$NVIDIA(NVDA)$ For
NVIDIA (NVDA)
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’s 2026-11-20 monthly expiry , a $210 max-pain level versus your $218 reference price is an $8 gap, or 3.67% below spot . It implies only a modest theoretical downward “pinning” bias into expiry—not a stand-alone bearish forecast.
Current spot is $215.38 as of 2026-10-29, so the gap to $210 has narrowed to $5.38. The max-pain calculation is consistent: aggregate expiry payout is lowest at $361.8 million at $210 , versus $372.4 million at $215 and $409.2 million at $220 .
Why the pull toward $210 is plausible, but limited:
$210 is a major positioning strike: it carries 78,484 call contracts and 38,086 put contracts of open interest.
The option book is currently in positive gamma: net GEX is about $97.5 million , and zero-gamma is $206.77 . Above that level, dealer hedging tends to dampen moves, which can encourage range trading rather than a large directional move.
However, the nearer upside positioning is also material: $220 has 41,859 call OI and 31,509 put OI, while the largest call-OI and gamma concentration sits at $230 (111,892 calls). That makes $220–$230 an important counterweight to any $210 pull.
On the downside, $190 is the largest put-OI strike (90,345 puts), making it a more consequential lower positioning level than max pain itself.
Bottom line: The gap says NVDA is above the option book’s minimum-payout level, so—if the stock enters a quiet, catalyst-light period—there may be some mean-reverting pressure toward the $210–$215 area. But the current positive-gamma regime makes the more useful interpretation range containment, not “NVDA should fall to $210.” A sustained move below roughly $206.77 would weaken that stabilizing setup; conversely, holding above $220 would shift attention toward the $230 call wall.
The material caveat is that max pain becomes much less informative when company news, AI-sector moves, or broad-market volatility drive the underlying. The chain’s 30-day IV is 45.76% , at the 73.31st percentile , so options are already pricing relatively elevated uncertainty.
Information is for reference only and does not constitute investment advice.| Side | Price | Filled | Realized P&L |
|---|
| Buy Open | 216.88 0 | -5.36% Holding |
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