OPTIONS FLOW$NVDANvidia CorpOpen ticker analysis →
$159.11M moved through Nvidia Corp ($NVDA) options on Wednesday in a 4-leg trade built around the $230 to $295 strikes. It reads as a multi-leg options structure, a trade about how far Nvidia moves and when, more than a simple call on direction.
What happened
The legs printed together in the afternoon, around 3:20 p.m. ET on Wednesday, September 30, with $NVDA near $230.78, for $159.11M in combined premium across 280,000 contracts.
Trading the legs as one ticket locks in the price of the whole structure at once, which is how professional desks usually put on spreads.
- NVDA Nov 20 $230 Call: 70,000 contracts at $13.58 (sold)
- NVDA Nov 20 $295 Call: 70,000 contracts at $0.50 (sold)
- NVDA Nov 20 $275 Call: 70,000 contracts at $1.47
- NVDA Nov 20 $245 Call: 70,000 contracts at $7.18 (bought)
Why it matters
Multi-leg trades shape risk on purpose: some legs pay for others, and the payoff depends on where the stock finishes relative to each strike.
The strikes run from $230.00 (0.3% below the stock) to $295.00 (27.8% above the stock), so the trade is built around a zone rather than a single target.
With 51 days until Nov 20, this is positioning for months, not a quick flip. Implied volatility sat near 36%, 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
| Structure | Multi-leg options trade (4 legs) |
|---|---|
| Lean | Direction depends on the legs |
| Expirations | Nov 20 (nearest in 51 days) |
| Strikes | $230, $245, $275, $295 |
| Contracts | 280,000 |
| Total premium | $159.11M |
| Stock at the trade | $230.78 |
Three ways this could play out
Bullish continuation
A move through $295.00 puts $NVDA above every strike. Legs above the stock price take over the result.
Bearish rejection
A drop under $230.00 takes $NVDA below every strike. Legs below the stock price take over the result.
Neutral stabilization
If $NVDA settles between $230.00 and $295.00 into Nov 20, time decay and the final price decide who wins, which is exactly what spreads are built to control.
What to watch next
- $230.00 and $295.00: the outer strikes that define this trade.
- Open interest on each leg in the next session, to confirm the structure was opened rather than closed.
- Nov 20: expiration, 51 days out for the nearest leg, when the structure resolves.
- Follow-on spreads at nearby strikes, which would show a desk building a larger position.
- $210.99 and $233.21: the edges of NVDA’s recent trading range.
