NVDA

Watch next session: Monitor 200–205 put volume/oi; Follow 202.5–205 call selling and delta changes; Track VIX and price move toward MP/deltas

Net premium: +$1.1B bullish

P/C volume ratio: 0.47

P/C OI ratio: 0.86

Call additions: Concentrated call buys into near expiries around 202.5–205 and some longer-dated 265 interest; magnitude suggests tactical upside exposure but not overwhelming versus market depth.

Put additions: Large Apr17/20 short-dated put blocks at 200–205 — could be protective hedges, directional put-selling, or block trades distorting skew; watch for follow-on activity to clarify intent.

GEX/DEX consistency: GEX ~+$1.1B and DEX +$460.5M bias toward supportive gamma/delta, but impact is magnitude-dependent and can be offset by underlying liquidity and flow turnover—treat as probabilistic, not definitive.

OI clusters: Heaviest OI centered 200–205 strikes (calls and puts), indicating focal pins/interest in that band.

Hedging evidence: Patterns consistent with short-dated collars/put accumulation at 200–205, IV skew lift on near-dated puts; causality ambiguous given block trades.

Max pain context: Max pain sits below spot; spot ~9% above MP, which creates pin risk but distance and active flows make outcome uncertain.