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NVDA

NVIDIA CorporationClose $220.61EOD only
Max Pain
$212.50
Next expiry May 22, 2026
Expected Move
±$13.50
6.1% from close
Price Gap
-8.11
Distance to max pain
IV Rank
47
Middle-high premium
P/C OI
0.81
Slightly call-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: May 19, 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
May 19, 2026 close
NVDA Theta Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Aggressive
Primary: Sell Put Credit Spreads
Invalidation: Spot breaks below $215 support or IV collapses below 50%
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.9% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV 60.25% vs VIX 17.44 — 3.5x, extremely elevated
Favorable?
Yes

Term structure: Steep backwardation: front-end 81.57% IV, back-end ~44%. Put skew extreme on front expiration.

⚠️Front-month put IV 127% vs call 92% — extreme downside hedging.
📈GEX +$603M and bullish flow — dealers delta-hedging upside.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+603.1M)

OI concentrations: Max pain: $215 (2d), $220 (5d), $225 (7d). Call wall $240-$250, put floor $140.

Verdict: Pinning risk elevated near $215-$225; potential gamma squeeze if spot holds above $215.

Premium Opportunities

#1
Put credit spread
Sell 2026-06-12 $220.00/$215.00 put spread
Sell 220 put, buy 215 put to collect premium on high IV
Credit: $1.91-$2.34
Max loss: $2.66
BE: $217.66
Mgmt: Exit if spot breaks $215 or IV collapses
#2
Iron condor
Sell 2026-06-18 $220.00/$216.00 put wing and $230.00/$235.00 call wing
Sell 220/216 put wing and 230/235 call wing
Credit: $3.13-$3.82
Max loss: $1.18
BE: 216.18 / 233.82
Mgmt: Adjust if spot nears 215 or 235

Risk Alerts

!Extreme put skew on front expiration — tail risk of downside gap.
!Spot 3.9% above max pain — risk of pinning down to $215.
How to Use These Reports
This theta reflects the market close on May 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.