NVIDIA Corporation closed at USD 216.85, down 0.33% from the prior session.

The session featured a sizable $7.77 million bullish call spread in 2026 contracts, offset by a $3.31 million in-the-money put purchase, while overall bulk-order flow tilted slightly bearish with $22.35 million in bearish premium versus $21.99 million in bullish premium.

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Options Indicators

NVDA’s implied volatility is 44.01%, and with an IV percentile of 51.00%, current volatility sits in a neutral range rather than at an extreme. The IV/HV ratio of 1.15 indicates implied volatility is running modestly above historical volatility, suggesting options are carrying a slight premium to recent realized movement, but not to a level that would make them look overtly expensive. Overall, NVDA’s options appear fairly priced to slightly rich, with volatility expectations balanced rather than stretched. The Call/Put volume ratio is 1.72.

Large Trades

A bullish call spread with a net debit of $7.77 million was one of the day’s standout trades, built by buying the September 18, 2026 $200.00 calls and selling the September 18, 2026 $245.00 calls in equal 4,000-contract size. With NVDA referenced at $216.85, the long $200.00 call was in the money while the short $245.00 call was out of the money, making this a classic defined-risk bullish vertical spread. The trader paid a substantial net premium to position for upside through 2026, but capped gains above $245.00, which points to a directional bullish bet with controlled cost rather than an open-ended call purchase.

A PUT buy worth $3.31 million targeted the August 21, 2026 $235.00 strike, with 1,800 contracts purchased. Since the strike sat above the reference stock price of $216.85, the option was in the money at execution, giving the trade both intrinsic value and downside sensitivity. This is a straightforward bearish position, likely expressing either near-term downside conviction or a protective hedge against weakness into expiration, and its sizable premium outlay shows the trader was willing to pay meaningfully for downside exposure.

Overall, bulk-order sentiment leaned slightly bearish, with $22.35 million in bearish flow versus $21.99 million in bullish flow, for a net bearish gap of $0.36 million. The directional picture is therefore mildly negative rather than decisively one-sided: the featured bull call spread shows that some large participants are still positioning for medium-term upside, but the broader large-trade balance remains tilted to downside or defensive activity, reinforced by substantial put demand and other bearish option flow across the tape.

Strategy Reference

For traders seeking a low assignment probability, selling the September 18, 2026 $180.00 put could be considered given the defined downside cushion from the current $216.85 reference price; alternatively, a bull put spread using the $180.00/$170.00 strikes would reduce margin requirements while still collecting premium in a neutral-to-bullish posture.