NVDA Options Signal $200 Bull Call Play as Trump H200 Approval Fuels Short-Term Optimism

• NVDA down 1.3% at $182.57, but call open interest at $190 and $200 strikes dominates this Friday’s options chain.
• Block trades show 26,000 calls bought at $175 (expiring Sept 19), hinting at institutional bullishness.
• Trump’s H200 chip approval to China could drive near-term demand, but a 25% tax raises regulatory risks.

Here’s what the options data and technicals are telling us: The market is pricing in a strong rebound—calls at $200+ have 107k open interest for next Friday, while puts below $180 are relatively quiet. But with support at $179.40 and RSI near 54, this isn’t a one-way bet. Let’s break it down.Bull Call Overload at $190–$200, but Puts Stay Quiet

The options market is clearly leaning bullish. This Friday’s $190 call (NVDA20251212C190) has 156k open interest, and next Friday’s $200 call (NVDA20251219C200) jumps to 107k. That’s not just noise—it’s a vote of confidence in a short-term pop above $190. The put/call ratio for open interest is 0.886, meaning calls dominate by a solid margin.

But don’t ignore the risks. The 30-day support zone (179.40–180.00) is just below current levels. If NVDA breaks that, the 200-day moving average at $155.27 becomes a psychological floor. Block trades like the 26,000 calls bought at $175 (NVDA20250919C175) suggest big players are hedging for a rally, but they’re not immune to a pullback.

Trump’s H200 Approval: A Double-Edged Sword

The news that ByteDance and Alibaba are circling H200 chips is a tailwind. These chips are six times more powerful than the H20, and even with a 25% tax, the U.S. is getting a cut of China’s AI boom. But here’s the catch: that tax could sour investors if it sets a precedent for future restrictions. The recent denial about DeepSeek using Blackwell chips also eases some regulatory fears, but the U.S. ban on Blackwell exports remains a wildcard.

Combine this with Q3 results—62.5% revenue growth and a 65.3% net income jump—and you’ve got a stock that’s both fundamentally strong and geopolitically sensitive. The market’s pricing in optimism, but the tax and export risks mean this isn’t a straight-line trade.

Actionable Plays: Calls for the Bull, Puts for the Cautious

• Bullish Play: Buy the NVDA20251212C190 (this Friday’s $190 call) if NVDA breaks above $185. Target: $195–$200. Why? The heavy open interest at $190 means liquidity, and a break above $185 could trigger a cascade of stop-loss orders.
• Conservative Play: Buy the NVDA20251219C200 (next Friday’s $200 call) if the stock holds above $179.40. This gives time for Trump’s H200 deal to materialize without overpaying for near-term volatility.
• Bearish Hedge: Buy the NVDA20251212P180 (this Friday’s $180 put) if NVDA dips below $179.40. The 30-day support is a key level—breaking it could trigger a test of the 200-day MA.

Volatility on the Horizon

The next 72 hours will be critical. If NVDA holds above $179.40 and the H200 orders start flowing, the $190–$200 calls could be the best bet. But if the stock cracks below $179, the puts at $180 and $175 will gain value fast. Either way, the options market is pricing in a directional move—now it’s up to the fundamentals to decide which way it goes.