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NVDA

NVIDIA CorporationClose $201.68EOD only

Max Pain

$192.50

Next expiry Apr 20, 2026

Expected Move

±$1.23

0.6% from close

Price Gap

-9.18

Distance to max pain

IV Rank

100

High premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Apr 17, 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 17, 2026 close

NVDA Theta Report

Analysis based on market close April 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV ~45% vs VIX 18.9 — options IV elevated vs index vol; short-dated ATM suppressed, puts richer than calls

Favorable?

Yes

Term structure: Pronounced put skew and uneven term structure (very low same-day ATM, elevated 2–11d and multi-month puts); favors collecting premium but watch expiry spikes

📌Dealer GEX +$941M and net premium large — flow supportive of pinning near $198

⚠️Short-dated ATM IV breakdown (0d ATM 3.4%) creates dated risk around expiries — monitor intraday IV moves

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+941.3M)

OI concentrations: Concentrated open interest at $198/$195/$190; residual structural put interest near $140

Verdict: Pinning regime: elevated pin risk into nearby expiries with dealer flow likely to pressure spot toward major strikes

Premium Opportunities

Iron condor

Sell 2026-05-22 $195.00/$190.00 put wing and $200.00/$205.00 call wing

Sell 195/190 put and 200/205 call wings to capture range premium while capping tails.

Credit: $3.76-$4.59

Max loss: $0.41

BE: 190.41 / 204.59

Mgmt: Manage if spot nears short strikes; trim/roll wings or hedge with directional delta if IV spikes or pin breaks.

Put credit spread

Sell 2026-05-22 $195.00/$190.00 put spread

Sell 195/190 put spread to collect skewed put premium with limited loss if NVDA drifts down.

Credit: $1.44-$1.76

Max loss: $3.24

BE: $193.24

Mgmt: Close or roll if spot tests short strike or IV rapidly re-steepens; stop if spot closes sustained below invalidation.

Cash-secured put

Sell 2026-05-29 $195.00 cash-secured put

Sell 195 put for income and potential stock entry at that price.

Credit: $6.30-$7.70

Max loss: $187.30

BE: $187.30

Mgmt: Set allocation cap, buy back if IV jumps or stock breaks below invalidation; be prepared to take assignment.

Risk Alerts

!Earnings/announcement or catalyst-driven gap that overwhelms GEX

!Rapid IV spike >+50% intra-day or VIX >30

!Spot closes below $194.7 (sustained) indicating loss of pin control

How to Use These Reports

This theta reflects the market close on April 20, 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.