Home Options NVDAReports

NVDA

NVIDIA CorporationClose $202.06EOD only

Max Pain

$195.00

Next expiry Apr 22, 2026

Expected Move

±$4.12

2.0% from close

Price Gap

-7.06

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Apr 20, 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 20, 2026 close

NVDA Flow Report

Analysis based on market close April 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.2% from MP; +0.5 VIX 20

Watch next session: Monitor 202–205 liquidity and tradeflow; Watch VIX and IV skew for front‑month put demand; Track delta/gamma exposure if price breaches 197–200

Flow Summary

Net premium: +$172.1M bullish

P/C volume ratio: 0.71

P/C OI ratio: 0.86

Dominant bullish flow: call-heavy, strong positive GEX and pinning near MP; downside risk if heavy front‑month puts force a gamma flip below ~197–200.

Notable Prints

NVDA 2026-04-22 $200.00 Put

Vol: 141,066

OI: 6,297

Vol/OI: 22.4x

IV: 25.2%

Notional: ~$22.0M

Intent: large short-dated downside hedge or aggressive put buying

Dual read: buy protection vs dealer selling/closing

Read-through: pins downside sensitivity at 200 for today's settlement

NVDA 2026-05-08 $202.50 Call

Vol: 2,813

OI: 174

Vol/OI: 16.2x

IV: 35.5%

Notional: ~$1.4M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NVDA 2026-04-22 $202.50 Call

Vol: 133,988

OI: 8,568

Vol/OI: 15.6x

IV: 24.8%

Notional: ~$7.0M

Intent: short-dated upside cover or call buys to press upside

Dual read: buying calls vs dealers writing calls

Read-through: concentrates gamma ~202.5, increases pinning pressure

NVDA 2026-05-08 $182.50 Put

Vol: 2,793

OI: 191

Vol/OI: 14.6x

IV: 40.2%

Notional: ~$346K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NVDA 2026-04-22 $202.50 Put

Vol: 23,963

OI: 1,904

Vol/OI: 12.6x

IV: 25.0%

Notional: ~$7.3M

Intent: hedge near-the-money downside exposure

Dual read: buy protection vs dealer short put placement

Read-through: strengthens concentrated short-dated put wall near 202.5

Institutional Positioning

Call additions: Concentrated near‑term call buys around 205/207.5 and short‑dated May strikes; clustered expiries 4/22–5/15.

Put additions: Large same‑day puts at 197.5–202.5 including oversized $200 prints; elevated short‑dated put flow.

GEX/DEX consistency: GEX modestly positive and DEX buy flow support a bullish/pinning regime, but not definitive.

OI clusters: Largest OI at 205 (~17k), 200 (~9.6k), 197.5 (~7.4k); put OI skew ~30% below spot may favor gamma flip near those levels.

Hedging evidence: Evidence of short‑dated collars and put buying with paired calls — typical hedged bullish positioning.

Max pain context: Spot ~1.2% above MP; probability of pinning into 4/22 estimated ~60–75% given flow, but alternate outcomes (sharp intraday moves or longer‑dated offsets) remain plausible.

Signal vs Noise

~Signal: aligned GEX/DEX and concentrated 4/22 expiries increase pinning risk (60–75% range).

~Signal: oversized $200 put and 205 call OI indicate hedged directional exposure.

~Noise: multi‑week/month positions and intraday orderflow can offset short‑dated flow — expect ~20–35% counterweight probability.

Key Conclusions

📌Short gamma into 4/22 likely keeps price near 202–205 but not certain; 60–75% chance, with notable alternate scenarios.

💡Institutions appear net bullish yet protected; longer‑dated positions and intraday flows could mute or reverse near‑term moves.

How to Use These Reports

This flow reflects the market close on April 21, 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.