NVIDIA (NVDA) options memo

Neutral on NVDA as options max pain shifts, price holds near 52-week high.

The Read

NVDA is down 0.06% today at $225.16.

Options traders lean neutral into 2026-08-14, and neutral further out.

A move through $183.02 would change how dealers hedge this stock.

Key numbers

• Spot: $225.16
• Lean: neutral
• Nearest expiry: Wed 9/9
• Implied move: 1.7%
• ATM implied volatility: 33.0%
• Max pain: $225.00
• Pin strike: $240.00
• Gamma flip: $231.95
• Dealer positioning: SHORT GAMMA
• Call wall: $240.00
• Put wall: $195.00
• Put/call open interest: 0.962

Signals

• Options: Max pain rises from $222.50 on September 11th to $230 on October 9th, indicating potential upside for dealers. ATM IV is relatively stable around 33-35% across the expiries.
• Price action: NVDA is down 2.01% today at $225.73, but is up 19.67% YTD. The stock remains near its 52-week high, only 4.57% below it.
• Fundamentals: The P/E TTM is 28.78, lower than AMD's 121.17. The last earnings beat had an 8.74% reaction day, with a small 0.21% post-drift.
• News: There are 86 total headlines in the last 14 days, with 43 related to earnings. The most recent analyst action was an upgrade to Strong Buy on August 31st.