thetaOwl

NVDA

NVIDIA CorporationClose $202.50EOD only
Max Pain
$190.00
Next expiry Apr 24, 2026
Expected Move
±$4.18
2.1% from close
Price Gap
-12.50
Distance to max pain
IV Rank
12
Low premium
P/C OI
0.86
Slightly call-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Apr 22, 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 22, 2026 close
NVDA Flow Report
Analysis based on market close April 23, 2026

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

Flow Verdict

BiasBullish
Confirmation: Large positive GEX (+$809.6M); heavy short-dated call prints and pinning gamma; spot sits above MP with net premium inflows.
Invalidation: Spot drops decisively through concentrated put cluster/gamma flip region (~200–205 strikes) or VIX spikes markedly, reversing pinning dynamics.
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.7% from MP; +0.5 VIX 19

Watch next session: Monitor short-dated call/put prints and vol_oi shifts; Spot vs MP and movement toward put concentration (~200–205 strikes); Watch for VIX jump or rapid decline in GEX

Flow Summary

Net premium: +$220.3M bullish

P/C volume ratio: 0.50

P/C OI ratio: 0.86

Strong bullish flow: +$809.6M GEX and pinning gamma from short-dated calls supports spot above mid-price; concentrated puts around 200–205 are the key downside flip level if breached or if volatility surges.

Notable Prints

#1
NVDA 2026-04-27 $205.00 Call
Vol: 37,840
OI: 4,405
Vol/OI: 8.6x
IV: 25.5%
Notional: ~$2.3M
Intent: Directional buy
Dual read: Buy vs spread leg

Read-through: Upside flow

#2
NVDA 2026-05-08 $202.50 Put
Vol: 855
OI: 120
Vol/OI: 7.1x
IV: 33.1%
Notional: ~$601K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#3
NVDA 2026-04-29 $200.00 Call
Vol: 14,817
OI: 2,112
Vol/OI: 7.0x
IV: 32.0%
Notional: ~$4.9M
Intent: Directional buy
Dual read: Speculation vs roll

Read-through: Near-term upside

#4
NVDA 2026-04-29 $205.00 Put
Vol: 1,322
OI: 191
Vol/OI: 6.9x
IV: 29.0%
Notional: ~$923K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#5
NVDA 2026-04-24 $205.00 Put
Vol: 13,917
OI: 2,158
Vol/OI: 6.5x
IV: 27.6%
Notional: ~$7.6M
Intent: Protective hedge
Dual read: Hedge vs short sell

Read-through: Put-heavy concentration

Institutional Positioning

Call additions: Short-dated calls concentrated 200–205 (4/27–4/29) plus 217.5–222.5 longer-dated buys

Put additions: Heavy short-dated puts at 200–205 (4/24–4/29) and 202.5 (5/8) — defensive/hedge flow

GEX/DEX consistency: GEX +809.6M and DEX +408.5M indicate net long gamma from buy-side flow; dealers are net short gamma, consistent with bullish client positioning and pinning pressure potential

OI clusters: Largest OI around 200 (≈17k) and 202.5–205 (7–8k ranges); put OI concentrated ~29.9% below spot

Hedging evidence: Widespread put prints and net premium positive imply active hedging and collar strategies

Max pain context: Spot sits above MP; clustered expiries around 200–205 could exert anchoring influence on price but not a certainty

Signal vs Noise

~Signal: concentrated OI + GEX alignment implies genuine buy-side bullish positioning
~Signal: large short-dated call prints show increased client convexity exposure
~Noise: low-OI, high-IV distant calls (e.g. 250) are exploratory, not directional

Key Conclusions

🔥Buy-side flow and GEX point to net long gamma from buyers; dealers appear net short
⚠️Gamma pinning possible — clustered expiries may exert anchoring pressure but outcome is uncertain
How to Use These Reports
This flow reflects the market close on April 23, 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.