NVDA Bull Call Spread — 2026-07-17

NVDA (NVIDIA CORP) shows bullish unusual options activity: $21767K of buyer-initiated unusual call flow (100% call-dominant) detected across near-term expirations, with a peak vol/OI ratio of 1.2x on the 200 call. IV rank is 34 (moderate) — a bull call spread (195/197.5) trims theta/vega bleed versus a naked long. Buy the $195 / sell the $197.5 call bull call spread expiring 2026-07-17 (14 DTE) for a net debit of $1.20 ($120 per spread). Breakeven at $196.20; net delta 0.07.

Underlying: NVDA @ ~$194.83 | 2026-07-17 (14 DTE) | Net debit (entry): ~$120 per spread. Use limit orders at the mid or slightly worse.

MAX LOSS: Limited to the net debit ($120 per spread). Max gain is capped at the strike width minus the debit — a defined-risk, defined-reward trade. | IV RISK: IV rank is 34 — reasonable for a debit spread. | TIMING: 14 DTE — unusual flow is a near-term signal; act promptly or the setup may stale. Close or take profit before expiration week to avoid gamma risk. | SECTOR: NVDA is in Technology — avoid concentration with other open Technology positions. | EXECUTION: Use limit orders at mid or slightly worse on the spread (don't leg in). Verify the bid-ask before sending; do not chase with market orders. | EVENTS: Check for upcoming earnings, FDA decisions, or macro prints within the trade window that could cause outsized gap risk.