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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 10, 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 10, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.8% from MP

Watch next session: Follow 4/13-4/17 call volume at $190 and $195 (watch if >50k prints repeat); New put buying at $185-$187.50 (protective activity) or large closing at $175 (expiration dynamics)

Flow Summary

Net premium: +$444.3M bullish

P/C volume ratio: 0.60 — call-dominant (call flow ~40% heavier than puts)

P/C OI ratio: 0.88 — moderate call lean in positioning (calls overweight but not extreme)

Heavy, concentrated bullish premium across near-term strikes ($185, $190, $195, $200) with dealers long gamma (GEX +$696.4M) creating pinning mechanics around $185-$190. Short-dated call buying dominates volume (P/C volume 0.60) while OI still shows large established call clusters at $185-$200, implying institutions are adding call exposure and dealers are positioned to buy delta into upside moves.

Notable Prints

NVDA 2026-04-13 $190.00 Call

Vol: 87,515

OI: 8,535

Vol/OI: 10.3x

IV: 21.7%

Notional: ~$8,051,380

Intent: Fresh directional call buying (near-term upside squeeze / pin chase)

Dual read: Aggressive bought calls (bullish) OR large dealer-sold calls being put on as overwrites (neutral) — but volume >> OI and low IV argues buyer-initiated

Read-through: Concentrated, high-frequency buying at $190 amplifies GEX pinning +$19.3M at $190 and makes $190 the primary short-term magnet; dealers will hedge by buying stock, supporting price toward the $190 area.

NVDA 2026-04-13 $185.00 Put

Vol: 39,387

OI: 2,412

Vol/OI: 16.3x

IV: 24.1%

Notional: ~$1,615,067

Intent: Protective put buying or short-term hedging (but also could be put-selling by dealers into call buying)

Dual read: Large buy of protection (bear-hedge) OR dealers selling these puts as part of delta management against heavy call buying (net neutral-to-bullish)

Read-through: Significant put volume at $185 (OTM, 2% from spot) alongside heavy $190 call flow suggests two-way activity: buyers buying protection while counterparties manage delta — overall supports pinning between $185-$190 rather than a pure bearish signal.

NVDA 2026-04-24 $187.50 Put

Vol: 9,635

OI: 236

Vol/OI: 40.8x

IV: 30.9%

Notional: ~$3,805,625

Intent: Directional short-dated protective puts or speculative downside bet sized materially

Dual read: Bought puts (bearish/protective) OR structured collar / synthetic created by professionals (hedge) — very high vol/oi implies fresh positioning

Read-through: Fresh concentrated interest at $187.50 (1% from spot) indicates institutional-scale protective hedging into the upcoming 2–3 week window; could act as short-term support if dealers hedge by buying underlying on these flows.

NVDA 2026-04-20 $195.00 Call

Vol: 5,646

OI: 783

Vol/OI: 7.2x

IV: 27.7%

Notional: ~$660,? (estimate using last $1.17 => ~$660,? )

Intent: Tactical upside call accumulation ahead of next week; likely directional call buying

Dual read: Bought calls (bullish) vs dealers selling short-dated calls (neutral) — given broader flow dominance of calls the buy interpretation is stronger

Read-through: Adds to stacking of upside exposure in the 1–2 week window; reinforces dealer hedge demand into $190–$195 and keeps upside slippage limited.

Institutional Positioning

Call additions: $185-$200 calls across near-term expirations (notably concentrated at $190 and $200 by premium flow and OI), plus call premium skew out to $205-$210 in smaller size

Put additions: Targeted protective puts at $185-$187.50 (near-term) and some medium-dated ITM puts at $195 (10/16) — mostly hedges, not a broad bearish reposition

GEX/DEX consistency: Yes — positive GEX (+$696.4M) and DEX (+392.9M shares) align with bullish call-dominant net premium ($444.3M) and pinning around $185-$190.

OI clusters: Largest OI clusters: $140 call/put OI large structurally, near-term call clusters at $185 (10,879 OI), $190 (8,535 OI), $195 (4,081 OI), $200 (multi-expiry 105k+ aggregated). These create a short-term magnet between $185-$195 and a structural call wall near $200.

Hedging evidence: Clear protective buying at $185-$187.50 and long-dated put blocks (e.g., 10/16 $195 put vol) — evidence of targeted hedging/collars rather than wholesale put accumulation.

Max pain context: Max pain is rising (current near-term MPs $175 → $180 across expirations) but spot sits above MP; with pinning and heavy call flow dealers will be incentivized to buy into dips toward $180-$185 to maintain the pin.

Signal vs Noise

~Large expirations around 2026-04-13 (high volume at $190/$185) include expiration rolls and gamma-related hedging; some prints (especially the $190 call 4/13) include expiry-driven positioning and short covering that can exaggerate directional reading.

~High vol/oi in very small-OI strikes (e.g., $187.50 4/24 OI=236) can be single-institution hedges or spread legs—interpret as meaningful but confirm with repeat flow.

~Deep long-dated put premium concentration listed at $340/$350 (premium negative in Top Premium Flow) is structural tail hedging and outside the near-term move — not a near-term bearish signal.

~Dealer inventory adjustments are likely: large positive GEX and concentrated short-dated call flow imply market-maker hedging activity that can look like buy flow in underlying; separate buy prints from client-initiated trades to confirm direction.

Key Conclusions

🐂Net premium is strongly bullish (+$444.3M) with heavy call dominance at $185-$200; dealers are long gamma which supports pinning and upside compression.

📌$190 is the short-term pin: GEX +$19.3M at $190 and massive 4/13 call flow concentrate price support at that level.

🛡️Notable protective activity at $185-$187.50 (high vol/oi) — institutions are hedging modestly while still adding calls, indicating risk-managed bullishness.

⚖️Flow vs OI: volume is call-heavy (P/C vol 0.60) while OI remains moderately call-lean (P/C OI 0.88) — new buying is layering on existing call positioning rather than overturning the book.

🔍Watch for confirmation: repeat large prints at $190-$195 and whether spot holds above the 2d EM lower bound $185.53; a breakdown below $183.80 would flip the short-term picture.

How to Use These Reports

This flow reflects the market close on April 10, 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.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

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.