NVIDIA closed at 224.41 USD, up 3.21%.

Large options trades painted a mixed but broadly cautious picture. The biggest displayed order was a $6.62 million long-call combination targeting 2027 upside, while bear call spreads and a $1.06 million put purchase signaled institutional hedging or bearish intent. With options volatility near historical lows, the premium environment made directional structures relatively inexpensive to establish.

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Options Indicators

NVDA’s implied volatility is 37.34%, and with an IV percentile of just 8.73%, current option volatility sits at the low end of its historical range, indicating that options are relatively cheaply priced rather than expensive. The IV/HV ratio of 0.86 also suggests implied volatility is running below realized volatility, reinforcing the view that the current premium level is not stretched and that the market’s forward volatility pricing remains subdued.

The Call/Put volume ratio is 1.64.

Large Trades

A directional long-call combination with a net debit of $6.62 million was the largest displayed trade, consisting of purchases of the March 19, 2027 $250.00 call and the March 19, 2027 $320.00 call. Both strikes were out of the money versus the reference stock price of $224.41, making this a clear upside volatility bet rather than an income strategy. Because this structure contains two long calls at different higher strikes, it reflects an aggressive directional view that NVDA could make a substantial move higher over the long term, with the trader paying premium upfront to gain convex upside exposure.

A put purchase worth $1.06 million was the other highlighted trade, involving 3,300 contracts of the June 17, 2027 $140.00 put. This strike was out of the money relative to the current stock price, so the buyer was positioning for downside protection or a bearish tail-risk scenario over a longer horizon. As a single-leg long put, the trade expresses straightforward bearish intent: the trader paid premium to benefit from a significant decline in NVDA or to hedge against a deeper drawdown.

Overall, the large-trade flow leans bearish. While the biggest individual displayed trade was a sizeable long-call combination that points to appetite for upside torque, the broader block activity showed heavier bearish positioning through multiple bear call spreads, outright call selling, and protective or speculative put buying. That mix suggests institutional participants are still willing to chase upside in select structures, but the dominant tone across bulk orders is more defensive to negative, indicating caution on near- to medium-term price strength in NVDA.

Strategy Reference

For low assignment probability in an income strategy, a seller might consider OTM calls with a delta around 0.15 or below, which translates to strikes near $250.00 or higher for shorter-dated expirations, while bear call spreads such as the $230.00/$240.00 call spread could offer defined risk with lower margin than an uncovered call.