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NVDA

NVIDIA CorporationClose $202.06EOD only

Max Pain

$195.00

Next expiry Apr 22, 2026

Expected Move

±$4.12

2.0% from close

Price Gap

-7.06

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Apr 20, 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 20, 2026 close

NVDA Theta Report

Analysis based on market close April 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.2% from MP; +0.5 VIX 20

IV Environment

IV Regime

Normal

IV vs VIX

Short-dated put IVs (4/22–4/24) are elevated vs VIX ~19.5; avg IV skewed high by long-dated vols.

Favorable?

Yes

Term structure: Front-month put skew steep into 4/24 with ATM reversion by 4/27; roll opportunities for sellers but elevated short-dated tail IV.

📌Max-pain / OI cluster near $198–$200 may concentrate flows

⚠️Very elevated short-dated put IVs raise tail risk; use defined-risk structures

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+765.1M)

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 82,624 (30.0% below spot)

OI concentrations: Put OI concentrated at $198/$200 and deeper $190 strikes (notable cluster through 4/27).

Verdict: High pin risk to $198–$200; favors spreaded or hedged premium-selling rather than naked shorts.

Premium Opportunities

Put credit spread

Sell 2026-05-15 $185.00/$175.00 put spread

Sell 5/15 185/175 put spread to collect rich short‑dated IV while limiting tail risk

Credit: $1.14-$1.40

Max loss: $8.60

BE: $183.60

Mgmt: Buy back if close <197.5 or VIX>30; trim into strong put buying

Zero-cost collar

Buy shares + buy 2026-06-18 $175.00 put / sell 2026-06-18 $226.00 call (zero-cost collar)

Buy shares, buy 6/18 175 put and sell 6/18 226 call to lock defined P/L with low premium

Debit: $0.11-$0.14

Max loss: $25.02

BE: $200.02

Mgmt: Roll puts/calls if stock trends to collar edges; exit if price ≤175

Iron condor

Sell 2026-05-29 $175.00/$160.00 put wing and $225.00/$240.00 call wing

Sell 5/29 175/160 put wing and 225/240 call wing to monetize fading IV

Credit: $2.72-$3.32

Max loss: $11.68

BE: 171.68 / 228.32

Mgmt: Manage if either wing touches or OI shifts >10% from 198–200 pin cluster

Risk Alerts

!Break of 1w guardrails $193.43/$206.33 invalidates bias

!Rapid VIX >30 or dealer GEX flip negative

!Large block put buying shifting OI >10% away from $198–$200 pin cluster

How to Use These Reports

This theta reflects the market close on April 21, 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.