NVIDIA closed at USD 224.58, with a 0.41% decline.

The session’s standout flow was a USD 5.60 million in-the-money put purchase, signaling strong bearish conviction. Alongside this, a USD 2.30 million synthetic call provided some bullish offset, but the broader block tape remained dominated by put buying and call selling. With volatility suppressed and call volume elevated, the large-trade mix points to cautious institutional positioning despite headline call activity.

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Options Indicators

NVIDIA’s implied volatility is 37.12%, while its IV percentile stands at 7.97%, which places current volatility near the low end of its historical range. In other words, options are cheaply priced at the moment, and with the IV/HV ratio at 0.84, implied volatility is also running below historical volatility, suggesting option premiums are relatively subdued versus the stock’s realized movement.

The Call/Put volume ratio is 1.79.

Large Trades

A PUT buy worth $5.60 million was the largest displayed trade, with 1,800 contracts purchased on the 255.0 strike expiring 2026-10-16. With NVDA referenced at 224.58, this put is in the money, making it a high-conviction bearish position that offers downside exposure with meaningful intrinsic value already embedded. The long-dated tenor suggests the buyer is positioning for sustained weakness or using the contract as a substantial hedge against a prolonged drawdown rather than expressing only a short-term tactical view.

A synthetic call worth $2.30 million was also highlighted through a combination of buying the 240.0 call and selling the 190.0 put, both expiring 2026-11-20, with the structure carrying a net debit of $956,100.00. The call leg was bought for $1.63 million and sits out of the money, while the short 190.0 put brought in $674,300.00 and is also out of the money; together, this creates a synthetic long stock-style bullish exposure with upside participation and downside assignment risk below the short-put strike. Overall, the large-trade flow still leans bearish: although there is some willingness to finance upside through bullish synthetic exposure and selected call buying, the broader block activity is more heavily defined by put buying and repeated call selling, pointing to cautious-to-negative institutional sentiment and a directional bias that remains tilted to the downside.

Strategy Reference

With IV near the low end of its range, a defensive put spread such as buying the 220.0 put and selling the 190.0 put could define risk with less premium than an outright put, while a short call spread using an out-of-the-money strike above 250.0 may suit sellers seeking a lower assignment probability against a bearish-leaning tape.