NVDA Options Signal $190–$195 Bull Call Play as H200 China Hopes Ignite Volatility

• Nvidia trades at $188.61, down 0.3% from a 52-week high of $212.19 but above key 30D/200D moving averages.
• Call open interest spikes at $190, $192.5, and $195 strikes, with 68,298 contracts at $190 for next Friday’s expiry.
• Block trades show 26,000 calls bought at $175 (NVDA20250919C175), hinting at institutional bullishness ahead of Q4 earnings.

The stock is primed for a breakout—options data and technicals align on a $190–$195 target, but insider sales and deep puts at $160 add caution.Bull Call Play: $190–$195 Strikes as Liquidity Magnets

Options market liquidity is a treasure map, and right now it’s pointing to $190 and $192.5. For this Friday’s expiry, NVDA20251226C190 (67,845 open interest) and NVDA20251226C192.5 (31,380 OI) are the most liquid calls. The next Friday expiry sees even heavier demand at NVDA20260102C190 (68,298 OI), suggesting smart money is hedging for a post-holiday rally.

But don’t ignore the puts. NVDA20251226P160 (51,662 OI) is a deep out-of-the-money put, signaling some fear of a sharp drop. However, with support levels at 180.54–180.99 (30D) and 179.98–182.24 (200D), a $160 put feels like a panic stop, not a realistic scenario. The block trade at NVDA20250919C175 (26,000 contracts) is also telling—buying calls with a $175 strike implies confidence in a rebound above 180D support.

H200 China News: Sentiment Catalyst, Not Immediate Earnings Driver

The recent news about potential H200 chip shipments to China is a classic “sentiment play.” While actual revenue impact won’t materialize until Q1 2026, the market is already pricing in the possibility. This explains why NVDA is trading above $188 despite insider sales by Mark Stevens and Donald Robertson. Stevens’ $40M sale? Likely tax/estate planning for a man with a $5B stake. The real story is the $57B Q3 revenue beat and Blackwell GPU sellouts—China news is just fuel for the fire.

Trading Setup: Calls for the Breakout, Puts for the Safety Net

For options traders, the most attractive plays are:

• Bull Call Spread: Buy NVDA20260102C190 (next Friday expiry) at $190 and sell NVDA20260102C195 to cap risk. The $190–$195 range aligns with Bollinger Band resistance (upper band at $188.99) and RSI neutrality (60.41).
• Stock Entry: Buy NVDA near $188.61 if it holds above 186.59 (intraday low). First target is $190 (key call strike), then $195 (MACD histogram at +0.99 suggests momentum). Stop-loss below 180.54 support.
• Bearish Hedge: Buy NVDA20260102P180 (12,908 OI) if the stock dips to 180D support. This gives downside protection while staying bullish on the long-term trend.

Volatility on the Horizon: Ride the Bull, But Keep the Brakes Ready

Nvidia’s options market is a chessboard of calculated bets. The call-heavy open interest (put/call ratio at 0.86) and block trades suggest a consensus for higher prices, but the $160 put liquidity is a reminder that anything can happen in a $4.46T market cap stock. With the RSI at 60 and MACD crossing above the signal line, the technicals are bullish—but don’t ignore the 200D MA at 158.33. A breakdown below 180.54 would trigger panic, but the long-term trend remains intact. For now, the $190–$195 range is the sweet spot to capitalize on AI’s next leap.