NVIDIA closed at $208.48, down 2.91%.

Large options trades in NVDA were dominated by a $22.00 million calendar-style put spread, which tilted aggregate bulk-order sentiment slightly bearish. At the same time, a $3.15 million bull put spread showed that some traders are positioning for stability rather than a sharp decline, creating a mixed but cautiously defensive flow picture.

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Options Indicators

NVDA’s implied volatility is 45.47%, and with an IV percentile of 64.54%, current option pricing sits in the neutral zone rather than at an extreme. That suggests volatility is neither especially cheap nor overly expensive versus its own recent history, although the IV/HV ratio of 1.39 indicates implied volatility is still running above realized volatility, meaning the market is assigning a noticeable premium to forward uncertainty. The Call/Put volume ratio is 1.53, showing greater call volume on the day, but that headline ratio is less informative than the actual large-order structures, where the biggest money flow carried a defensive bias.

Large Trades

A calendar-style three-leg put combination with a net debit of $22.00 million was the largest displayed trade, and it is best read as a spread structure rather than a simple outright bearish put purchase. The trader sold 119,994 contracts of the June 17, 2027 $140 put, which was out of the money, against purchases of 59,997 and 39,998 contracts of the January 15, 2027 $180 put, also out of the money, for the same strike across two fills. Because this combination includes both bought puts and sold puts, it is a put spread/calendar-style structure, and its size should be measured by the reported net debit of $22.00 million. With the long leg struck at $180 and the short leg down at $140, the position points to downside protection or a moderately bearish view centered on weakness into the nearer 2027 expiry, while also monetizing farther-dated downside exposure at a lower strike to reduce entry cost.

A bullish put spread with a net credit of $3.15 million was the second displayed trade and carries a clearly constructive bias. In this September 18, 2026 structure, the trader sold 3,600 contracts of the $210 put, which was in the money versus the $208.48 reference stock price, and bought 3,600 contracts of the $160 put, which was out of the money. Because the trade combines a short put with a lower-strike long put, it is a bull put spread, and the reported net credit of $3.15 million is the correct measure of size. Strategically, this is a premium-collection trade that expresses confidence NVDA can hold above the lower-risk zone into expiration, while the purchased $160 put caps tail downside.

Overall, the bulk-order flow leans slightly bearish. The main reason is that the largest money trade of the session was a sizable net-debit put spread/calendar structure that signals demand for downside positioning or protection, and broader aggregated large-order sentiment also tilts negative. That said, the presence of a meaningful bull put spread and several premium-selling trades suggests investors are not pricing in a collapse so much as a cautious or range-aware outlook, with downside hedging still outweighing bullish conviction.

Strategy Reference

For premium sellers who prefer low assignment probability, the out-of-the-money $160 put in a nearer-term monthly expiry offers a practical reference point, while traders seeking defined risk without heavy margin could consider a vertical put spread such as selling the $200 put and buying the $180 put to express a range-bound view.