NVDA’s May 2025 145 Calls Dominate Trading with 89,392 Contracts Amid 4.13% Stock Rally
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Record Options Volume as NVIDIA Rises 4.13% Following Earnings
NVIDIA (NVDA) lit up the options tape today, with shares jumping 4.13% to $140.38 after delivering blockbuster Q1 FY26 results. The day’s most active option was the May-30-25 145 Call, which saw a staggering 89,392 contracts trade—an eye-catching 4.9% of total option volume so far. The burst in activity unfolded as the company reported $44.1 billion in quarterly revenue (up 69% year-over-year) and guidance pointing to continued momentum in data center AI demand.
Most Traded Option Details: Volume Surges as Volatility Slides
Here’s a quick snapshot of the trading action and volatility trends for the May-30-25 145 Call:
| Metric | Value |
|---|---|
| Contract Volume | 89,392 |
| Percent of Total Option Volume | 4.9% |
| Open Interest Change (from previous day) | +23,837 |
| Trade VWAP | $1.06 |
| VWIV (Avg. Volatility) | 43.8% |
| Previous Day’s Close IV | 91.7% |
| Change in IV | -52.2% |
| IV Range (Low-High) | 40.3% - 51.2% |
| Last Trade Price | $0.44 |
While this contract led all activity, implied volatility fell dramatically from the previous day—down over 50%. Such a drop typically suggests the post-earnings ‘volatility crush’ is in effect as uncertainty comes off the table, leaving options less expensive than yesterday’s market anticipated.
Order Flow Skews Bullish, Institutions Lead with 56% of Trades
The bulk of trading tilted bullish, with 57.4% of contracts bought versus 42.6% sold. Institutional and professional traders were responsible for 56% of the flow, while retail made up the other 44%. While we can’t pinpoint if these were primarily opening or closing trades, the sharp spike in open interest (+23,837) suggests plenty of new exposure was established—potentially by those expecting continued upside or using the rally to lock in profits.
| Trade Type | Percent |
|---|---|
| Bought | 57.4% |
| Sold | 42.6% |
| Large/Professional | 56% |
| Small/Retail | 44% |
Earnings Catalyst Drives Action as Volatility Reprices
Today’s outsized volume comes on the heels of NVIDIA’s Q1 results and strong forward guidance. Data center revenue soared 73% year-over-year, while robust commentary from CEO Jensen Huang reaffirmed surging global demand for AI infrastructure. Even a $4.5 billion H20 inventory write-down, tied to new export restrictions, did little to cool market enthusiasm as forward gross margins remain strong. It’s not surprising to see options traders flock to short-term, just out-of-the-money calls with the stock’s recent upward momentum and near-term catalysts in play.
Technical Indicators and Takeaways: Bullish Under the Surface
Technically, today’s jump pushed NVDA well above its recent highs, with volume and options activity both confirming the bullish sentiment. However, the sharp drop in implied volatility signals that the most dramatic price swings may be behind us, at least for now. For those eyeing similar trades, remember that lower IV post-earnings means cheaper options, but also smaller expected moves.
What to Watch Next
As institutional buyers dominated today’s most popular option, and with open interest swelling by nearly 24,000 contracts, the $145 level may remain a focal point. With another quarterly dividend, upcoming tech launches, and fresh AI partnerships in the pipeline, traders may want to monitor if NVDA can sustain its current momentum. Will the bullish energy persist or is volatility poised for a comeback?
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