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NVDA

NVIDIA CorporationClose $219.51EOD only

Max Pain

$215.00

Next expiry May 22, 2026

Expected Move

±$4.50

2.0% from close

Price Gap

-4.51

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.80

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 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

May 21, 2026 close

NVDA Theta Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 6, 2026. A newer theta report is available for May 21, 2026.

View latest report

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning)

IV Environment

IV Regime

Normal

IV vs VIX

IV 43.0% — no VIX comparison provided

Favorable?

Yes

Term structure: Sharp drop: 2026-04-08 ATM 35.7% to 2026-04-13 ATM 29.9% (5.8 pp differential), then rises to 34%+

📉Sharp IV drop from 35.7% (2d) to 29.9% (7d) creates prime reverse calendar opportunity

💰Overall IV 43% provides ample premium for all strategies

Pin Risk Assessment

Spot vs MP: Above by 3.3% ($177.64 vs $172.50 nearest max pain)

GEX regime: Pinning (GEX +$389.1M)

Gamma flip: ~$140.00 — Far below spot at ~$140 — strong pinning regime above

OI concentrations: Call wall $195-$200; Put floor $140-$150; Near-term GEX magnets at $180 (+$14.4M), $177.50 (+$4.9M), $182.50 (+$3.2M)

Verdict: Highly favorable — massive positive GEX and GEX magnets create strong pinning environment that supports credit positions, especially near $180

Premium Opportunities

reverse calendar spread

Sell $180 call 2026-04-08 (2 DTE) / Buy $180 call 2026-04-13 (7 DTE)

Exploits sharp IV differential: sell high IV (35.7% ATM) near-dated, buy lower IV (29.9% ATM) slightly farther-dated. Massive GEX magnet at $180 (+$14.4M) strongly favors pinning, increasing probability short expires worthless. High call OI at $180 (8,764) adds resistance.

Credit: $0.70-$0.80

Max loss: Limited to debit paid if wider spread (approx $0.20 risk per spread)

BE: Complex — profits from IV decay and pinning near $180; optimal if spot near $180 at April 8 expiry

Mgmt: Close when short expires worthless; if spot moves away from $180 by >2% before April 8, consider rolling short to next expiration; exit if IVs converge prematurely.

reverse calendar spread

Sell $177.50 put 2026-04-08 (2 DTE) / Buy $177.50 put 2026-04-13 (7 DTE)

Same IV differential play using puts. GEX magnet at $177.50 (+$4.9M) supports pinning. Spot $177.64 is at-the-money, maximizing theta decay on short put. High volume on $177.50 put (17,387) indicates liquidity.

Credit: $1.70-$1.80

Max loss: Limited to debit paid if wider spread (approx $0.10 risk per spread)

BE: Complex — profits from IV decay and pinning near $177.50; optimal if spot near $177.50 at April 8 expiry

Mgmt: Close when short expires worthless; roll short if spot breaches $177.50 by >1%; exit if IVs converge or spot trends away.

iron condor

Sell $170/$165P x $185/$190C 2026-05-01 (25 DTE)

Wide expected move ($164.91-$190.36) provides buffer; strikes align with OI clusters ($170 put, $185 call) and GEX magnets ($180, $182.50); IV 34.0% ATM offers good premium; positive GEX regime favors range-bound price action.

Credit: $1.80-$2.20

Max loss: $3.20

BE: 168.20/186.80

Mgmt: Close at 50% profit; manage wings independently — roll tested side if spot breaches short strike by 3%; exit if spot breaks $140 gamma flip.

put spread

Sell $175/$170 put spread 2026-04-17 (11 DTE)

Spot above max pain $175; strong put OI at $175 (5,521) and $170 (5,988) provides support; high IV (34.4% ATM) for 11 DTE; GEX pin magnet at $177.50 nearby.

Credit: $0.93-$1.05

Max loss: $4.07

BE: $174.07

Mgmt: Close at 65% profit (~$0.65 credit retained); roll if spot approaches $175; exit on close below $172.50 (next max pain level).

cash-secured put

Sell $170 put 2026-04-15 (9 DTE)

Strong put OI at $170 (5,988 near-term) and max pain at $175 support; IV 31.2% ATM; 4.3% below spot provides buffer; positive GEX pinning reduces downside risk.

Credit: $0.87-$0.93

Max loss: $169.13

BE: $169.13

Mgmt: Close at 70% profit; roll down and out if spot approaches $170; accept assignment if exercised (effective cost $169.13).

Risk Alerts

!Earnings 2026-05-20 (44 days out) — close all positions before announcement; never sell naked through earnings

!Gamma flip ~$140 — catastrophic acceleration below this level; exit all credit positions on close below $150

!Sharp IV drop from April 8 to 13 may indicate event risk post-April 8 — monitor for news

!Unusual put flow at $175 (2026-05-22) — monitor for institutional downside bets

!VIX not provided — monitor for overall market vol spikes that could affect NVDA IV

!Massive positive GEX (+$389.1M) — while favorable for pinning, reversal could cause violent move if pin breaks

How to Use These Reports

This theta reflects the market close on April 6, 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.