SystemTrader
Ticker
NVDAAAPLGOOG
Equity OptionsUpdated daily after close

NVDA Options Open Interest: Walls, P/C Ratio, ATM IV & Skew

SystemTrader's NVDA Options Open Interest dashboard pulls the full NVIDIA chain from CBOE each evening — ~4,200 contracts across every strike and expiration. NVDA's $1-strike grid and heavy retail call flow make its options book one of the richest single-name signals in the market.

Pair this with the SPY Options OI dashboard, VIX term structure, and earnings calendar.

Built by
SystemTrader
Source
CBOE delayed-quotes options chain (cdn.cboe.com) for NVDA
Methodology
Per-contract OI / volume / Greeks → walls + dealer gamma + max-pain + ATM IV + 25Δ skew
Updates
Daily snapshot ~1:30 PM PT (30 min after cash close)
Last: 2026-05-23
⚠ For educational and informational purposes only — not financial advice. Past performance does not guarantee future results. See full disclaimer.
NVIDIA Options Positioning
NVDA · 2026-05-23
0.813
P/C OI · spot $214.28

NVDA historically runs P/C OI below 1.0 — call-heavy from dominant retail and momentum flows. Compare today's ratio to the history chart below; SPY-style regime labels don't transfer to single names.

Call OI 8.32M (55%)Put OI 6.77M (45%)
P/C Volume (today)
0.501
Max Pain
$183
Zero-Gamma Flip
$208
ATM IV (26d)
37.0%
25Δ Skew
+0.7pp
Top Expiry (26d)
2026-06-1823%
Expiration filter
Single names don't have 0DTE — buckets stop at ≤7d. The history chart stays all-expirations.

NVDA Price with Options Book Overlay

NVIDIA closing price (last ~2 years) with today's top OI walls shaded as support / resistance bands, plus max-pain and zero-gamma flip levels.

NVDA price (2 yrs) Put walls (support) Call walls (resistance) Max pain Zero-gamma flipwalls within ±15% of spot, sized by relative OI

OI Distribution by Strike

All open interest within ±15% of spot. Dashed lines mark today's spot, max-pain strike, and the zero-gamma flip.

Top Put Walls (Support Candidates)
Strike% from SpotOIVolExpDTE
$140-34.7%85,3123,6272026-06-1826d
$75-65.0%75,65802026-06-1826d
$70-67.3%69,9741832026-06-1826d
$195-9.0%65,1611,5692026-06-0513d
$200-6.7%58,92312,7492026-06-1826d
$150-30.0%53,5073,9452026-06-1826d
$180-16.0%52,4972,1222026-07-1755d
$200-6.7%51,2475982027-01-15237d
$100-53.3%50,7943182027-01-15237d
$160-25.3%46,4143,9742026-06-1826d
Top Call Walls (Resistance Candidates)
Strike% from SpotOIVolExpDTE
$160-25.3%109,517572027-01-15237d
$200-6.7%99,5922,4912026-06-1826d
$300+40.0%90,1204762028-01-21608d
$200-6.7%85,3848712027-01-15237d
$220+2.7%76,2259,5212026-07-1755d
$200-6.7%74,2451,8722026-07-1755d
$1-99.8%72,02512026-12-18209d
$340+58.7%69,9325982027-01-15237d
$220+2.7%67,94820,2372026-06-1826d
$230+7.3%67,45524,8732026-06-1826d

P/C OI Ratio History

Daily P/C OI ratio with NVDA overlay. CBOE doesn't serve historical chains — series accumulates forward from 2026-05-23.

P/C OI ratio (left) NVDA price (right)history accumulates daily — meaningful around 30 sessions in

1 daily snapshot captured so far.

How NVDA Options Open Interest Works

  1. 1
    Pull the full NVDA (NVIDIA) options chain after market close
    Each trading day we hit CBOE's public delayed-quotes JSON endpoint and pull the entire NVDA options chain — every strike across every expiration with bid, ask, volume, open interest, IV, and full Greeks. NVDA's $1 strike grid near spot makes its chain unusually granular — perfect for visualizing where the standing book sits.
  2. 2
    Compute the put/call ratio (no SPY-style regime label)
    Single names structurally run P/C OI below 1.0 because retail call flow dominates and they lack the institutional broad-hedge bid that pushes SPY's ratio above 1.6. We report the raw P/C OI and P/C volume, but we deliberately do *not* apply SPY's "Greedy/Balanced/Defensive/Stress" labels — they would misclassify every day. After ~30 sessions of accumulated history we'll add percentile-vs-own-history positioning reads.
  3. 3
    Surface the top OI walls — dealer support and resistance candidates
    For each side we rank strikes by aggregated open interest. Put walls below spot are where dealers are short customer puts and may defend on a flush; call walls above spot are where rallies tend to slow as dealer hedging kicks in. The page overlays the top walls directly on the NVDA price chart so you can see where price has actually traded relative to the standing book.
  4. 4
    Calculate max pain on the full chain
    Max pain is the strike at which total payout to all option holders is minimized — equivalently, where option writers (largely dealers) lose the least. On single names max-pain is fragile around earnings (the binary event overrides pin mechanics), so we flag the earnings-window expiration explicitly.
  5. 5
    Surface ATM IV on the nearest monthly + 25-delta skew
    Single names live and die by their term structure and skew. We pick the largest-OI expiration inside 45 days (always the next monthly) and report (a) the average IV of the closest call and put to spot (ATM IV), and (b) the IV of the 25-delta put minus IV of the 25-delta call (positive = downside protection more expensive). NVDA's near-flat skew tells you retail call demand keeps upside priced almost as rich as downside — a tell for momentum names.
  6. 6
    Build the dealer gamma curve
    For each strike we compute dollar gamma (OI × gamma × 100 × spot²). Standard convention: customers net-long calls and net-short puts, so dealers are short calls (negative gamma) and long puts (positive gamma). Walking the curve in strike order gives a cumulative dealer gamma — the strike where it flips sign is the gamma flip. Caveat: this convention is shakier on single names than on SPY, so we treat the flip as a sub-metric, not the headline.
  7. 7
    Accumulate forward — P/C ratio history
    CBOE doesn't serve historical chains, so we snapshot daily and accumulate the time series forward. After ~30 sessions the history chart becomes useful for comparing today's positioning to recent norms — and once we have enough history per name, we'll layer percentile bands so you can tell at a glance whether today is unusually call-skewed or put-skewed for *this* ticker.

Who Uses NVDA Options Open Interest

Day Traders
Use the top OI walls overlaid on the NVDA price chart as intraday support / resistance. The closest-to-spot put wall is where dealers will defend on a flush; the closest-to-spot call wall is where rallies tend to slow.
Swing Traders
Watch the top-expiration share. When >25% of total OI concentrates on a single expiration (often the next monthly), that expiry's max pain and walls are the levels that will matter into expiry. The earnings-window flag tells you when an expiration is the first chance to express a view on the print.
Volatility Traders
Track ATM IV on the next monthly and 25-delta skew daily. A skew compression (positive skew shrinking) is often a sign of fading hedging demand; a steepening skew is fresh fear. NVDA's structurally flat skew makes any meaningful steepening a tell.
Options Income Sellers
Sell premium at strikes where the standing OI book provides natural support / resistance. Selling a put at a strike sitting below a large put wall has structural backing — dealer defense increases the odds the strike holds.

Pro Tips

01
Distance from spot matters more than absolute OI on NVDA
NVIDIA's book has large walls far from spot (rolled positions, multi-year hedges) that look impressive but won't influence price action this month. Focus on walls within ±5% of spot for daily-trader use.
02
Earnings-adjacent expirations get distorted
The expiration straddling the next earnings date attracts disproportionate OI — calls and puts both. Max pain at that expiry isn't really a pin level; it's a function of the implied move size. We flag it explicitly so you don't read it the wrong way.
03
ATM IV is the cleanest single-name vol signal
More reliable than VIX-style indexed vol for a single ticker. Track day-over-day changes — a 2-vol-point spike on the nearest monthly often precedes a real move, especially when paired with a P/C ratio shift.
04
P/C OI > 1.0 on a single name is a real signal
For SPY, P/C OI averages 1.6–1.8 and >2.5 is "stress." For NVDA the historical baseline is closer to 0.7–0.9 — anything above 1.0 is genuinely put-heavy and worth a second look at the put walls.
05
Dealer gamma sign is less reliable on single names
On SPY, the "customers long calls / short puts" convention is well-supported. On single names — especially momentum names like NVDA — institutional covered-call writing and retail call buying can either reinforce or invert that. Treat the gamma-flip as a sub-metric, not the primary positioning read.
06
Watch the top-expiration share over time
When one expiration's share of total OI rises week-over-week, positioning is concentrating. That's usually leading into an event (earnings, product launch, Fed decision). The walls on that expiration are the levels worth marking.

Common Issues & Solutions

Why isn't there a regime label like the SPY tool has?▾
SPY's regime thresholds (Greedy <1.10 / Balanced 1.10-1.70 / Defensive 1.70-2.50 / Stress >2.50) are calibrated to SPY's historical P/C OI range of ~1.6-1.8. Single names like NVDA structurally run far below that — applying SPY thresholds would label every day "Greedy" with no signal. Once we accumulate ~30 sessions of per-symbol history we'll layer percentile bands.
No 0DTE bucket like the SPY tool▾
True 0DTE expirations only exist for SPY, QQQ, IWM, and the major indexes. Single names have weekly options but the shortest expiration is typically 3-5 days out. The page shows All / ≤30d / ≤7d to match the actual expiration structure.
The history chart is short▾
CBOE doesn't serve historical chain snapshots. We started accumulating daily snapshots for the equity names in May 2026 — give it a few weeks. After ~30 sessions the chart becomes meaningful for comparing today to recent norms.
A wall far from spot has more OI than the near-spot ones▾
Common on momentum names — those are either tail hedges, LEAPS-driven positioning, or stale roll positions. They're real OI but won't influence price action this month. The walls within ±5% of spot are the ones to trade against.

Frequently Asked Questions

What is NVDA options open interest?▾
Open interest is the total number of outstanding NVDA option contracts (open positions) at each strike + expiration combination. NVIDIA's chain has thousands of strike-expiration combos; this dashboard surfaces the walls (highest-OI strikes), put/call balance, and the standing book overlaid on the NVDA price chart. Updated daily after market close from CBOE.
What is NVDA's typical put/call ratio?▾
NVDA's P/C OI typically runs 0.7-0.9 — call-heavy because of dominant retail call demand on a momentum name. Anything above 1.0 is genuinely put-heavy and worth watching. Compare this to SPY's 1.6-1.8 historical range to see why we don't apply SPY-style regime labels here.
How are NVDA OI walls different from SPY's?▾
NVDA's $1 strike grid near spot makes its chain much more granular than SPY's mix of 1pt / 5pt strikes. Walls cluster more tightly and the OI distribution chart shows a much richer shape.
What is the ATM IV on the nearest monthly?▾
The average implied volatility of the call and put closest to spot on the largest-OI expiration inside 45 days (always the next monthly). It's the single cleanest IV number for the ticker — more useful than a VIX-style aggregate because it captures the actual expiration where positioning concentrates.
What is the 25-delta skew?▾
The IV of the 25-delta put minus the IV of the 25-delta call on the nearest monthly. Positive ⇒ market pays more for downside protection (normal regime). NVDA's near-flat skew (~0.7pp) tells you retail call demand keeps upside priced almost as richly as downside — a tell for momentum-led tape.
Why does the next-earnings expiration matter?▾
The expiration that straddles the next earnings release captures the implied move. Max pain and walls on that expiration are dominated by the binary event rather than pinning mechanics, so we flag the earnings-window expiration explicitly. Use it for IV reads, not for daily pin levels.
Where does the data come from?▾
CBOE's public delayed-quotes JSON endpoint at cdn.cboe.com/api/global/delayed_quotes/options/NVDA.json. Full chain — every strike × every expiration with bid/ask/last/volume/open_interest/IV and full Greeks. Snapshot once daily ~30 minutes after the cash close so the chain reflects end-of-day OI.
Is this data delayed?▾
CBOE's feed is 15 minutes delayed intraday. We snapshot once per day after market close, so the data on the page reflects end-of-day OI and volume — sufficient for daily / swing positioning analysis. We do not target intraday signals.

Related Tools

AAPL Options Open Interest
Apple options chain — walls, P/C ratio, ATM IV, skew
GOOG Options Open Interest
Alphabet options chain — walls, P/C ratio, ATM IV, skew
SPY Options Open Interest
Index-level dealer positioning + 0DTE / regime classification
VIX Term Structure
Implied vol regime context for the broader market
Earnings Calendar
Upcoming earnings releases (Finnhub)
Last updated: 2026-05-23