NVDA Options Signal Bullish Bias at $180–$185: Here’s How to Play the Ranging Breakout

• NVDA trades at $176.68, hovering near its 200-day Bollinger Band support at $174.64.
• Call open interest spikes at $180–$200 strikes for Friday expiration, while puts cluster at $160.
• Block trades show 26,000 calls bought at $175 (Sep 19 expiry), hinting at institutional bullishness.

Here’s the takeaway: NVDA’s options market is pricing in a bullish bias if the stock breaks above $180, but technicals warn of a potential pullback to $174.90 first. The key is timing the bounce—or the breakdown.

Where Institutional Money Is Flowing: Calls at $180–$185, Puts at $160

The options chain tells a story of cautious optimism. For Friday’s expiry, NVDA20251219C180 and NVDA20251219C185 have 81,493 and 73,515 open interest respectively. That’s not just noise—it’s a crowd betting on a $180+ move. Meanwhile, NVDA20251219P160 (85,671 OI) acts as a shadowy floor: if NVDA dips below $175, that strike could become a magnet for buyers.

But don’t ignore the block trades. A 26,000-lot call purchase at $175 (expiring Sep 19) suggests big players are hedging or scalping a near-term pop. Combine that with the RSI at 41.4 (oversold territory) and MACD crossing below the signal line, and you’ve got a setup where a rebound is more likely than a freefall… for now.

No Major News, But Options Are Pricing in Volatility

The lack of recent headlines means the market is trading on technicals and positioning. No earnings reports or product announcements in the past week, but the options data implies anticipation. Think of it like a coiled spring: the $180–$185 range is where that tension could snap. If NVDA holds above $174.90 (today’s intraday low), the path to $185 becomes clearer. But if it cracks below $174, watch for a test of the 200D MA at $156.33—though that’s a worst-case scenario.

Actionable Trades: Calls at $180, Puts at $160, and a Core Position

For options traders, NVDA20251219C180 (this Friday) and NVDA20251226C190 (next Friday) are prime candidates. Why? The former targets a short-term breakout, while the latter gives extra time if the stock consolidates. For downside protection, NVDA20251219P160 offers a defined risk if the stock gaps lower—though the put/call ratio (0.9) suggests bears aren’t in full control.

Stock traders: Consider entries near $174.90 (intraday low) with a first target at $180 (key call OI cluster) and a second at $185. If the price stalls at $177.68 (intraday high), a pullback to $175 could set up a bullish call option play. For the risk-tolerant, a core position near $176.26 (today’s open) with a stop below $174.90 makes sense if you believe in the $180 threshold.

Volatility on the Horizon: Positioning for NVDA’s Next Move

The coming days will test whether NVDA can shake off its 30D MA at $185.49. A close above $187.85 (Bollinger Upper Band) would signal a shift from ranging to bullish momentum. But until then, the $174.64–$181.25 channel is your battleground. The options market isn’t screaming for a crash—it’s whispering, "Watch this range, then strike." Your job? Decide if you’re buying the dip, selling the rally, or waiting for clarity. Either way, the $180–$185 strikes are where the action starts.