Option Focus | NVIDIA’s $2.68 Million Put Sale at the $150 Strike Signals Bullish Premium Collection as Traders Bet Against a Deep Decline by 2027

NVIDIA closed at 225.07 USD, up 0.22%.

The session’s most notable options activity was a large put sale worth $2.68 million, executed via 5,000 contracts on the September 17, 2027 $150.00 put. With NVIDIA referenced at $225.07, this out-of-the-money strike reflects a bullish premium-collection posture, as the trader effectively bets against a deep decline through 2027 while expressing confidence in downside support well below the current market price.

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Options Indicators

NVIDIA’s implied volatility is 36.94%, and with an IV percentile of just 6.77%, current volatility sits on the low side of its recent range, indicating that options are cheaply priced rather than expensive. The IV/HV ratio of 1.14 suggests implied volatility is only modestly above historical volatility, reinforcing the view that option premiums are relatively restrained at present.

The Call/Put volume ratio is 2.30.

Large Trades

A put sale worth $2.68 million stood out as the key large trade, with 5,000 contracts sold on the September 17, 2027 $150.00 put. With NVDA referenced at $225.07, this strike sits out of the money, making the trade a bullish cash-secured-style or yield-enhancement expression that benefits if the stock stays above $150.00 into expiration. By selling this downside strike, the trader is effectively signaling willingness to take on lower-price exposure while collecting premium, which typically reflects confidence that NVDA is unlikely to fall to that level over the life of the option.

Overall, the large-trade flow was clearly bullish. The block activity was entirely concentrated in out-of-the-money put selling, which usually points to investors seeking premium income while expressing confidence in downside support rather than positioning for a sharp decline. The absence of meaningful bearish large trades reinforces the view that institutional sentiment in this sample leaned constructive, with traders appearing comfortable underwriting downside risk at lower strike levels and implicitly favoring stability to upside over the medium to longer term.

Strategy Reference

For a lower assignment probability than the $150.00 strike, a seller could consider the September 17, 2027 $130.00 put; alternatively, a put credit spread such as selling the $150.00 put and buying the $120.00 put would cap margin requirements while still collecting premium.