NVDA’s Jan-02-26 190 Call Accounts for Nearly 10% of Options Volume—Implied Volatility Drops 6.9% as Sellers Dominate
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Heavy Trading in the 190 Call Stands Out as NVDA Slides 1.58%
Nvidia’s shares fell 1.58% to $187.52 by 11:00 AM, but the real story today is in the options pit. The Jan-02-26 190 Call drew extraordinary interest, trading 60,703 contracts—about 9.8% of all NVDA options traded so far today. That’s a standout volume for a single contract, making it the most active NVDA option by a wide margin. To put that in perspective, this activity compares to a total open interest of 64,481 contracts as of this morning, and today’s trading may significantly reshape those numbers by tomorrow.
Sellers Outpace Buyers; Nearly Two-Thirds of Contracts Sold
Looking under the hood, the order flow tells an interesting story. Approximately 63.9% of these contracts were sold, while only 36.1% were bought, suggesting more traders are betting against NVDA moving higher past $190 before the contract’s expiration. That’s also reflected in the professional participation: 58% of the volume came from large or professional trades.
| Trade Detail | Value |
|---|---|
| Option Contract | Jan-02-26 190 Call |
| Volume | 60,703 |
| Percent of Total NVDA Option Volume | 9.8% |
| Trade VWAP | 1.46 |
| Last Trade Price | 1.41 |
| Opening Price | 1.82 |
| High/Low Price | 2.19 / 1.10 |
| Professional/Institutional Trades | 58% |
| Small/Retail Trades | 42% |
| Percent Sold | 63.9% |
| Percent Bought | 36.1% |
Implied Volatility Falls 6.9%—Cooling Off After Recent Highs
When so much trading is concentrated in one option contract, it can have a pronounced effect on pricing expectations. Here, we see implied volatility—one key measure of how much traders expect NVDA to move—has dropped from 29.4 to 26.2 today, or -6.9%. That’s a notable decrease and usually suggests a dampening in near-term volatility expectations, possibly due to strong selling pressure from institutions or traders comfortable with NVDA staying below the 190 level for now.
| Implied Volatility Measure | Value |
|---|---|
| VWIV (VWAP Implied Volatility) | 27.4 |
| Previous Day’s Close IV | 29.4 |
| Change from Previous IV | -6.9% |
| Last IV | 26.2 |
| High/Low IV Today | 32.1 / 26.0 |
What Does This Mean for NVDA Traders?
With over 60,000 contracts traded in a single call—and well over half of those likely sold—the message from the options market is cautious, if not outright bearish, for short-term NVDA upside beyond $190. The falling implied volatility suggests less fear of a sudden move in either direction, while the large ratio of sellers hints at some traders willing to collect premium, or perhaps hedge larger portfolios heading into the new year.
While we won’t know until tomorrow if this activity altered open interest significantly, such concentrated trading often leads to shifting expectations for the underlying stock. Traders considering NVDA will want to keep an eye on how open interest evolves overnight and whether this surge in selling pressure continues in the days ahead.
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