NVDA Stock: Unusual Options Flow Targets Near-Term Upside as NVIDIA Trades Near 52-Week Highs
By TrendSpider Editor
NVIDIA Corporation is seeing notable unusual options activity today, with four flagged contracts generating a combined total premium of $4,840,407.80 across both calls and puts. NVDA is currently trading at $175.64, up 0.69% on the session, placing it in the upper half of its 52-week range of $86.63
NVDA Stock: Unusual Options Flow Targets Near-Term Upside as NVIDIA Trades Near 52-Week Highs
NVIDIA Corporation is seeing notable unusual options activity today, with four flagged contracts generating a combined total premium of $4,840,407.80 across both calls and puts. NVDA is currently trading at $175.64, up 0.69% on the session, placing it in the upper half of its 52-week range of $86.63 to $212.19. The concentration of in-the-money call activity expiring tomorrow suggests traders are making short-duration, high-conviction bets on continued near-term price support.
Key Drivers of the NVDA Stock Move
- Main Catalyst: Four unusual options contracts were flagged today totaling $4,840,407.80 in premium. The largest single contract was a CALL at a $170 strike expiring April 2, 2026, with 3,748 contracts traded and open interest participation of 17%, generating $2,189,206.80 in premium. A second ITM CALL at $172.50, also expiring April 2, 2026, matched the same size of 3,748 contracts and added $1,353,402.80 in premium.
- Bull Case: Both call contracts are in-the-money with NVDA at $175.64, meaning buyers of the $170 and $172.50 strikes are already sitting on intrinsic value. The high volume-to-open-interest ratios of 17% and 8%, respectively, signal fresh institutional positioning rather than routine hedging activity, and the combined call premium of over $3.5 million reflects strong near-term directional conviction to the upside.
- Bear Case: Two out-of-the-money PUT contracts at a $135 strike expiring September 18, 2026, totaling 2,425 contracts and $1,297,798.20 in combined premium, suggest at least some participants are paying for downside protection well below current levels. At $135, that strike sits closer to the 52-week low of $86.63 than the current price, but the size and premium still indicate meaningful hedging interest against a longer-term pullback.
With the two ITM calls set to expire on April 2, 2026, tomorrow's session will be a key test of whether the options flow was a directional trade or part of a broader spread strategy. NVDA has climbed considerably off its 52-week low of $86.63, and at $175.64 it remains roughly 17% below the 52-week high of $212.19, leaving room for continued recovery if broader market conditions cooperate. The longer-dated put activity at the $135 strike through September 2026 adds a layer of caution, potentially reflecting macro or sector-level hedging by larger funds managing downside tail risk in the semiconductor space over the next several months.
NVDA Unusual Options Activity
- Contract 1: PUT | Strike: $135 | Expiry: September 18, 2026 | Volume: 1,182 | Open Interest: 6% | Status: OTM
- Contract 2: PUT | Strike: $135 | Expiry: September 18, 2026 | Volume: 1,243 | Open Interest: 7% | Status: OTM
- Contract 3: CALL | Strike: $172.50 | Expiry: April 2, 2026 | Volume: 3,748 | Open Interest: 8% | Status: ITM
- Contract 4: CALL | Strike: $170 | Expiry: April 2, 2026 | Volume: 3,748 | Open Interest: 17% | Status: ITM
A total of four unusual contracts were flagged today across two expirations. The near-term expiry calls dominate by volume and premium weight, while the longer-dated puts represent a separate, more defensive thesis playing out over a six-month horizon.
NVDA Seasonality
Early April has historically been a transitional period for semiconductor stocks, as the first-quarter earnings cycle approaches and institutional portfolios are rebalanced following the close of Q1. With NVDA's next earnings report on the horizon, short-duration options activity like today's ITM calls often picks up as traders position ahead of anticipated catalysts.
NVDA Relative Performance
NVDA is up 0.69% today, trading at $175.64 against a 52-week range of $86.63 to $212.19. The stock is currently trading approximately 102% above its 52-week low, reflecting a substantial recovery from the lows reached over the past year, though it remains about 17% below its 52-week peak, leaving a meaningful gap to reclaim before NVDA returns to its prior highs.