NVIDIA closed at $226.32, down 1.29%.
Large options trades showed a decisive bullish tilt as institutional players sold $15.76 million in out-of-the-money puts across two key maturities. The dominant single-leg trade was a $9.06 million sale of 4,585 contracts at the April 16, 2027 $225.00 put, alongside a $6.70 million sale of 100,000 contracts at the January 15, 2027 $150.00 put. Both expressed confidence in downside support while collecting rich premium.
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Options Indicators
NVIDIA’s implied volatility is 39.93%, and with an IV percentile of 27.09%, current option volatility sits on the lower end of its historical range, indicating that options are relatively cheaply priced rather than expensive. At the same time, the IV/HV ratio of 1.88 shows implied volatility is still running notably above realized volatility, meaning the market is assigning a meaningful premium to forward uncertainty even though overall pricing remains in the low-percentile zone.
The Call/Put volume ratio is 0.91.
Large Trades
A put sale worth $9.06 million was the largest displayed single-leg trade, with 4,585 contracts of the April 16, 2027 $225.00 put sold while the stock reference price was $226.32. That strike sits slightly out of the money, making this a high-premium bullish income trade that expresses confidence NVIDIA can hold above or near that level over time. Strategically, selling a near-the-money long-dated put suggests the trader is willing to collect substantial premium in exchange for taking downside assignment risk, which is typically consistent with a constructive view on the stock rather than an outright bearish stance.
A put sale worth $6.70 million was the other featured large trade, involving 100,000 contracts of the January 15, 2027 $150.00 put sold. With NVIDIA at $226.32, this strike was deeply out of the money, pointing to a more conservative bullish posture focused on premium collection rather than an aggressive upside chase. The seller appears to be expressing confidence that NVIDIA is unlikely to fall toward $150 by expiration, using far-out-of-the-money put writing to monetize elevated downside protection demand while accepting tail-risk exposure only at a much lower price level.
Overall, the bulk-order flow points clearly to a bullish bias in NVIDIA. The standout trades were both sizable out-of-the-money put sales, which typically reflect confidence in downside support and a willingness to get paid for underwriting lower-price risk rather than positioning for a major decline. Broader large-trade activity also leans constructive, as repeated put-selling flow outweighed the protective put buying and call-selling seen elsewhere, suggesting institutional participants were more focused on harvesting premium and expressing confidence in price stability to upside than preparing for sustained weakness.
Strategy Reference
For a lower assignment probability with similar premium collection, consider selling the January 15, 2027 $180.00 put, or use a $180.00/$150.00 short put spread to cap margin while maintaining a bullish-to-neutral stance.