thetaOwl

NVDA

NVIDIA CorporationClose $201.68EOD only
Max Pain
$192.50
Next expiry Apr 20, 2026
Expected Move
±$1.23
0.6% from close
Price Gap
-9.18
Distance to max pain
IV Rank
100
High premium
P/C OI
0.86
Slightly call-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Apr 17, 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
Apr 17, 2026 close
NVDA Flow Report
Analysis based on market close April 20, 2026

Historical consensus-supported lens with full content, report chain context, and metric rail.

Flow Verdict

BiasBullish
Confirmation: Large same-day call prints (200c,197.5c,202.5c), GEX +$941M, bullish flow/pinning regime and spot above MP.
Invalidation: Price closes <197.5 with expanding put OI or VIX spike >25 signaling shift to risk-off.
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 VIX 19

Watch next session: prints/flow at 197.5–202.5 strikes; changes in GEX/net premium; put OI accumulation and VIX

Flow Summary

Net premium: +$1.3B bullish

P/C volume ratio: 0.59

P/C OI ratio: 0.86

Bullish pinning flow: heavy call prints and +$941M GEX concentrate around 197.5–202.5 supporting pin; downside risk if price breaks <197.5 with rising put OI or VIX.

Notable Prints

#1
NVDA 2026-04-20 $200.00 Put
Vol: 132,236
OI: 4,980
Vol/OI: 26.6x
IV: 10.2%
Notional: ~$132K
Intent: short-term hedge/restructure
Dual read: block sale vs. synthetic put

Read-through: pin risk <200 intraday

#2
NVDA 2026-04-20 $200.00 Call
Vol: 250,970
OI: 11,122
Vol/OI: 22.6x
IV: 17.0%
Notional: ~$52.2M
Intent: large call buys (longs) or short-call covering
Dual read: directional buying vs. dealers covering shorts/delta hedging

Read-through: adds pinning pressure near 200

#3
NVDA 2026-04-22 $197.50 Call
Vol: 31,369
OI: 1,443
Vol/OI: 21.7x
IV: 32.5%
Notional: ~$16.4M
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#4
NVDA 2026-04-22 $200.00 Put
Vol: 29,388
OI: 2,103
Vol/OI: 14.0x
IV: 28.5%
Notional: ~$3.5M
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#5
NVDA 2026-04-20 $197.50 Put
Vol: 124,094
OI: 8,915
Vol/OI: 13.9x
IV: 19.5%
Notional: ~$124K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Near‑dated call buying concentrated 197.5–202.5 (notably $200) but many fills are short‑dated/low‑price and thus lower conviction

Put additions: Put activity clustered 197.5–200 indicating hedging/collars; smaller OI than calls but materially offsets net exposure

GEX/DEX consistency: Partially consistent — positive GEX/DEX imply bullish pressure, though noisy timing/prints reduce confidence

OI clusters: Largest OI at $200, $197.5, $202.5 (all near spot)

Hedging evidence: Clear signs of collars and put buys around same strikes/dates, suggesting active hedging against call positions

Max pain context: Spot sits near max‑pain; gamma could bias toward ~200, but short‑dated noise makes firm pinning uncertain

Signal vs Noise

~Signal: concentrated same‑day call prints at ~$200 with high OI — directional but short‑dated
~Signal: positive GEX/DEX support a pinning bias though not definitive given print quality
~Noise: many low‑price/odd fills and very short expiries; put buys/collars materially offset net call exposure

Key Conclusions

🔥Qualified bullish bias toward ~200 into near expiries, tempered by short‑dated/low‑price prints
⚠️Treat intraday low‑price fills as noisy; active put hedges/collars are offsetting call risk
How to Use These Reports
This flow reflects the market close on April 20, 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.