NVIDIA Corporation closed at 217.44 USD, down 1.51%.

A 21.45 million USD net credit from a short put structure at the 150 and 100 strikes stood out as the largest options transaction, while a synthetic put worth 1.93 million USD added a more explicit bearish signal. Together, these large trades point to institutions collecting downside premium and positioning for softer price action rather than chasing upside from current levels.

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Options Indicators

NVDA’s implied volatility stands at 36.71%, while its IV percentile is just 3.57%, which places current volatility conditions at the very low end of their recent range. Combined with an IV/HV ratio of 0.82, this suggests the options market is pricing volatility somewhat below the stock’s realized volatility, and overall option premiums appear relatively cheap rather than stretched.

The Call/Put volume ratio is 1.35.

Large Trades

A put-selling spread-style combination collecting 21.45 million USD in net credit was the dominant large trade, consisting of short 150.00 puts and short 100.00 puts expiring on 2027-01-15. With both legs being sold puts and both strikes below the 217.44 USD spot reference, this was an out-of-the-money same-direction short put structure, best read as a premium-collection trade that leans neutral to mildly bearish in tone. The strategic intent is to monetize time decay while expressing confidence that NVDA can stay above those lower strike zones over time, but because the structure is built entirely on short downside exposure, it still carries downside assignment risk if the stock weakens materially.

A synthetic put position with a combined size of 1.93 million USD was the other highlighted trade, pairing the sale of 230.00 calls with the purchase of 175.00 puts for the 2026-11-20 expiration. The short 230.00 call and long 175.00 put were both out of the money versus the current stock price, creating a bearish synthetic profile that benefits from downside movement while partially financed by call premium. This setup signals a clearer directional bearish view than the first trade, as the trader is explicitly positioning for weakening upside participation and added downside protection into late 2026.

Overall, the large-trade flow points to a bearish bias in NVDA. The tape was dominated by downside-oriented premium structures and put activity, with the biggest transaction focused on harvesting premium through short out-of-the-money puts and another key trade establishing a synthetic bearish stance. While there were some bullish call spreads and call buying in the broader flow, they were outweighed by the scale and character of the bearish and neutral-to-bearish orders, suggesting institutions are either preparing for softer price action or expressing limited confidence in sustained upside from current levels.

Strategy Reference

For sellers seeking low assignment probability, the 150.00 put expiring 2027-01-15 aligns with the dominant premium-collection flow and sits well below current support; alternatively, a bear put spread using the 200.00/175.00 strikes can express downside risk with defined margin instead of posting capital for naked short premium structures.