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NVDA

NVIDIA CorporationClose $198.35EOD only
Max Pain
$182.50
Next expiry Apr 17, 2026
Expected Move
±$2.81
1.4% from close
Price Gap
-15.85
Distance to max pain
IV Rank
55
Middle-high premium
P/C OI
0.85
Slightly call-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Apr 16, 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 16, 2026 close
NVDA Theta Report
Analysis based on market close April 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Conservative
Primary: Sell premium in 8–30d tenors with defined-risk hedges (verticals/calendars)
Invalidation: Break below $185 with sustained selling or >30% IV rise across 3–7d expiries causing short-gamma losses
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 9.0% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Overall stock IV > VIX over multi‑day horizons, but same‑day (0–1d) ATM IV is depressed by expirations and pin flows.
Favorable?
Yes

Term structure: Steep front-week put skew and elevated 8–30d ATM IV (mean ~44.6) — short-dated IV compressed, mid-term rich.

⚖️Sell in 8–30d where term IV is elevated vs same‑day compression
⚠️0–7d ATM IV compression can reverse violently; require short-gamma hedges (buy wings or long-dated calls)
📌Max-pain cluster $185–$192 concentrated; hedges needed to limit anchor-driven short‑gamma losses

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+1.1B)

OI concentrations: MP/OI clustered at $185/$190/$192 across near expiries; put OI density highest 0–14d.

Verdict: Elevated pin risk: clusters can anchor price into expiry; sharp directional fills or pin attempts can spike 0–7d put IV and force short‑gamma losses for sellers without hedges (buy wings, widen risk or shift to longer tenors).

Premium Opportunities

#1
Put credit spread
Sell 2026-05-22 $190.00/$185.00 put spread
Sell the 190/185 put spread to collect front-month premium with defined risk; reduces short-gamma vs naked puts.
Credit: $1.17-$1.43
Max loss: $3.57
BE: $188.57
Mgmt: Take profits into entry_range; buy wings or roll out/away if price falls below ~191 or IV spikes
#2
Iron condor
Sell 2026-05-22 $190.00/$180.00 put wing and $215.00/$225.00 call wing
Sell both wings to monetize elevated multi-day IV while capping losses on tails.
Credit: $4.13-$5.04
Max loss: $4.96
BE: 184.96 / 220.04
Mgmt: Trim/roll wings if price approaches either wing; tighten if >30% IV rise
#3
Call credit spread
Sell 2026-05-22 $210.00/$220.00 call spread
Sell 210/220 call spread to collect upside premium with capped risk.
Credit: $2.72-$3.33
Max loss: $6.67
BE: $213.33
Mgmt: Close or roll if price nears 212 or calls rerate sharply

Risk Alerts

!Selling into compressed same‑day ATM IV risks rapid IV spike and margin pain
!Required hedges: buy wings or long calls if short front-week; roll to 8–30d to reduce pin exposure
!Pin cluster at $185–$192 can induce forced moves near expiries

Read the Theta analysis for NVDA for 2026-04-17. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.