NVDA’s 135 Strike Put Sees 150,706 Contracts Traded—Is a Bearish Short-Term Bet Taking Shape?
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Heaviest Option Flow Focuses on the 135 Put With Stock Down 3.66%
NVDA’s most active option by a wide margin today is the May-30-25 135 Put. With an astonishing volume of 150,706 contracts changing hands by 1:37 PM, this single put makes up 5% of the day’s total options flow on NVIDIA. Shares were trading at $134.09 at last check, off $5.10 (-3.66%) and sitting $0.91 below the 135 strike. This sets the stage for heightened short-term speculation just hours ahead of expiry.
Zero-DTE 135 Put Dominates Order Books Amid Mixed Buyer/Seller Sentiment
Why all the focus here? Zero-days-to-expiry (0 DTE) contracts offer leverage for traders betting on sharp, near-instant moves. Today’s 135 puts traded as low as $0.11 and spiked as high as $2.30—reflecting just how volatile and sensitive to price swings these contracts have been as NVDA fell through the $135 level. Notably, the volume today is more than triple the previous open interest (42,278), and open interest itself rose by 21,520 contracts, suggesting a surge in fresh positions.
| Contract | Strike | Volume | Open Interest Change | Trade VWAP | High | Low |
|---|---|---|---|---|---|---|
| May-30-25 Put | 135 | 150,706 | +21,520 | 0.58 | 2.30 | 0.11 |
Order Flow: Pro and Retail Players Are Nearly Split—Large Trades Dominate
The order flow reveals an intriguing dynamic: overall, 49.9% of contracts were bought, 49.6% sold, and 0.5% traded mid-market—a rare near-even split that shows no dominant consensus on immediate direction. What does stand out, though, is that 63% of today’s activity came from large trades or professional accounts, compared to 37% from smaller or retail orders. This tilt toward bigger blocks hints at institutions or savvy traders taking positions—either for protection, quick downside speculation, or hedging other trades.
Why Now? Price Breaks Key Level Ahead of June Investor Events
So, what’s motivating such outsized flow? NVIDIA’s stock has dropped over 3.6% and now hovers below the 135 strike—a level being closely watched after an explosive year of gains. Meanwhile, several high-profile investor conferences kick off in the coming week (June 4-10), with NVIDIA scheduled to present. Such events are magnets for speculation as traders position for any news that could jolt the stock, for better or worse.
Technical Picture and Option Data Signal Short-Term Jitters
With today’s 0 DTE puts swinging from 11 cents to $2.30, and nearly 150,000 contracts traded, the market is bracing for immediate moves—potentially linked to event-driven volatility or the risk of further downside as NVDA searches for support below 135. But the split between buyers and sellers, alongside significant participation from professional players, means this isn’t a one-way bear bet—it’s a live-fire contest as the expiry clock runs down.
Key Takeaways: High Volume, Low Consensus—Keep an Eye on Expiry and Newsflow
Today’s explosion in 135 put trading reflects both heightened uncertainty and an appetite for tactical downside protection (or profit). With nearly equal split between buyers and sellers, and large institutional flow in the mix, it’s less a case of clear conviction and more a snapshot of a market hedging for near-term volatility—especially ahead of pivotal investor events next week.
If you’re watching NVDA, pay close attention to where shares close versus the 135 strike and how post-expiry order flow sets up for next week. With options action this intense, it could hint at continued choppiness or opportunity—depending on how you read the tape.
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