NVDA
NVIDIA CorporationClose $215.33EOD onlyThis page reflects NVDA options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from April 9, 2026. A newer flow report is available for May 22, 2026.
View latest reportFlow Verdict
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)
Notable Prints
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.
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.
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.
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
Key Conclusions
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