NVDA 170 Put Sees 20,314 Contracts Traded—Implied Volatility Drops 8.4% as Options Activity Spikes
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Surge in Put Activity: 20,314 Contracts Drive 5.8% of NVDA Option Volume
Just 24 minutes into today’s trading session, Nvidia’s November 28, 2025, $170 put contract logged 20,314 trades—making it the single most active NVDA option, and representing 5.8% of the stock’s entire options volume so far.
At 09:54 AM, NVDA shares traded at $173.14, down $9.41 (-5.15%) from the previous close. The notable put volume and falling stock price signal an elevated sense of caution or positioning for downside protection in the short term.
| Option Contract | Volume | % of Total Volume | Trade VWAP ($) | Last Price ($) | Open Interest | % Large Trades | % Retail |
|---|---|---|---|---|---|---|---|
| Nov-28-25 170 Put | 20,314 | 5.8 | 2.04 | 2.07 | 32,056 | 41 | 59 |
Implied Volatility Drops 8.4% Despite Heavy Trading
One striking feature of this surge: implied volatility (IV) on the contract fell sharply. Yesterday’s close had IV at 51.7, but it dipped as low as 43.3 and currently sits at 46.6—down 8.4%. Typically, rising put demand sends IV higher; the opposite move hints at changing market dynamics. This drop suggests market makers may see the downside move as less risky or that existing volatility premiums are being deflated.
Order Flow Skews Slightly Bearish, But Large Traders Only 41% of Volume
Analyzing trade direction, 52.1% of this contract’s volume is classified as "sold," with 47.9% "bought"—a slight tilt toward selling. Large trades, presumably from professional or institutional players, make up 41% of the flow, with retail participants accounting for the other 59%. That mix suggests both institutions and individuals are active here, but professionals are not dominating the action.
| Trade Direction | % Bought | % Sold | % Large/Pro | % Retail |
|---|---|---|---|---|
| Nov-28-25 170 Put | 47.9 | 52.1 | 41 | 59 |
Market Context: IV Slide Suggests Reduced Fear as Price Dips
Historically, a large put trade with falling IV suggests the rush to hedge is calming—or traders are taking profits on previously bought protection. It’s also possible that sellers are stepping in to take advantage of inflated option premiums. The dramatic IV drop of 8.4% despite a wave of put trading highlights that the market may not expect further dramatic declines, at least not enough to justify expensive put options.
Key Takeaway: Options Data Points to Calmer but Cautious Sentiment
While NVDA’s drop and elevated put activity signal ongoing concern, the falling implied volatility hints that the most anxious period may have passed for now. Traders—especially those active early in the session—appear more willing to sell premium and perhaps bet against an outsized decline. It’s a moment to watch: does this heavy put flow reflect hedging for more downside, or is the market turning the page after the selloff? NVDA’s next moves, and tomorrow’s open interest data, could provide the answer.
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