base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.7% from MP; +1 VIX 15
Term structure: Front-end skew very steep (put IV 117% for 1DTE); term normalizes after 1 week, ATM IV ~37%
Spot vs MP: Above
GEX regime: Pinning ($+820.4M)
Gamma flip: ~$200.00 — Approx — based on put OI concentration of 98,348 (8.5% below spot)
OI concentrations: Max pain $215 (multiple expiries); call wall $230; put floor $140-$200
#1Put credit spread
Sell 2026-06-26 $215.00/$210.00 put spread
Sell 215/210 put spread to capture time decay and IV contraction, with defined risk below $210.
Mgmt: Close if NVDA breaks below $215; take profit at 50% max gain.
#2Cash-secured put
Sell 2026-08-21 $215.00 cash-secured put
Sell 215 put for premium, obligated to buy shares at $215 if assigned.
Mgmt: Roll down/out if price tests $215; avoid assignment by closing before earnings.
#3Iron condor
Sell 2026-08-21 $215.00/$210.00 put wing and $220.00/$225.00 call wing
Sell 215/210 put wing and 220/225 call wing to profit from range-bound price action.
Mgmt: Adjust wings if price moves toward edges; exit at 50% max gain or before earnings.
!Gamma flip risk below $200 (put OI concentration).
!Avoid selling near-term puts below $215 to limit downside gamma risk.