NVIDIA Corporation shares closed at 212.06 USD, up 2.30%.
Large options traders placed significant bullish bets on NVDA, including a $27.18 million combination and a $9.16 million bull call spread, both targeting long-dated expirations in late 2026, signaling strong conviction in the stock's long-term upside potential.
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Options Indicators
NVDA’s implied volatility is 42.01%, and with an IV percentile of 36.25%, current volatility conditions sit in a neutral range rather than at an extreme. The IV/HV ratio of 1.22 shows implied volatility is running moderately above realized volatility, suggesting options carry some premium versus recent actual movement, but not to a degree that would make them look notably expensive. Overall, NVDA’s options appear fairly priced to slightly rich, rather than cheap. The Call/Put volume ratio is 1.94.
Large Trades
A $27.18 million three-leg CALL+PUT combination stands out as a bullish risk-defined structure established for October 16, 2026. The trader bought 14,855 contracts of the 220.0 call, sold 14,855 contracts of the 250.0 call, and sold 7,425 contracts of the 175.0 put, making this effectively a call spread financed in part by short downside put exposure. Using the displayed trade totals directly, the package was put on for a net debit, which points to a directional upside bet rather than pure premium collection. With NVDA at $212.06, the 220.0 call and 250.0 call were both out of the money, while the 175.0 put was also out of the money, showing the trader is positioning for appreciation over time while accepting assignment risk below 175.0. Strategically, this expresses bullish conviction with a willingness to own downside exposure in exchange for reducing the cost of upside participation.
A $9.16 million Bull Call Spread added another clearly bullish signal, this time in the November 20, 2026 expiration. The structure involved buying 2,400 contracts of the 205.0 call, which was in the money, and selling 2,400 contracts of the 225.0 call, which was out of the money, creating a classic net-debit vertical spread. This is a straightforward directional bet on further upside, with the long 205.0 call giving immediate intrinsic exposure and the short 225.0 call capping gains above that level in exchange for lowering premium outlay. The strategic intent here is not hedging or income generation, but efficient upside participation with defined risk and a targeted bullish range.
Overall sentiment from all large trades was decisively bullish, with $409.77 million in bullish flow versus $35.95 million in bearish flow, leaving a net bullish difference of $373.82 million. That imbalance points to a clear positive directional judgment for NVDA. The tone of the flow was reinforced by the character of the largest displayed trades, both of which were upside-oriented call structures dated well into 2026, indicating traders were willing to commit meaningful capital to medium- to long-dated appreciation scenarios rather than focusing only on short-term speculation. Even where upside was capped through spreads or partially financed with short premium, the dominant message was still constructive: participants appear to expect continued strength in NVDA while using structured option combinations to control cost and shape risk.
Strategy Reference
For a seller preferring low assignment probability, selling a far out-of-the-money put like the 150.0 strike could be considered; for defined risk with lower margin, a bull put spread using the 175.0 and 150.0 strikes is a viable alternative.
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