On Monday, call option opening volumes for Nvidia significantly outpaced put volumes across the board.
Ranked by open interest:
The $150 calls expiring this week had 157,400 contracts outstanding, with 31,000 new openings on Monday.
The $142 calls expiring this week had 130,000 contracts open, with 4,569 new openings.
The $148 calls expiring this week had 113,800 contracts open, with 13,800 new openings.
The $145 calls expiring this week had 71,700 contracts open, with 22,600 new openings.
The $140 calls, now in-the-money, saw open interest decline to 59,200 contracts as 12,000 contracts were closed out - likely due to the ramp above $140 leaving sellers defensively closing.
This dynamic has me considering selling $140 puts ($NVDA 20241025 140.0 PUT$ ) as a potential play.
Seeing the $143.71 close, I was a bit disappointed the institutional trader didn't roll into $145 calls for a potential 100,000 contract catalyst. But given the current bullish sentiment, the $145 strike could reach 6-figures by tonight's open.
I'm not getting greedy though - a move to $146 tonight followed by a push to $148 on Wednesday would be ideal. If not this week, the uptrend should continue into next.
I also noticed the two "old friends" from last week continuing to add to their $180/$190 call spread - the $NVDA 20241220 180.0 CALL$ bought and $NVDA 20241220 190.0 CALL$ sold for another 20,000 contracts on Monday.
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