NVIDIA ended the latest session at USD 228.45, up 1.80%.
Large options flow painted a nuanced but broadly constructive picture for NVDA. The most prominent display was a bullish put spread collecting $1.73 million in net credit, signaling confidence in a long-term floor for the stock. Meanwhile, a $4.17 million net debit straddle-style position, buying both a call and a put, revealed expectations for an explosive move through September 2026. Together, the activity suggests traders remain optimistic on NVIDIA’s medium-term outlook while actively paying for protection and volatility rather than embracing one-sided euphoria.
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Options Indicators
NVDA’s implied volatility stands at 37.83%, while its IV percentile is just 11.11%, which indicates volatility is sitting on the lower end of its historical range and options are relatively cheaply priced. With the IV/HV ratio at 0.84, implied volatility is also running below realized volatility, suggesting the options market is not demanding a premium over recent actual movement. Overall, current option pricing looks comparatively inexpensive rather than stretched. The Call/Put volume ratio is 1.79.
Large Trades
A bullish put spread collecting $1.73 million in net credit was the most prominent displayed large trade, using the January 15, 2027 expiration to express a constructive long-term view on NVDA. The structure involved selling the 200.0 put and buying the 160.0 put, with both strikes out of the money versus the $228.45 reference stock price, making this a classic bull put spread rather than a naked downside sale. Because the trade was executed for a net credit, the intent appears to be premium collection combined with a directional bullish stance, effectively betting that NVDA stays comfortably above 200.0 through expiration while limiting tail-risk below 160.0. The use of distant-dated, out-of-the-money puts suggests confidence in the stock’s longer-term floor rather than an aggressive near-term upside chase.
A $4.17 million net debit two-leg call-and-put purchase was the other standout trade, pairing a long 230.0 put with a long 240.0 call for the September 18, 2026 expiration. With NVDA at $228.45, the 230.0 put was in the money while the 240.0 call was out of the money, creating a long-volatility, directionally opportunistic position that can benefit from a large move in either direction, though the slightly in-the-money put adds a mild defensive or bearish tilt at entry. Because both legs were purchased, this was not a synthetic call or synthetic put, but rather a premium-paid directional volatility bet with substantial size, signaling expectations for a meaningful future price swing rather than a simple income strategy. Overall, the bulk-order flow still leans modestly bullish: the largest income-style position was a clearly bullish put spread, and the broader large-trade mix shows buyers willing to express upside views while also layering in selective hedges and volatility plays. That combination points to a market tone that remains constructive on NVDA’s medium-term outlook, but not complacent, with traders still paying for protection and movement rather than embracing one-sided euphoria.
Strategy Reference
For traders seeking a low-assignment-probability income approach, selling the January 2027 160.0 put or using a narrower 180.0/160.0 bull put spread may offer a premium-collection strategy with defined risk and reduced margin compared to a naked put sale.