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NVDA

NVIDIA CorporationClose $199.88EOD only

Max Pain

$197.50

Next expiry Apr 22, 2026

Expected Move

±$2.99

1.5% from close

Price Gap

-2.38

Distance to max pain

IV Rank

Low premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 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

Apr 21, 2026 close

NVDA Theta Report

Analysis based on market close April 22, 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 19

IV Environment

IV Regime

Normal

IV vs VIX

Stock IV ~+10 pts vs VIX; 1d ATM IV ~28% vs 2–5d put IVs ~40% (put skew ~+12 pts)

Favorable?

Yes

Term structure: Steep put skew in 2–9d expiries; longer-term IV ~39–42%—premium rich in short dated puts relative to multi‑day expiries

📌Max-pain clustering at $200 across expiries (pins 4/22–4/27)

📈GEX positive ~+$1.8B aligns dealer flow for pinning

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+1.8B)

OI concentrations: Concentrated OI and max-pain at $200 (also $190 nearer expiry); no meaningful gamma flip below 30%

Verdict: High pin risk into the next few expiries around $200

Premium Opportunities

Put credit spread

Sell 2026-05-22 $200.00/$195.00 put spread

Premium-selling expressed as a near-term defined-risk put spread to collect elevated put IV.

Credit: $1.76-$2.15

Max loss: $2.85

BE: $197.85

Mgmt: Close if IV +50% or sustained move ≤192; buy back or roll if spot ≥200 threatened.

Iron condor

Sell 2026-06-18 $194.00/$189.00 put wing and $219.00/$224.00 call wing

Income trade that sells both-side IV with defined risk, benefiting from range-bound action and elevated call/put IVs.

Credit: $2.75-$3.36

Max loss: $1.64

BE: 190.64 / 222.36

Mgmt: Manage/adjust as spot approaches wings or IV jumps; hedge or roll wings outward.

Cash-secured put

Sell 2026-05-29 $200.00 cash-secured put

Sell one-month put to generate premium or acquire NVDA at a ~200 basis if assigned.

Credit: $7.88-$9.62

Max loss: $190.38

BE: $190.38

Mgmt: Close/roll or size for assignment if IV spikes or spot ≤192.

Risk Alerts

!Large IV jump (1–3d)

!Spot breach of $192 support on volume

!VIX >25 or broad market reversal

!Earnings/dividend calendar check before selling premium (confirm upcoming dates)

!Assignment risk on short deltas around ex-dividend; verify early-exercise risk

!Liquidity check: confirm option bid/ask width and daily volume before sizing

How to Use These Reports

This theta reflects the market close on April 22, 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.