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NVDA

NVIDIA CorporationClose $222.82EOD only

Max Pain

$217.50

Next expiry Jun 3, 2026

Expected Move

±$3.97

1.8% from close

Price Gap

-5.32

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.82

Slightly call-heavy

Consensus

9.0/10

Bullish tilt

Published snapshot: Jun 2, 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

Jun 2, 2026 close

NVDA Flow Report

Analysis based on market close April 15, 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 15, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

BiasBullish

Confirmation: Sustained call-side premium demand into and beyond the front week expirations (continued net premium inflows at $195-$205 strikes) and price holding above $195 into next session. Specifically, repeat or follow-through of large front-week call activity (e.g., replication of the NVDA260415C00197500 scale into adjacent expiries) would confirm.

Invalidation: A session where net premium flips negative (put-dominant) and front-week call volumes fail to reappear, with spot closing below the $190 deterministic support. A sizeable fresh put-buy at near-dated strikes (>~$10M premium) would also invalidate the short-term bullish read.

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.7% from MP; +0.5 VIX 18

Watch next session: Follow-through call buying at/above $200 (especially re: 4/20 and 4/24 expiries); Whether spot holds the $190 deterministic support and EM guardrail $194.35 (2d lower bound)

Flow Summary

Net premium: +$957.6M bullish

P/C volume ratio: 0.45

P/C OI ratio: 0.85

Flow is strongly call-leaning and materially reinforced by a very large front-week ITM call print (NVDA260415C00197500, Vol=273,286, OI=16,420) that greatly increases short-delta dealer exposure and pinning pressure toward $195-$200. Front-week put prints are large in volume but look expiry-driven (notably NVDA260415P00195000 Vol=137,808 OI=9,077 with near-zero premium), implying put-side removal into expiry rather than fresh hedging; net effect is increased bullish gamma and dealer short-delta into the replacement expiries.

Notable Prints

NVDA260415P00200000

Vol: 60,687

OI: 334

Vol/OI: 181.7x

IV: 8.9%

Notional: ~$5.7M

Intent: ITM front-week put activity consistent with expiry settlement/rolls or closing protective positions.

Dual read: Could be protective puts being exercised or large-scale closing of put positions; Vol=60,687 vs OI=334 (181.7x) at Last=$0.94 and low IV (8.9%) points to expiry-driven flow rather than a new strategic long-dated hedge.

Read-through: Net effect is reduction of put-side exposure into the rollover, supporting bullish gamma from dealers; notional estimate ~ $5,704,578 — meaningful in cash terms but driven by expiry mechanics.

NVDA260415P00197500

Vol: 164,255

OI: 1,754

Vol/OI: 93.7x

IV: 7.2%

Notional: ~$164K

Intent: Large front-week put selling or expirational close (massive volume at very low last price suggests short put/assignment activity).

Dual read: Could be protective put buying flipped into selling or exercise/assignment flows given low IV and last=$0.01; volume (164,255) vs OI=1,754 (93.7x) implies expiration-day settlement/roll/close behavior.

Read-through: This print reduces put exposure into expiry and favors call-driven pinning; notional estimate of premium traded ~ $164,255 (near-zero premium), so it is likely expiry/assignment dominated rather than a fresh large directional bet.

NVDA260420P00197500

Vol: 6,260

OI: 191

Vol/OI: 32.8x

IV: 28.5%

Notional: ~$1.4M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NVDA260417P00197500

Vol: 56,737

OI: 2,039

Vol/OI: 27.8x

IV: 31.2%

Notional: ~$9.0M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NVDA260424P00200000

Vol: 7,458

OI: 430

Vol/OI: 17.3x

IV: 31.2%

Notional: ~$3.4M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Material front-week call concentration at $197.50/$195/$200 (huge NVDA260415C00197500 print plus high premium flow at $200 and $195) — institutions are adding call exposure in the immediate expiries and into 4/20-4/24. Net premium distribution remains heavily skewed call-side across $185-$205.

Put additions: Apparent put reductions in the front week via expiry mechanics (NVDA260415P00195000 and NVDA260415P00197500) reduce near-term defensive positioning; longer-dated put OI (e.g., $140 put OI=82,750 and clusters at $160-$180) still indicates institutional tail hedges but these are not primary drivers of today's flow.

GEX/DEX consistency: The addition of an outsized front-week call print materially increases dealers' short-delta and aligns with the positive Total GEX of $+1.1B and the deterministic 'Gamma: Pinning' regime. DEX and GEX signals remain consistent: dealers will need to hedge by buying shares into dips, reinforcing upside pinning.

OI clusters: Largest OI remains clustered at $200/$195/$190 calls across expiries; these form a near-term magnet/wall in $195-$200. Put OI clusters at $160-$180 are deeper and create a structural floor further below but were not activated as fresh buys today.

Hedging evidence: Front-week put volumes look like expiry/assignment flow rather than fresh protective buys, reducing short-term hedging. Longer-dated put OI shows continued tail-hedging but does not counterbalance the immediate call accumulation and dealer short-delta.

Max pain context: Max pain pins for near expiries sit at $190 (4/15, 4/20) and $180 (4/17), but current spot is above MP and GEX concentrations near $195-$200 exert a magnet. Dealers' positive GEX and concentrated call premium make the $200 area the primary short-term pin.

Signal vs Noise

~Several large prints are on 2026-04-15 expiries (NVDA260415*): high-volume/low-premium activity (e.g., P197.50 at $0.01) is likely expiry settlement/assignment/roll activity rather than fresh directional bets.

~Front-week ITM puts and ITM calls with extremely elevated volume vs OI (Vol/OI > 15x) are consistent with expiration mechanics and dealer delta-hedging — treat as expiration noise unless followed up by similar sized trades in subsequent expiries.

~Some mid-dated heavy OI at $140 puts and $160-$180 puts are longer-term hedges (tail protection) and should not be interpreted as immediate bearish flow versus the current call-heavy premium inflows.

~Instances of call volume at single strikes could be part of defined call-spread structures (buy call/sell higher call) — inspect the higher strikes' activity before treating as pure long-call accumulation.

Key Conclusions

🐂Bullish front-week flow concentrated at $195-$200 is creating dealer short-delta and pinning dynamics toward $200 (supported by +$1.1B GEX and +$957.6M net premium).

📌Near-term pin / magnet range to watch is $195-$200 (GEX concentrations: +$115.5M @195, +$222.3M @200) — price is likely to gravitate here absent fresh large put buys.

⚠️Much of the largest intraday activity is expiry-driven (4/15) and may be noise; confirm directional thesis with follow-on call activity into 4/20–4/24 before increasing directional exposure.

How to Use These Reports

This flow reflects the market close on April 15, 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.