NVIDIA Corporation closed at $213.05, rising 2.19%.

Large options trades in NVDA flashed a distinctly bullish institutional tone, headlined by a $1.41 million bull call spread and a $1.01 million outright call purchase. Both trades were out of the money and paid net premium for upside exposure, reinforcing expectations for continued gains rather than defensive positioning. The flow was dominated by bullish vertical spreads and single-leg call buys, with bearish structures playing only a secondary role in the tape.

>>>Click to claim your commission-free cards before trading!

Options Indicators

NVDA’s implied volatility is 44.67%, and with an IV percentile of 58.57%, current option pricing sits in a neutral volatility regime rather than at an extreme. In other words, premiums are neither especially cheap nor especially expensive relative to the stock’s own recent history, while the IV/HV ratio of 1.28 indicates implied volatility is running above historical volatility, suggesting the options market is embedding a modest volatility premium into current contracts.

The Call/Put volume ratio is 2.60, showing call volume was more than two and a half times put volume and underscoring the bullish lean in overall options activity.

Large Trades

A bull call spread with a $1.41 million net debit was the largest displayed trade, built by buying 2,300 October 16, 2026 $220.00 calls and selling 2,300 October 16, 2026 $245.00 calls. With NVDA referenced at $213.05, both strikes were out of the money, making this a defined-risk bullish vertical spread that targets upside over a longer time horizon while capping gains above $245.00. The net debit structure shows the trader was willing to pay premium for upside exposure rather than collect income, which points to a directional bullish bet with some cost control compared with an outright long call.

A $1.01 million call purchase was the other highlighted large trade, consisting of 6,000 September 18, 2026 $240.00 calls bought outright. Since the $240.00 strike sat above the $213.05 reference price, the position was out of the money and represents a straightforward bullish wager on a sizable upside move before expiration. Compared with a spread, this single-leg call buy keeps unlimited upside while accepting full premium decay risk, suggesting conviction that NVDA could rally materially enough to push through the strike and continue higher.

Overall, the bulk-order flow was clearly bullish. The tape was dominated by repeated bull call spreads and additional outright call buying, showing traders consistently paid net premium for upside participation rather than emphasizing defensive hedges or premium-selling structures. While there were some bearish or neutral-to-bearish trades such as call sales and a put buy, they were secondary to the broader pattern of upside positioning, so the large-trade picture points to continued constructive sentiment and expectations for further gains in NVDA.

Strategy Reference

For traders seeking a lower-margin bullish alternative to outright long calls, a bull call spread such as buying the October 16, 2026 $220.00 call and selling the $245.00 call against it can define risk while still participating in upside; sellers looking for a low assignment probability could consider out-of-the-money puts below a key support zone, though current implied volatility at 44.67% still offers meaningful premium.