GAMMA & VOLATILITY$NVDANvidia CorpOpen ticker analysis →
Options positioning in Nvidia is stacking up around the $235 strike into Oct 5, right on top of where the stock trades at $233.95. Net gamma reads positive, a setup that tends to calm price swings and pull the stock toward heavy strikes.
What happened
Across 98 contracts in the Oct 5 expiration, the heaviest gamma sits at $235. Net gamma exposure across the chain comes to roughly $136.03M positive, with about $62M of premium traded.
This read uses the standard gamma-map convention, counting call open interest as positive gamma and put open interest as negative. Real dealer books can differ, so treat the sign as a guide to the setup rather than a certainty.
Why it matters
When net gamma is positive, market makers hedge against the move: they sell into rallies and buy into dips. That tends to compress ranges, which is why heavily positioned strikes can act like magnets into expiration.
For scale, Nvidia is a mega-cap semiconductors & related devices company valued near $5.65T, so it takes serious money to move the stock, which is what makes signals like this one worth tracking.
With 2 days left, this is expiration-week territory, when pinning pressure around big strikes is usually at its strongest.
Zooming out, $NVDA has been in a steady climb, up 2.5% over the past 20 sessions, and it trades above its 20-day average of $223.75, near the top of that range between $207.02 and $237.88.
The numbers
| Stock price | $233.95 |
|---|---|
| Expiration | Oct 5 (2 days) |
| Peak gamma strike | $235 |
| Strike vs. stock | 0.4% above |
| Net gamma exposure | $136.03M (positive) |
| Premium traded | $62M |
| Contracts in chain | 98 |
| 40-session range | $207.02 – $237.88 |
| 20-day average price | $223.75 |
| 20-session change | +2.5% |
Three ways this could play out
Bullish continuation
If $NVDA pushes through $237.88, the top of its recent range, it breaks away from the $235 cluster. In a positive-gamma setup that takes real buying, so follow-through would say something about demand.
Bearish rejection
If $NVDA drops under $207.02, the bottom of its recent range, the $235 cluster stops acting as support. Dealers buying the dip usually slows that slide at first.
Neutral stabilization
If $NVDA hovers near $235 into Oct 5, the cluster does its job and expiration-week pinning becomes the story.
What to watch next
- $235: the peak gamma strike and the most likely pin into expiration.
- Oct 5: expiration, when this positioning rolls off and the magnet effect ends.
- Whether net gamma flips sign as the stock moves. A flip from positive to negative often marks a volatility shift.
- $207.02 and $237.88: the edges of the recent trading range.
