Nvidia closed at $211.50, up 1.77%, as its options market saw notable large-block activity recently, concentrated in contracts expiring in May, June, and December 2026. Institutional investors were active in buying near-term $210 calls and longer-dated $190 calls, building bullish positions exceeding $40 million in total, signaling a strong directional optimism. Meanwhile, some traders sold near-term $210 calls to collect premium, suggesting expectations for the stock to consolidate near or above $210 in the short term. Overall, buying of calls dominated the market, reflecting broad investor confidence in Nvidia’s continued upward trajectory.
Implied Volatility and Volume Analysis
The current implied volatility (IV) stands at 45.08%, with a historical percentile of 57.37%, placing it in a neutral range between 30% and 70%. This suggests that the market’s expectations for Nvidia’s future price swings are moderate relative to its historical levels, indicating fairly priced options. The call-to-put volume ratio sits at 2.58, highlighting a clear tilt toward bullish sentiment.
Notable Large-Block Moves
Over the past three trading sessions, Nvidia’s options market has seen significant one-sided bullish bets, with large capital flows into in-the-money calls across short-, medium-, and long-term expiries.
Short-Term Bullish Play: This Week’s Expiring Calls
Trade: Bought 6,300 calls expiring May 8, 2026, strike $205, totaling $4.91 million.
Interpretation: A short-term directional bet reinforcing immediate bullish sentiment, wagering that the stock holds strength through the day.
Source: Tiger Trade App
Near-Week Bullish Continuation: Next Week’s Calls
Trade: Bought 15,237 calls expiring May 22, 2026, strike $210, totaling $16.4 million.
Interpretation: Betting that Nvidia stays above $210 in the near term and continues to gain momentum.
Source: Tiger Trade App
Source: Tiger Trade App
Source: Tiger Trade App
Medium-Term Trend Bet: Next Month’s Calls
Trade: Bought 5,400 calls expiring June 18, 2026, strike $200, totaling $10.85 million.
Interpretation: A medium-term bullish wager, expecting the uptrend to persist over the next month.
Source: Tiger Trade App
Long-Term Fundamental Optimism: Distant Deep In-the-Money Calls
Trade: Bought 3,000 calls expiring December 18, 2026, strike $190, totaling $13.03 million.
Interpretation: Deep in-the-money calls act like leveraged stock ownership, signaling confidence in Nvidia’s long-term fundamentals.
Source: Tiger Trade App
Minor Downside Hedge: Long-Dated Puts
Trade: Bought 6,957 puts expiring July 17, 2026, strike $180, totaling $3.57 million.
Interpretation: Much smaller in size compared with call purchases, likely representing hedging of existing positions rather than directional bearish bets.
Source: Tiger Trade App
Strategic Considerations
With strong bullish sentiment and neutral IV, option sellers seeking to capture time decay may consider selling deep out-of-the-money calls (e.g., strikes above $230) or cash-secured puts, where the probability of exercise is relatively low. For those reluctant to take unlimited risk or tie up excessive capital, spread strategies such as bull call spreads can reduce cost and risk, while iron condor structures can be deployed to target range-bound plays outside key open-interest zones (e.g., $200–$210 calls, $190 puts).
