NVIDIA Corporation closed at USD 212.17, rising 0.57%.

NVIDIA shares edged higher as large options traders positioned for strength through premium-selling and spread structures. The tape featured a $5.06 million short put and a $2.37 million bullish put spread, both reflecting confidence in downside support rather than expectation of a sharp selloff. With implied volatility subdued, the bulk-order flow reinforces a constructive near-to-long-term stance on the stock. These large trades stand alongside a broad options market that remains cheap relative to NVDA’s realized movement.

>>>Start OPTIONS trading & earn up to SGD 200 in rewards!

Options Indicators

NVDA’s implied volatility is 37.93%, and with an IV percentile of 10.76%, current option volatility sits on the low side relative to its own recent history, indicating options are cheaply priced rather than expensive. At the same time, the IV/HV ratio of 0.84 suggests implied volatility is running below realized volatility, which reinforces the view that current premiums are relatively restrained and that the market is not demanding an aggressive volatility premium at the moment.

The Call/Put volume ratio is 2.10.

Large Trades

A $5.06 million short put was the largest displayed trade, with 3,200 contracts sold on the December 15, 2028 $155.00 put. With NVDA referenced at $212.17, this strike sits out of the money, making the position a moderately bullish income-style trade that benefits if the stock remains above $155.00 over time. Strategically, selling such a long-dated out-of-the-money put suggests willingness to accumulate shares at a much lower effective level while collecting premium upfront, which reflects confidence in NVDA’s longer-term downside support rather than an expectation of near-term weakness.

A bullish put spread with a net debit of $2.37 million was the other highlighted large trade, built by buying 2,000 December 18, 2026 $210.00 puts and selling 2,000 September 18, 2026 $210.00 puts. Because both legs are puts, this is a spread strategy rather than a synthetic structure, and the preprocessed classification identifies it as a bull put spread. With both strikes near the current stock reference and still slightly out of the money, the structure points to a bullish stance expressed through a calendar-style put spread: the trader pays net premium to own longer-dated downside protection while financing part of that cost by selling shorter-dated premium, implying an expectation that near-term downside stays limited while maintaining longer-horizon positioning and flexibility.

Overall, the large-trade flow leans bullish on NVDA. The tone is supported by the dominance of premium-selling in out-of-the-money puts and the presence of a bullish put spread among the largest featured trades, both of which suggest investors are more comfortable underwriting downside risk than aggressively positioning for a major selloff. Although the broader tape does include some bearish call selling and put buying, the balance of the bulk-order figures still points to constructive sentiment, with traders appearing to expect NVDA to stay resilient or trend higher rather than break down materially.

Strategy Reference

For a lower assignment probability, a seller could target the December 2025 $180.00 put or a nearer-dated out-of-the-money strike below $190.00, while a defined-risk alternative would be a bull put spread such as selling the $200.00 put and buying the $180.00 put in the same expiry to limit margin and downside exposure.