Nvidia (NVDA) Options Signal Bullish Bias: Key Strike Levels and Trade Setups for Feb 6, 2026

• Nvidia surges 7.2% on Amazon’s $200B AI capex plans, breaking above 30D/100D moving averages.
• Options market favors upside: 83,047 open interest at $190 call (this Friday’s expiry) vs. 53,073 at $170 put.
• Block trades hint at profit-taking: Large sell calls at $182.5 and $177.5 (Feb 13 expiry) suggest near-term caution.

Here’s the thing: Nvidia’s options activity screams bullish bias, but the technicals and news flow add layers of nuance. Let’s break it down.

Bullish Sentiment in Options, But Watch the Puts

The options market is all-in on a potential breakout. For Friday expiry (Feb 6), the $190 call has 83,047 open interest—nearly double the $170 put’s 53,073. This isn’t just noise; it’s a bet that NVDA could hit $190 before expiration. The next Friday (Feb 13) sees similar skew, with $185 and $190 calls dominating. But don’t ignore the puts: the $157.5 put (88,822 OI for Feb 13) hints some investors are hedging for a deeper pullback. The put/call ratio of 0.856 (calls > puts) reinforces the bullish tilt, though heavy put volume at $165–$170 suggests downside risk isn’t fully priced out.

Block trades add intrigue. A sell call at $182.5 (NVDA20260213C1825) with 3,000 contracts and a buy call at $180 (NVDA20260206C180) with 3,276 contracts suggest smart money is locking in gains or positioning for a short-term pop. But the $177.5 sell call (3,000 contracts) warns: don’t assume the rally is unidirectional.

News Flow: AI Tailwinds vs. OpenAI Doubts

Amazon’s $200B AI capex plan is a rocket booster for NVDA. AWS’s reliance on Blackwell GPUs and NVLink interconnects means every dollar of AWS spending could translate to Nvidia revenue. This justifies the call-heavy options positioning. But the OpenAI deal downgrade (from $100B to $20B) introduces a wildcard. While Q3 earnings were stellar, a weaker partnership could slow long-term growth. The market’s reaction? It’s already baked into the 7.2% price surge—so the real test is whether the OpenAI news triggers profit-taking or panic.

Actionable Trade Ideas: Calls, Puts, and Price Levels

1. Stock Play: Buy NVDA near $184.65 (middle Bollinger Band) with a stop-loss at $174.12 (lower band). Target: $195 (upper Bollinger Band) if Amazon’s AI hype holds.
2. Options Play (Bullish): Buy the NVDA20260213C185 call. Why? The $185 strike is just above today’s price, and the RSI (33.67) suggests oversold conditions could fuel a rebound. If the stock breaks $185, this call gains leverage.
3. Options Play (Bearish Hedge): Buy the NVDA20260213P170 put. With 53,073 OI, it’s a liquid way to protect against a drop below the 200D MA ($169.24). Set a tight stop if the stock holds above $174.60 (intraday low).

Volatility on the Horizon

Nvidia’s story is a tug-of-war between AI euphoria and partnership uncertainties. The options market is pricing in a 7–10% move by Feb 13, but the real drama could unfold post-earnings or if OpenAI news resurfaces. For now, the bulls are in control, but don’t ignore the puts—they’re there for a reason. If you’re in, lock in partial profits near $185. If you’re on the sidelines, the $184.65 level offers a clean entry. Either way, this is a stock where every data point matters—and right now, the cards are stacked for a breakout.