Nvidia (NVDA) Options Signal $190 Bull Call Play as China Export Hopes Ignite Volatility

• NVDA trading at $184.5, up 0.44% with 27M shares traded
• Call open interest surges at $190 strike ($62,493 contracts) vs. puts at $160 ($52,526)
• Block trade of 26,000 NVDA20250919C175 calls hints at institutional bullishness

Here’s the takeaway: Options data and technicals align on a high-conviction trade. With calls dominating open interest and China export news breaking, NVDA shows clear upside potential but needs to hold key support at $180.49 to avoid a reversal.

Bull Call Play: Why $190 Strikes Are the Sweet Spot

The options market is shouting "buy the rumor, sell the news." Call open interest peaks at the $190 strike (62,493 contracts this Friday) and $200 (32,456), while puts cluster at $160 (52,526). This imbalance suggests institutional players are hedging for a breakout above $184.91—the intraday high.

But here’s the twist: A massive block trade of 26,000 NVDA20250919C175 calls in late October signals long-term conviction. That’s not noise—it’s a whale betting on AI-driven growth. Puts at $160 offer downside protection, but the ratio (0.86 put/call OI) shows bulls control the narrative.

China Exports: Catalyst or Mirage?

The recent news about H200 chip shipments to China in Q1 2026 is the spark. Analysts like Bernstein ($275 target) and Tigress ($350) are all-in, but Jim Cramer’s caution matters. He’s flagging other AI plays as "higher reward, lower risk."

This creates a paradox: Institutional buyers are loading up on calls, but retail sentiment could swing if the China rollout delays. The key is watching whether $184.5 holds—break above $185, and the $190 calls become a lottery ticket. Drop below $180.49 support, and puts suddenly look attractive.

Actionable Trade Ideas: Calls, Puts, and Precision Entries

For options traders, the NVDA20260116C190 call (expiring Jan 16) is a setup. Why? Volume at $190 is 32,036 this week, and the block trade history shows liquidity. If NVDA closes above $184.91 today, enter the $190 call with a stop below $182.51 (30D MA). Target: $195–$200 by Q1.

Stock traders should consider entry near $183.50 if the 200D MA ($157.92) holds. A breakout above $184.91 (Bollinger Upper at $187.67) validates the bullish case. For risk-averse players, a put spread at $180 (OI: 21,038) and $175 (OI: 24,128) could profit if sentiment shifts.Volatility on the Horizon: Balancing Bullish Momentum and Risks

The next 72 hours will test NVDA’s resolve. A close above $185 would trigger a short-term rally toward $190, but don’t ignore the 200D MA at $157.92—it’s a psychological anchor.

Here’s the plan:

• Bulls: Buy the $190 call if price holds $183.50.
• Bears: Buy the $180 put if support breaks.
• Conservative: Strangle the $190 call and $180 put for a defined-risk play.

The China export news is a wildcard. If shipments delay, the $160 puts could surge. But right now, the data screams: This is a stock in transition. Play it smart—position for the breakout, but keep a seatbelt handy.