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NVDA

NVIDIA CorporationClose $202.50EOD only

Max Pain

$190.00

Next expiry Apr 24, 2026

Expected Move

±$4.18

2.1% from close

Price Gap

-12.50

Distance to max pain

IV Rank

Low premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: Apr 22, 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 22, 2026 close

NVDA Theta Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.7% from MP; +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

Underlying IV > VIX (avg IV ~43 vs VIX 19); very depressed ATM near-dated IV (~26) but extreme 1d put IV skew (~90)

Favorable?

Yes

Term structure: Mixed term structure: steep short-dated put skew and elevated longer-dated vols; pickings for short-dated premium only with strict limits and hedges

📌Pinning regime: max-pain cluster $192–$200 into next expiries

⚠️1d put IV extreme — avoid unhedged near-dated put sells

🟢Dealer GEX strongly positive (~+$810M) supports pinning/broken-vol compression but can flip on fast flows

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+809.6M)

Gamma flip: ~$140.00 — Approx — based on put OI concentration of 82,601 (29.9% below spot)

OI concentrations: Put OI concentrated below spot (~29.9% at $140 flip); call wall at $210

Verdict: Elevated pin risk centered $192–$200; concentrated short-dated puts amplify tail sensitivity — recommend explicit hedges or size cuts if spot nears cluster

Premium Opportunities

Collar

Buy shares + buy 2026-06-18 $192.00 put / sell 2026-06-18 $200.00 call (collar)

Own NVDA, buy 192 put / sell 200 call (2026-06-18) to cap downside near pin cluster and monetize upside via call sale.

Credit: $3.78-$4.62

Max loss: $3.02

BE: $195.02

Mgmt: Trim/add hedges if spot →$192–$200; roll or close if sustained break <188 or IV spikes.

Put credit spread

Sell 2026-06-18 $192.00/$190.00 put spread

Sell 192/190 put spread (2026-06-18) to collect premium with capped downside.

Credit: $0.65-$0.80

Max loss: $1.20

BE: $191.20

Mgmt: Keep size small, add tail hedge or reduce size if spot nears $192–$200 or below 188.

Iron condor

Sell 2026-06-18 $192.00/$190.00 put wing and $200.00/$205.00 call wing

Sell 192/190 put wing and 200/205 call wing (2026-06-18) for two-sided income.

Credit: $2.83-$3.46

Max loss: $1.54

BE: 188.54 / 203.46

Mgmt: Use tight sizing, trim if spot →$192–$200; hedge or widen wings on IV repricing.

Risk Alerts

!Extreme 1d put IV — localized gap/tail risk; avoid unhedged near-dated put sells

!If spot approaches $192–$200 trim positions and add hedges (protective calls/buys)

!Sustained break below $188 or rapid VIX spike >30 invalidates premium-selling thesis

How to Use These Reports

This theta reflects the market close on April 23, 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.