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

• NVDA trades at $176.59, hovering near its 200-day support band of $179.98–$182.24.
• Options data shows heavy call open interest at $180–$200 strikes, with 81,493 contracts at $180 and 99,598 at $200 (this Friday’s expiration).
• A $175 call block trade (26,000 contracts) hints at institutional bullishness, while $160 puts (85,671 OI) signal downside hedging.

Here’s the takeaway: NVDA’s options market is pricing in a bullish bias for a potential breakout above $180, but technicals suggest a tight ranging battle ahead. Traders need to balance the call-heavy sentiment with the stock’s struggle to clear key moving averages. Let’s break it down.

Bullish Calls Dominate, But Puts Hedge the Bet

The options chain tells a story of cautious optimism. For this Friday’s expiration, the $180 call (OI: 81,493) and $200 call (OI: 99,598) are the most watched strikes. This suggests traders expect a push above $180, possibly testing the 30-day support level of $186.49. But don’t ignore the puts: $160 puts (OI: 85,671) are the largest put position, indicating hedging activity ahead of potential volatility.

The block trade of 26,000 NVDA20250919C175 calls (buy) is a red flag for retail traders. Big players are locking in bullish exposure, but the $175 strike is just 0.7% above the current price. If NVDA breaks $175 cleanly, this could trigger a cascade of call buyers. However, the RSI at 41.4 and MACD below zero warn of lingering bearish momentum.

No News, But Technicals Dictate the Narrative

There’s no recent headline news to sway sentiment, which means the market is relying on technical triggers. The stock is stuck between its 200-day moving average ($156.33) and 30-day support ($179.98). Without a catalyst, NVDA could remain range-bound until earnings or macro events shift the needle.

But here’s the twist: options traders are pricing in a bullish bias despite the lack of news. This suggests they expect a breakout from the range—either up or down. The heavy call OI at $180–$200 implies they’re leaning long, but the put-heavy $160 strike acts as a safety net for those wary of a drop below the Bollinger Bands’ lower limit ($174.64).

Actionable Trades: Calls for Breakouts, Puts for Protection

For options traders, the most compelling setup is the NVDA20251219C180 call (this Friday’s $180 strike). If NVDA closes above $180 by expiration, the call could see explosive gains. For a longer play, the NVDA20251226C190 call (next Friday) offers leverage if the stock surges past $190, a level that would invalidate the long-term ranging pattern.

On the stock side, consider entering near $175 if support holds. Set a stop-loss below $174.9 (today’s intraday low) and target $185–$187.50, where the 30-day support and Bollinger Middle converge. For risk-averse traders, the NVDA20251219P160 put offers downside protection if the stock dips below $174.64.

Volatility on the Horizon: Positioning for NVDA’s Ranging Battle

The key takeaway? NVDA is at a crossroads. The options market is pricing in a bullish bias, but technicals show a stock in limbo. Traders should treat this as a high-probability ranging trade with asymmetric risk. If the $180 level breaks convincingly, the call-heavy OI could propel the stock higher. But a close below $174.64 would validate the bearish MACD and RSI, turning puts into a safer bet.

In short: Play the range, but keep your eyes on $180 and $174.64. The next few days could decide whether NVDA trends higher or consolidates for another leg down.