NVIDIA Corporation closed at USD 225.01, down 0.07%.

Large options trades in NVDA presented a mixed but ultimately constructive picture. A $1.25 million bear put spread targeting the $200.00 put strike signaled selective downside hedging, yet total bullish flow reached $14.00 million against $8.89 million of bearish flow. A $0.56 million synthetic long added longer-dated upside exposure, while outright call buying and put selling further supported the bullish lean. Despite the notable bearish structure, the broader tape favored upside participation rather than dominant negative sentiment.

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Options Indicators

NVDA’s implied volatility is 41.76%, and with an IV percentile of 33.86%, current option volatility sits in a broadly neutral zone, though toward the lower end of its recent range. Combined with an IV/HV ratio of 1.09, this suggests implied volatility is only modestly above realized volatility, so options do not appear aggressively priced; overall, NVDA’s option premiums look relatively reasonable rather than especially cheap or expensive. The Call/Put volume ratio is 1.82.

Large Trades

A bullish synthetic long worth a net debit of $0.56 million paired the purchase of 1,500 October 16, 2026 $245.00 calls with the sale of 1,500 October 16, 2026 $200.00 puts. With NVDA referenced at $225.01, the $245.00 call was out of the money and the $200.00 put was also out of the money. This structure replicates long stock exposure with defined option strikes, and the $0.56 million net debit shows the trader was willing to pay upfront for upside participation while taking on downside assignment risk below $200.00. Strategically, this is a directional bullish bet rather than premium collection, signaling confidence in longer-dated appreciation.

A bearish bear put spread worth a net debit of $1.25 million bought 3,000 November 20, 2026 $200.00 puts and sold 6,000 November 20, 2026 $160.00 puts. With the stock at $225.01, both strikes were out of the money at the time of execution. As a bear put spread, the trade expresses downside expectations through a net premium outlay, seeking to benefit from a decline toward or below the upper strike while partially financing the structure by selling lower-strike puts. The strategic intent is a directional bearish bet and downside positioning, with the $1.25 million net debit representing the size of the conviction.

Overall large-trade sentiment remained bullish, with total bullish flow of $14.00 million versus $8.89 million of bearish flow, leaving a net bullish difference of $5.12 million. The directional conclusion is moderately bullish: despite the presence of a meaningful bearish put spread and several downside-oriented structures, the broader tape was led by larger bullish premium flow, including synthetic long exposure, outright call buying, and put selling. That mix suggests traders were still leaning toward upside participation or constructive positioning in NVDA, while using selective bearish trades more as tactical hedges or targeted downside expressions rather than evidence of dominant negative sentiment.

Strategy Reference

For a lower assignment probability on the sell side, an out-of-the-money put seller could consider the November 20, 2026 $160.00 strike, which sits well below the $200.00 level that attracted the large bear put spread buyer; alternatively, a narrower bear put spread using the $200.00/$175.00 strikes offers downside exposure with less upfront premium than the $200.00/$160.00 structure.