NVDA Flow Report

Analysis based on market close April 9, 2026

Directional Theta Gang Flow Earnings Consensus

Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.1% from MP

Watch next session: Follow incremental call OI and volume at $185.00–$190.00 (pin magnet area); Monitor any large put flow or block prints at $180.00–$182.50 that would erode dealer positive GEX

Flow Summary

Net premium: +$291.6M bullish

P/C volume ratio: 0.63 — call-dominant (more call activity than puts today)

P/C OI ratio: 0.89 — moderate call lean in positioning (OI still slightly more balanced than flows)

Large, concentrated call buying and premium flow is driving a clear bullish read on NVDA. Dealers are long gamma (Total GEX +$798.3M), creating pinning dynamics around near-term strikes ($182.50-$185.00); simultaneous put activity near $180-$187 looks like hedging rather than directional selling.

Notable Prints

NVDA 2026-04-17 $187.50 Call

Vol: 54,950

OI: 11,462

Vol/OI: 4.8x

IV: 28.9%

Notional: ~$9,231,600

Intent: Directional call buying / speculative upside exposure

Dual read: Aggressive buyer (bullish) OR large seller (overwriting) but OI base +11,462 and vol spike suggests fresh call demand

Read-through: Substantial short-dated call demand at $187.50 reinforces upside pressure and supports dealer positive gamma that pins price near the $185 area.

NVDA 2026-04-10 $180.00 Put

Vol: 84,970

OI: 12,823

Vol/OI: 6.6x

IV: 36.1%

Notional: ~$1,784,370

Intent: Expiry-focused hedging / protective put buying into short-dated expiries

Dual read: Protective puts (hedge) OR short-dated speculative/flow-related selling; given size and proximity to expiry, likely hedging/roll activity

Read-through: Large short-dated put flow increases dealer hedging needs near $180, but the low premium per contract and very high GEX mean dealers remain overall long gamma and will push to pin price between $180–$185.

NVDA 2026-04-10 $182.50 Put

Vol: 66,089

OI: 6,046

Vol/OI: 10.9x

IV: 31.5%

Notional: ~$4,097,518

Intent: Large short-dated directional hedge or aggressive put buying into expiry

Dual read: Bought protection (bearish insurance) OR structured position (collar/roll) — heavy volume vs OI favors fresh buying

Read-through: Concentrated short-dated put buying at $182.50 increases dealer put exposure but because dealers are net long GEX, it likely creates pinning pressure rather than directional downside.

NVDA 2026-04-24 $182.50 Put

Vol: 9,103

OI: 339

Vol/OI: 26.9x

IV: 30.9%

Notional: ~$3,504,655

Intent: Medium-dated protective puts or directional bearish bet

Dual read: Fresh put buys (hedge/spec) OR opening leg of a structured trade (e.g., put spread/collar)

Read-through: Significant relative to OI — indicates dealers will need to hedge, maintaining pin risk around $182.50 into the 4/24 expiry window.

Institutional Positioning

Call additions: $182.50-$190.00 concentrated (large premium at $185.00 and heavy activity at $187.50/$190.00 short-dated); larger OI clusters further out at $190/$195/$200 indicate call exposure up the chain

Put additions: $180.00 and $182.50 heavy short-dated put flow (4/10 and 4/13), plus notable $175.00 and $170.00 longer-dated put OI but smaller in volume — reads as hedging around current spot

GEX/DEX consistency: Yes — Total GEX +$798.3M and DEX +389.4M shares line up with bullish flow and pinning regime; dealers are net long gamma, which amplifies pin behavior around $182.50–$185.00

OI clusters: Call OI clusters concentrated at $182.50 (67,489), $177.50 (65,478), $185.00 (56,591), $190.00 (54,671), $180.00 (53,198). Put clusters at $170.00 (36,642) and $175.00 (20,596). These create a short-term magnet in the $180–$185 band and a call 'ceiling' cluster toward $190–$200.

Hedging evidence: Clear evidence of protective/expiry hedging: large short-dated put prints at $180/$182.50 and elevated IV on those strikes; limited collar structure visible in flow — more outright protection than collars.

Max pain context: Max pain pins at $175 (4/10) and $180 (4/13) sit below spot, but the MP trend is rising and dealer positive GEX combined with concentrated call flow is keeping spot above MP and creating short-term pinning nearer $182.50–$185.00.

Signal vs Noise

~$100.00 call premium concentration (Call $43,840,340 net): likely long-dated structural flows or corporate/portfolio positioning rather than near-term directional signal.

~Heavy volume in 4/10 strikes ($180/$182.50) — likely expiry roll/hedge activity; treat large vol/OI spikes near immediate expiries as hedging rather than fresh directional conviction unless followed up with similar flow in multi-day horizon.

~Multiple small deep-OTM put prints (e.g., $100 put exp 5/8) are likely long-dated speculation or cheap tail insurance and not a near-term directional read.

~Some call prints at $177.50/$182.50 with huge premium may be part of structured buys or collar adjustments rather than naked directional buying—check subsequent fills for legs.

Key Conclusions

🐂Net premium strongly bullish: +$291.6M and P/C volume 0.63 — strong call demand dominating flow today.

📌Pinning around $182.50–$185.00: Near-term GEX concentrations (+$131.7M at $185; +$128.1M at $182.50) make this the magnet zone to watch.

🛡️Short-dated put flow ($180/$182.50 on 4/10) looks like hedging into expiry — it increases dealer hedging but does not negate bullish structure because dealers remain long gamma.

🚧Resistance cluster at $190–$200: large call OI walls ($190/$195/$200) could act as supply if dealers need to hedge as spot approaches those strikes.

🔁Watch follow-through: if call premium and OI continue to build at $185–$190, expect upward drift; if large put blocks print at or below $180 with sustained premium, thesis invalidates.

Read the Flow analysis for NVDA for 2026-04-09. 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.