Nvidia (NVDA) Options Signal Bullish Momentum: Key Strike Levels and Trade Setups for Jan 23, 2026

• NVDA surges 1.6% to $187.80, breaking above its 30-day moving average of $183.86.
• Call options dominate open interest at $190 and $195 strikes, while puts cluster at $180 and $185.
• Block trades show big players selling H200 put options at $185, signaling confidence in support.

Here’s the takeaway: Nvidia’s options market and technicals are painting a clear bullish picture, with institutional players hedging downside risk while retail and algo money chase higher strikes. Let’s break down why this could be a setup for upside — and where to watch for cracks in the narrative.

Bullish Sentiment in Options: Calls Climb, Puts Hedge

If you’ve been watching the options chain today, you’ve noticed the call/put imbalance. The put/call ratio for open interest is just 0.86, meaning more money is flowing into calls than puts. The top OTM calls expiring this Friday ($190, $195) have 91,547 and 68,025 contracts open, respectively — a sign that traders are pricing in a potential push toward $200. But here’s the twist: the $185 put strike has 33,456 open contracts, and block trades like NVDA20260220P180 (selling 5,670 puts) suggest big players are locking in protection just in case.

This isn’t just random noise. It’s a bullish-with-caution playbook. The market expects a short-term pop (thanks to China chip news and Huang’s trip) but is hedging against a pullback to the 200-day moving average at $165.25. The danger? If the $186.82 intraday low breaks, those puts could get exercised, creating a downward spiral.

China Chip Approval and CEO Moves: Fuel for the Fire

Let’s connect the dots. The Bloomberg report about Chinese tech giants greenlit to buy H200 chips isn’t just a headline — it’s a $10+ catalyst for NVDA. Combine that with Jensen Huang’s planned China visit, and you’ve got a narrative that’s hard to ignore. But here’s the catch: the market already priced in part of this. The 1.5% premarket pop was a reaction to the CEO’s trip, not the chip approval itself. That means today’s move is more about momentum than fundamental re-rating.

Still, the news aligns with the options data. If the $190 call strike (current OI: 91,547) is hit by Friday, it’ll validate the bullish case. But if the $185 put strike (OI: 33,456) sees heavy buying, it could signal a pause — or worse, a reversal.

Trade Ideas: Calls for Aggressive Play, Puts for Defense

For options traders, the most attractive setup is the $190 call expiring Jan 30 (NVDA20260130C190). With 66,127 contracts open, this strike is a magnet for liquidity. If NVDA closes above $189.60 (today’s high) by midday, this call could see a pop. For a stock play, consider entering near $186.82 (intraday low) with a stop just below $184.65 (30-day support). Target $191.99 (Bollinger Upper Band) as a short-term ceiling.

On the defensive side, a put spread between $185 and $170 could cap losses. The NVDA20260130P185 (OI: 21,052) paired with the $170 put (OI: 21,489) creates a collar that protects against a drop to the 200-day line. But don’t get greedy — if the stock dips below $182.68 (200D resistance), it’s time to cut losses.

Volatility on the Horizon

The next 72 hours will tell the story. If NVDA holds above $186.82 and the $190 call strike sees heavy volume, this could be the start of a $200 run. But if the $185 put strike (OI: 33,456) spikes, it’ll be a warning sign. Either way, the options market is already pricing in a directional move — the only question is which way.