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

• Nvidia trades at $188.02, up 1.7% on heavy volume (101M shares), with Bollinger Bands suggesting a potential breakout above $192.
• Options data shows heavy call open interest at $190 and $195 strikes, while block trades hint at institutional put selling at $185.
• China-related news and a $150M AI investment position NVDA as a key player in 2026’s AI infrastructure boom.

Here’s the takeaway: Nvidia’s options market and technicals align for a bullish bias, with risks emerging only if the stock dips below $180. Let’s break it down.

Bullish Sentiment Locked in Call Options and Block Trades

The options chain tells a clear story. For this Friday’s expiry, calls at $190 (OI: 91,547) and $195 (OI: 68,025) dominate, while puts at $180 (OI: 35,741) and $185 (OI: 33,456) show defensive positioning. The put/call ratio for open interest is 0.86, favoring calls—a sign traders expect upward momentum.

But it’s the block trades that catch attention. A massive 3,023 contracts sold at the $185 put (expiring March 20) suggest institutions are either hedging or quietly accumulating NVDA at a discount. Think of it like a whale casting a net: if the stock dips toward $185, these puts could act as a floor. However, the risk? If the $180 level breaks, the bullish narrative falters.

News Flow Fuels AI Optimism—But Can It Sustain the Hype?

Nvidia’s recent headlines are a goldmine for bulls. The potential H200 chip approval in China alone could unlock billions in revenue, while the $150M investment in Baseten cements its role as the AI infrastructure king.

But here’s the catch: markets already priced in part of this optimism. The stock’s 1.7% intraday gain today reflects that. Still, the CEO’s rumored China visit adds a wildcard—rumors can spark short-term volatility, especially with options expiring Friday. If the trip materializes, look for a pop; if not, a pullback to test the $186.82 intraday low.

Actionable Trade Ideas: Calls, Puts, and Precision Entries

For options traders, focus on two setups:

• Bull Call Spread: Buy NVDA20260130C190 (this Friday’s $190 call) and sell NVDA20260130C195 to cap risk. If NVDA breaks $190, the $195 strike acts as a natural ceiling for profit.
• Protective Puts: For downside insurance, buy NVDA20260207P180 (next Friday’s $180 put). It’s cheap given the stock’s current strength but offers a safety net if the China narrative stumbles.

For stock buyers, consider entries near $187.50 if the 30D moving average ($183.86) holds. A break above the Bollinger Upper Band ($191.99) would validate the bullish case, with a first target at $195 (current call-heavy zone). Stop-loss? If NVDA closes below $184.65 (30D support), reassess—this could trigger the puts in the options chain to gain value.

Volatility on the Horizon: Ride the AI Wave or Hedge the Dip?

Nvidia’s story in 2026 hinges on AI adoption and geopolitical chess. The options market is pricing in a $190+ future, but don’t ignore the puts at $180 and $170—these suggest smart money is bracing for a dip.

Your move? Go bullish with calls or a stock buy if NVDA holds $186.82, but keep a portion hedged with the $180 put. The AI train isn’t slowing down, but tracks can derail. Stay nimble.