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NVDA

NVIDIA CorporationClose $199.88EOD only

Max Pain

$197.50

Next expiry Apr 22, 2026

Expected Move

±$2.99

1.5% from close

Price Gap

-2.38

Distance to max pain

IV Rank

Low premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 21, 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 21, 2026 close

NVDA Flow Report

Analysis based on market close April 22, 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 19

Watch next session: Monitor 4/22 expiry flow and exercise/assignment at 197.5–205; Track IV/VIX moves and any large put OI builds; Watch delta of 200–205 strikes and changes in GEX

Flow Summary

Net premium: +$403.5M bullish

P/C volume ratio: 0.55

P/C OI ratio: 0.86

Options flow is dominantly bullish/pinning: big positive GEX, concentrated call and short-dated call volumes around 200–205 and larger May calls, matching spot above MP. Risk if puts accumulate or volatility surges causing a regime/gamma flip.

Notable Prints

NVDA 2026-05-15 $192.50 Call

Vol: 2,836

OI: 173

Vol/OI: 16.4x

IV: 38.9%

Notional: ~$3.9M

Intent: buy-call

Read-through:

NVDA 2026-04-22 $202.50 Put

Vol: 47,840

OI: 3,058

Vol/OI: 15.6x

IV: 3.6%

Notional: ~$670K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NVDA 2026-04-22 $200.00 Put

Vol: 186,002

OI: 11,984

Vol/OI: 15.5x

IV: 11.7%

Notional: ~$186K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NVDA 2026-04-22 $202.50 Call

Vol: 316,059

OI: 20,766

Vol/OI: 15.2x

IV: 1.7%

Notional: ~$1.6M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

NVDA 2026-05-15 $235.00 Call

Vol: 50,101

OI: 3,518

Vol/OI: 14.2x

IV: 33.4%

Notional: ~$1.6M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Front‑week call buying clustered 200–205; some May call blocks (192.5,235) likely directional or roll activity.

Put additions: Large April put prints at 200/202.5/197.5 — front‑week defensive/hedge usage evident.

GEX/DEX consistency: GEX +$1.8B and DEX +424M shares provide supportive evidence of dealer gamma bias toward 200–205 but are not sole causal proof; spot moves and hedging cadence can alter outcomes.

OI clusters: Major OI around 200–205 calls and 197.5–202.5 puts, concentrating expiry exposure.

Hedging evidence: High front‑week put volume with compressed IV consistent with dealer hedging/collar activity.

Max pain context: Max pain ~200–205; spot ~1.2% above MP, increasing pin potential but susceptible to intraday flows.

Signal vs Noise

~Signal: concentrated front‑week options flow and large OI at 200–205 increases expiry pin risk.

~Signal: GEX/DEX tilt supports a dealer gamma environment but is corroborative, not definitive.

~Noise: intraday liquidity, bid/ask width and time‑decay can blunt pin effects.

~Noise: rapid spot moves or concentrated intraday hedging can override the expected pinning outcome.

Key Conclusions

🚀Pin risk to 200–205 is elevated given concentrated front‑week flow and corroborative GEX/DEX tilt, but not guaranteed.

⚠️Liquidity constraints, intraday hedging and theta decay are key disruptors—expiry behavior can deviate quickly.

How to Use These Reports

This flow reflects the market close on April 22, 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.