OPTIONS FLOW$NVDANvidia CorpOpen ticker analysis →
$5.85M moved through Nvidia Corp ($NVDA) options on Thursday in a 5-leg trade built around the $227.50 to $242.50 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 final half hour, around 3:50 p.m. ET on Thursday, October 1, with $NVDA near $231.80, for $5.85M in combined premium across 19,494 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 Oct 2 $227.50 Call: 3,000 contracts at $4.75
- NVDA Oct 2 $227.50 Call: 4,498 contracts at $4.75
- NVDA Oct 9 $235 Call: 3,000 contracts at $2.63 (sold)
- NVDA Oct 9 $235 Call: 4,498 contracts at $2.63 (sold)
- NVDA Oct 9 $242.50 Call: 4,498 contracts at $0.71
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 $227.50 (1.9% below the stock) to $242.50 (4.6% above the stock), so the trade is built around a zone rather than a single target.
With 1 days until Oct 2, this is a bet on the next few sessions, not the next few months. Implied volatility sat near 34%, a middle-of-the-road price for movement.
The numbers
| Structure | Multi-leg options trade (5 legs) |
|---|---|
| Lean | Direction depends on the legs |
| Expirations | Oct 2 and Oct 9 (nearest in 1 days) |
| Strikes | $227.50, $235, $242.50 |
| Contracts | 19,494 |
| Total premium | $5.85M |
| Stock at the trade | $231.80 |
Three ways this could play out
Bullish continuation
A move through $242.50 puts $NVDA above every strike. Legs above the stock price take over the result.
Bearish rejection
A drop under $227.50 takes $NVDA below every strike. Legs below the stock price take over the result.
Neutral stabilization
If $NVDA settles between $227.50 and $242.50 into Oct 2 and Oct 9, time decay and the final price decide who wins, which is exactly what spreads are built to control.
What to watch next
- $227.50 and $242.50: 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.
- Oct 2 and Oct 9: expiration, 1 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.
