Nvidia (NVDA) Call Options Surge at $200 Strike: A Bullish Setup for December 12 Expiry?

• Nvidia trades at $184.75, down 0.43% from its 52-week high of $205.40.
• Call open interest dominates at $200 strike (145,407 contracts) for Friday expiry, while puts lag at $180 (23,811 contracts).
• Block trades show 26,000 NVDA20250919C175 calls bought, signaling institutional bullishness.

Here’s the takeaway: Nvidia’s options market is leaning hard into a bullish narrative, with heavy call buying at key strike levels and block trades amplifying the signal. The stock’s technicals and news flow align with this setup, but China’s regulatory risks could create volatility. Let’s break it down.

The $200 Call Wall and Whale Moves

The options chain tells a clear story: traders are betting on a short-term pop. For Friday’s expiry (Dec 12), the $190 and $200 call strikes dominate open interest, with 145,407 and 85,616 contracts respectively. This isn’t just noise—it’s a crowd of traders expecting a $200+ move before the close. The put/call ratio of 0.885 (calls > puts) reinforces this bias.

But here’s the twist: block trades are amplifying the signal. The largest trade, 26,000 NVDA20250919C175 calls bought, suggests big players are hedging or scalping a near-term pop. Combine this with the stock’s position above its 200-day MA ($154.99) and inside the upper Bollinger Band ($196.13), and you’ve got a recipe for a breakout trade.

News That Fuels the Fire

Analyst upgrades and AI partnerships are the fuel here. Bank of America and Morgan Stanley raised price targets to $275 and $250, while the Mistral AI and AWS deals position Nvidia as a key player in scalable AI deployment. But the China H200 saga is a wildcard. While U.S. approval opens a $15B market, Beijing’s restrictions limit long-term upside. Traders are likely buying calls for short-term gains, betting on the stock’s resilience despite geopolitical headwinds.

Actionable Trade Ideas

For options traders, the NVDA20251212C200 call (expiring Dec 12) is a prime target. If the stock breaks above $193 (resistance level), this strike could see 20%+ gains. For a longer play, the NVDA20251219C235 call (next Friday expiry) offers leverage if the stock surges past $200. Both strikes align with heavy open interest and block trade activity.

Stock traders should consider entry near $184.50 if support holds at the 200-day MA ($179.98). A breakout above $193 targets $196.13 (Bollinger Band) and $200 (key call wall). A stop-loss below $183.32 (intraday low) would protect downside risk.Volatility on the Horizon

The next 72 hours will test Nvidia’s resolve. A close above $193 could trigger a rally toward $200, validating the call-heavy options bets. But watch for a pullback if China’s regulatory stance tightens further. This is a high-conviction trade—positioned at the intersection of technicals, sentiment, and strategic news. If you’re in, manage risk aggressively. If you’re out, consider using the $180 put wall as a hedge against a surprise dip.