longer expiries). Dealers' positive GEX concentrated around $182.50/$180/$185 increases pinning pressure near current spot rather than immediate move to $175.

Signal vs Noise

~Large Apr-10 put prints (48k @ $180, 32.9k @ $182.50, 19.2k @ $185) are likely short-dated protective hedges into front-week expiries — they create dealer hedging but are not necessarily a change in multi-week directional bet.

~High volume at near-term strikes consistent with expiration activity / hedging ladders (rolls from 4/10 → 4/17) — look for whether flow continues beyond expiry to confirm direction.

~Some high premium at $140 and $200 strikes reflect longer-dated structural positioning or vertical structures (not immediate directional signals).

~Large Vol/OI ratios at front-week strikes (e.g., 29.9x at 182.50 Apr-10) indicate concentrated single-session activity — interpret as tactical hedging/spec rather than durable repositioning unless OI increases persist.

Key Conclusions

🐂Net premium +$277.3M and P/C vol 0.68 — clear institutional call-weighted flow (major premium at $180 and $185).

📌Dealer GEX +$681.7M with concentrated GEX at $182.50/$180/$185 — dealers are short gamma in that band and will pinch price toward those levels.

🛡️Large Apr-10 put prints (notably $180 and $182.50) are near-term protective hedges — expect elevated put flow into expiry but treat as risk-management rather than directional reversal.

🔭Watch for follow-through: fresh call premium at $185-$195 or sustained OI builds there would confirm bullish institutional layering.

🧭Key support band: $180.00 / $177.50 / $175.00; resistance band: $185.00 / $190.00 / $200.00 — these are set by GEX and OI clusters and are within expected move bounds.

⚖️Flow is asymmetric: concentrated call buying + positive GEX vs tactical short-dated put hedges — dealers likely to supply liquidity and pin near current spot unless large directional put buying appears.

How to Use These Reports

This flow reflects the market close on April 8, 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.