Nvidia (NVDA) Options Signal Bullish Bias: Key Strike Levels and Trade Setups for 2026

• Price action: NVDA opens at $187.70 but dips to $185.91 intraday, trading -2.3% below its 52-week high of $190.53.
• Options heat: Call open interest dominates at $192.5–$200 strikes (this Friday’s expiry), while puts cluster at $160–$185.
• Block trades: A 26,000-lot call buy at $175 (expiring Sept 2025) hints at long-term bullish positioning.

Here’s the takeaway: Options data and technicals suggest a high-probability upside breakout as bulls defend key support and position for a rally into 2026. Let’s break it down.

Bullish Call Skew and Whale Moves: What’s Cooking at $192.5?

The options chain is a treasure map. Right now, call open interest peaks at $192.5 (OI: 82,913) and $195 (OI: 76,557) for this Friday’s expiry. That’s not random—it’s a crowd-sourced bet that NVDA will punch above $190, where Bollinger Bands top at $191.67. The MACD histogram (1.64) and RSI (59.24) also hint at momentum building after a pullback.

But don’t ignore the puts. Puts at $160 (OI: 22,736) and $175 (OI: 15,851) suggest some hedgers are bracing for a worst-case scenario. The put/call ratio (0.88) tilts slightly bullish, but heavy put volume at deep OTM strikes means fear isn’t entirely absent.

Block trades add intrigue. A 26,000-lot buy of NVDA20250919C175 (Sept 2025 expiry) shows big money is locking in upside potential. Meanwhile, a $2.97M put trade at NVDA20260618P165 (June 2026 expiry) hints at long-term bearish positioning. Takeaway? The market is split between near-term optimism and long-term caution.

News Flow: Strategic Moves or Red Flags?

Nvidia’s $5B Intel investment and $20B Groq acqui-hire are textbook bullish catalysts. Buying Groq’s AI inferencing tech and hiring its team directly eliminates a potential rival while boosting Nvidia’s LPU (language processing unit) capabilities. Bernstein’s $275 price target and Outperform rating back this narrative.

But here’s the catch: The stock’s 1.3% premarket drop suggests some profit-taking after a monster 2025. Investors might be wary of valuation stretched by hype. The key question: Will Groq’s tech translate to revenue growth fast enough to justify the $20B price tag? For now, the options market seems to say “yes”—but keep an eye on earnings and AI adoption timelines.

Trade Ideas: Calls, Puts, and Precision Entries

For options traders, the most compelling setup is a long call at $192.5 (NVDA20260102C192.5) expiring Jan 2. Why? High OI means liquidity, and the strike sits just below the Bollinger upper band. If NVDA holds above $181.30 (middle band), this call could catch a rebound. For a safer play, consider a call spread between $190 and $195 (use NVDA20260102C190 and NVDA20260102C195) to cap risk.

Stock traders: A precise entry near $181.30 (middle Bollinger Band) offers a high-reward setup. If the price holds here, target $191.67 (upper band). A breakdown below $180.73 (30D support) would flip the script—consider a put at $185 (NVDA20260102P185) for downside protection.Volatility on the Horizon: Bulls in the Driver’s Seat

The data tells a clear story: Bulls are stacking chips at $190–$200, while bears hedge at $160–$185. With Groq integration and AI demand surging, the 2026 roadmap looks strong. But don’t ignore the risks—valuation, macroeconomic shifts, or slower-than-expected AI adoption could derail the rally. For now, the options market is pricing in a breakout. Your move: Ride the call wave, but keep a seatbelt handy.

Bottom line: NVDA is at a crossroads. The technicals and options data lean bullish, but patience and tight risk management will separate winners from whiplash victims in the coming weeks.