NVIDIA Corporation closed at USD 223.67, down 0.91%.
The session was marked by substantial options activity, including a $12.34 million net-debit bull call spread and a $22.74 million net-debit long straddle. The call spread targets continued upside within a defined range, while the straddle positions for a significant move in either direction over the long term. Together, the structures point to a moderately bullish directional lean that still embraces elevated uncertainty.
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Options Indicators
NVDA’s implied volatility is 39.09%, while its IV percentile stands at 15.54%, which places current volatility conditions on the low end of its historical range. In other words, options are relatively cheaply priced rather than expensive, and the IV/HV ratio of 0.89 further suggests implied volatility is running slightly below realized volatility. Overall, the options market is reflecting subdued premium levels at the moment.
The Call/Put volume ratio is 1.83.
Large Trades
A bullish call spread with a $12.34 million net debit was one of the day’s standout trades, built by buying the September 18, 2026 $195.00 call and selling the November 20, 2026 $210.00 call, with both strikes in the money versus the $223.67 reference stock price. This is a classic upside spread that sacrifices unlimited upside in exchange for lower entry cost, and the net debit structure shows the trader was willing to pay premium for a controlled bullish directional bet. The use of an in-the-money long call paired with an in-the-money short higher-strike call suggests conviction in further upside, but within a defined range rather than an aggressive open-ended chase.
A $22.74 million net-debit two-leg CALL+PUT combination was the largest displayed structure by premium outlay, consisting of a long September 17, 2027 $225.00 call and a long September 17, 2027 $225.00 put. With the call slightly out of the money and the put slightly in the money relative to spot, this is effectively a long straddle centered near the current stock price, expressing a view that NVDA could make a substantial move in either direction over the longer term. Overall, the bulk-order flow still leans bullish, but the tone is not one-sided: the prominent bull call spread points to constructive upside expectations, while the large long call-and-put combination highlights demand for volatility exposure and protection against a major swing. Taken together, the large trades suggest investors remain moderately positive on NVDA’s direction while also acknowledging elevated uncertainty and the potential for outsized price movement.
Strategy Reference
For sellers seeking a low assignment probability against the current 39.09% implied volatility, an out-of-the-money put credit spread such as selling the $190.00 put and buying the $170.00 put could offer a defined-risk way to collect premium while keeping downside exposure controlled, rather than posting margin on a naked short option.
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