What the market expects. Options traders lean neutral into the Fri 8/21 expiry, and bullish further out. Loaded expiries carry 1.32 million call contracts against 606,643 puts, with dealers short gamma.

What would change the picture. A move through the gamma flip at $177.39 would change how dealers hedge this stock. Max pain for the front expiry sits at $210. The pin strike is $230. The 52-week high is $236.54.

Signals. Front-expiry at-the-money implied volatility 30.9%. Year to date +14.97%, month to date +4.94%. Next earnings August 26, 5 days away, with an expected move of ±6.3% and at-the-money implied volatility of 52.6%.

Read the full NVDA memo for the price map with dealer positioning and gamma zones, 200-day price structure, earnings reaction history, Polymarket projections and defined-risk trade structures.

Visit The NYC Memo. Home · Memos · News

Research and analytics, not investment advice.

What the market expects. Options traders lean neutral into the Fri 8/21 expiry, and neutral further out. Loaded expiries carry 462,304 call contracts against 624,864 puts, with dealers long gamma.

What would change the picture. A move through the gamma flip at $107.16 would change how dealers hedge this stock. Max pain for the front expiry sits at $135. The pin strike is $150. The 52-week high is $225.64.

Signals. Front-expiry at-the-money implied volatility 65.4%. Year to date -17.50%, month to date +15.94%.

Read the full SPCX memo for the price map with dealer positioning and gamma zones, 200-day price structure, earnings reaction history, Polymarket projections and defined-risk trade structures.

Visit The NYC Memo. Home · Memos · News

Research and analytics, not investment advice.