Nvidia (NVDA) Options Signal $180 Call Contention Amid $275 Bull Case – Here’s How to Play the Volatility

• NVDA’s price action shows a 0.79% intraday gain at $176.40, but a bearish engulfing pattern and MACD divergence hint at near-term caution.
• Options data reveals heavy call open interest at $180–$235 and put OI at $160–$100, with a 0.91 put/call ratio favoring bullish bets.
• Block trades like NVDA20250919C175 (26,000 contracts bought) suggest institutional positioning for a short-term rebound.

The stock is caught in a tug-of-war: technicals warn of a short-term pullback, but options and news point to a $275+ bull case if buyers hold above $175. Let’s break it down.Bullish Call Contention vs. Bearish Put Pressure

The options market is split. Call open interest peaks at $180 (79,658 contracts) and $200 (102,720), while puts dominate at $160 (83,889). This suggests a key inflection point: if NVDA breaks above $180, the $200–$235 call strikes could ignite a rally. But the $160 put wall acts as a psychological floor.

Block trades add intrigue. The NVDA20250919C175 call (26,000 contracts bought) and NVDA20251219C180 (79,658 OI) signal big money is hedging a short-term bounce. However, the MACD histogram (-0.16) and RSI (45) show weak momentum. A close below $175.03 (intraday low) could trigger a test of the 200D MA at $156.07.

News-Driven Narrative: AI Leadership vs. Real Risks

BofA’s $275 target and Bernstein’s Outperform rating validate NVDA’s Blackwell roadmap, but the stock’s 17% drop from its 52-week high tells a different story. The Nemotron 3 open-source models aim to counter Chinese competition, yet regulatory hurdles (H200 export bans) and in-house chip threats from Google/Amazon linger.

Here’s the tension: investors are betting on long-term AI dominance but wary of near-term headwinds. The $45.8x P/E and $500B sales outlook create a high-stakes game of chicken between bulls and bears.

Actionable Trade Ideas: Calls for Conviction, Puts for Caution

• Bullish Play: Buy NVDA20251219C180 (expiring Friday) at $176.40. If NVDA holds above $175.03, this call could capitalize on a rebound to $185–$190. For a longer-term bet, NVDA20251226C190 (30,662 OI) offers leverage if the $180 level breaks.
• Bearish Hedge: Buy NVDA20251219P160 (83,889 OI) to protect against a drop below $175. The lower Bollinger Band at $174.64 is a critical support level.
• Stock Entry: Consider buying NVDA near $175.03 (intraday low) with a stop at $170. A close above $181.94 (middle Bollinger Band) would validate the bull case.

Volatility on the Horizon

The next 48 hours will test NVDA’s resolve. A break above $180 could reignite the $275 bull case, but a close below $175.03 would invite a deeper correction. Options traders should monitor the $160 put wall and $200 call wall for directional clues. For stock buyers, patience is key—wait for a confirmed breakout or breakdown before committing.

The bottom line? NVDA is a high-conviction trade. If you’re in, manage risk aggressively. If you’re on the sidelines, the options market is giving you a roadmap to play either side of this AI titan’s next move.