NVIDIA closed at $218.36, down 2.26%.

Leading the flow, a bullish call spread carried a net debit of $24.71 million, while a premium-collection put combination generated a net credit of $22.39 million. Together these trades suggest institutions are positioning for resilient price action rather than a sustained breakdown, with the largest directional expression tilted clearly to the upside.

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Options Indicators

NVDA’s implied volatility is 39.07%, while its IV percentile stands at 15.14%, indicating that current volatility expectations are sitting on the low side of their recent range and that options are relatively cheaply priced. With an IV/HV ratio of 0.91, implied volatility is also slightly below historical volatility, reinforcing the view that premium levels are not stretched and that the market is not attaching an unusually high price to near-term optionality.

The Call/Put volume ratio is 1.73.

Large Trades

A bullish call spread with a net debit of $24.71 million was the largest displayed trade, built by buying 35,000 December 18, 2026 $245.0 calls and selling 35,000 December 18, 2026 $300.0 calls. With NVDA referenced at $218.36, both call strikes were out of the money, making this a defined-risk upside structure that expresses a medium- to long-term bullish view while capping gains above $300.0. The sizable net debit shows the trader was willing to pay substantial premium for upside participation, suggesting conviction in further appreciation rather than a pure volatility sale or hedge.

A premium-collection put combination worth a net credit of $22.39 million was the second highlighted trade, consisting of the sale of 4,870 September 18, 2026 $250.0 puts and the sale of 4,870 September 11, 2026 $232.5 puts. Both strikes were in the money versus the $218.36 reference price, so this same-direction double put sale signals a willingness to absorb downside assignment risk in exchange for rich premium intake. Strategically, this leans toward a range-bound to mildly bearish volatility-selling stance in the near term, but it also implies comfort owning risk at elevated put strikes, which can reflect confidence that any weakness will remain manageable rather than spiral materially lower. Overall, the large-trade flow still reads as moderately bullish: the strongest directional expression was a very large upside call spread bought for premium, and the broader bulk-order figures also tilt positive, indicating institutions were more inclined to position for upside or resilient price action than for a sustained bearish breakdown.

Strategy Reference

For a low assignment probability, a put seller could consider the September 2026 $180.00 strike rather than the in-the-money levels highlighted above; for defined-risk exposure without posting too much margin, a bull call spread such as buying the December 2026 $245.00 call and selling the December 2026 $300.00 call may offer a more capital-efficient way to express a medium-term bullish view.