OPTIONS FLOW$NVDANvidia CorpOpen ticker analysis →
Nvidia options lit up on Wednesday when a $12.16M large options trade crossed in the Dec 17, 2027 $220 puts. The contracts changed hands on the sell side, on a strike 4.5% below the stock.
What happened
The trade printed in the final half hour, around 3:50 p.m. ET on Wednesday, September 30, with $NVDA trading near $230.33. 4,400 contracts went through at $27.64 apiece, or $2,764 per contract, for $12.16M in total premium.
It printed as a cross, with a buyer and seller matched in one pre-arranged print, a common way for large desks to trade size.
There were already 5,095 contracts open at this strike, so the trade could be adding to a position or unwinding one. The next open-interest update will settle which.
Why it matters
Selling puts gets paid if $NVDA holds up. The seller keeps the premium as long as the stock finishes above about $192.36 by Dec 17, 2027; below that, they are effectively signed up to own it at $220. That leans bullish to neutral on Nvidia.
Adjusted for delta, the position behaves like roughly 152,300 shares of NVDA, or about $35.09M of stock exposure in a company valued near $5.49T.
With 443 days until Dec 17, 2027, this is a long-dated position measured in years, the kind of trade built around a thesis rather than the next headline. Implied volatility sat near 38%, a middle-of-the-road price for movement.
Over the last 11 sessions $NVDA has traded between $210.99 and $233.21 and is up 7.7% over that stretch. The stock came into this trade near the top of that range.
The numbers
| Contract | NVDA Dec 17, 2027 $220 Put |
|---|---|
| Expiration | Dec 17, 2027 (443 days) |
| Execution | Large Options Trade |
| Side | Sell side (at or near the bid) |
| Contracts | 4,400 |
| Price | $27.64 ($2,764 per contract) |
| Total premium | $12.16M |
| Stock at the trade | $230.33 |
| Strike vs. stock | 4.5% out of the money |
| Breakeven at expiration | $192.36 |
| Delta | 0.35 |
| Implied volatility | 38% |
| Open interest before | 5,095 |
Three ways this could play out
Bullish continuation
If $NVDA pushes through $233.21, the top of its recent range, the move works for this seller and the flow starts to look like early conviction rather than noise.
Bearish rejection
If $NVDA slips under $210.99, the bottom of its recent range, the pressure lands on this seller, and $192.36 becomes the level that decides whether the trade is saved.
Neutral stabilization
If $NVDA chops between $210.99 and $233.21 into Dec 17, 2027, time decay does the work. That quietly pays this seller.
What to watch next
- $192.36: breakeven for this trade at expiration.
- $220 strike: whether $NVDA moves toward it or away from it.
- Open interest at the $220 put in the next session. A jump confirms a new position; a drop points to a close.
- Repeat flow in the Dec 17, 2027 expiration. More size at nearby strikes would show this was not a one-off.
- $210.99 and $233.21: the edges of NVDA’s recent trading range.
- December 17, 2027: expiration, 443 days out.
