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NVDA

NVIDIA CorporationClose $222.82EOD only

Max Pain

$217.50

Next expiry Jun 3, 2026

Expected Move

±$3.97

1.8% from close

Price Gap

-5.32

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.82

Slightly call-heavy

Consensus

9.0/10

Bullish tilt

Published snapshot: Jun 2, 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

Jun 2, 2026 close

NVDA Theta Report

Analysis based on market close April 15, 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 15, 2026. A newer theta report is available for May 26, 2026.

View latest report

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.7% from MP; +0.5 VIX 18

IV Environment

IV Regime

Normal

IV vs VIX

ATM 30-36% (30.9% for 2d → ~34–36% at 16–30d) vs VIX 18.17 — implied vol is rich vs index vols

Favorable?

Yes

Term structure: Short-term ATM IV is 30.9% (2d) rising to ~34–36% at 16–30d and spiking to ~40% into late-May (humped/skewed term structure).

💰Near-term ATM IV (30.9% for 2d, ~34–36% for 16–30d) is well above VIX 18.17 — favorable for premium sellers.

⚠️Very low same-day IV (0d ATM 7.5%) and noisy unusual activity in weeklies — avoid naked short through immediate expiries.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+1.1B)

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 82,750 (29.6% below spot)

OI concentrations: Very large call OI walls clustered at $200.00 (multiple aggregated entries: OI buckets including 138,910 / 94,324 / 84,134) and heavy call OI at $195.00 (86,765) and $190.00 (88,171). Put OI cluster sits deep at $140.00 (82,750) well below spot.

Verdict: Favorable — positive GEX (+$1.1B) plus concentrated call OI near $200 creates a pinning magnet that supports selling defined-risk call premium. However, near-term weeklies have concentrated flow that can produce pin churn around $195–$205.

Premium Opportunities

Call credit spread

Sell 2026-05-01 $205.00/$215.00 call spread

Sell a 2026-05-01 call credit spread shorting the 205 call (buy the 215 call) to collect front-month premium while capping upside risk. Uses pinning and elevated near-term IV.

Credit: $1.99-$2.44

Max loss: $7.56

BE: $207.44

Mgmt: Target 50–70% of premium captured; close/roll if NVDA closes > short strike for two sessions or if IV rises sharply.

Put credit spread

Sell 2026-05-15 $190.00/$180.00 put spread

Sell the 2026-05-15 190/180 put spread to harvest theta while limiting downside; size to avoid assignment through earnings (May 20).

Credit: $1.95-$2.39

Max loss: $7.61

BE: $187.61

Mgmt: Close at 50–70% profit or if price trades below $187.37 support; consider rolling wider/down on sustained weakness.

Risk Alerts

!High unusual activity in weeklies: heavy volume/OI in 4/15–4/17 short-dated puts and calls — avoid selling naked through these expiries.

!EM upper guardrail: 2d $203.38 / 1w $204.64 — sustained trade above these levels threatens short-call positions.

!Earnings on 2026-05-20 (35d): avoid naked short positions that would straddle earnings; calendars/diagonals should be sized or closed before earnings.

!Gamma flip at ~$140 — extreme downside gap would rapidly invert GEX and stress all short premium positions.

!Term-structure steepness into late-May: rising back-month IV (~40%+) can create re-pricing risk for short-dated hedges and complicate roll mechanics.

How to Use These Reports

This theta reflects the market close on April 15, 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.