NVDA options strategies, priced on the real chain
The highest-volume single-name options market outside the indices, and the one where IV is genuinely expensive most of the time. Earnings routinely produce double-digit percentage gaps, so anything short-premium here is a bet on the crush, not on the direction.
Every page below prices its structure against the August 28, 2026 expiry — 46% at-the-money implied vol, #7 of the 20 underlyings on this site. What moves NVDA: earnings (an event unto itself), AI-capex headlines, and semi-cycle sympathy moves.
The August 28, 2026expiry this analysis was built on has passed, so the contracts quoted below no longer trade. The structure and the strike-selection logic still hold; the prices do not. Open the builder for today’s strikes on the real chain.
10 strategies on NVDA
One contract (or one 100-share lot) per structure, at-the-money template strikes on the August 28, 2026expiry. Breakevens and probability of profit come from OptionTracker’s engine.
Start here
- NVDA covered callSell upside on shares you already own and get paid for the cap. · breakeven $195.8 (−2.5%)
- NVDA cash-secured putGet paid to place a limit order below the market. · breakeven $184.75 (−8.0%)
- NVDA iron condorSell a range, buy the wings, collect if the stock stays put. · breakeven $173.78 (−13.4%)
- NVDA bull call spreadBuy a call, sell a higher one — cheaper upside with a ceiling. · breakeven $205.9 (+2.6%)
- NVDA bull put spreadSell a put spread below the market: credit now, defined risk. · breakeven $187.45 (−6.6%)
- NVDA long straddleBuy the call and the put — pay for a move in either direction. · breakeven $179.8 (−10.4%)
Related reading
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- Early assignment and the ex-dividend dateEx-dividend week, short calls, panic. On a real KO chain the remaining extrinsic is larger than the dividend the engine implies over the whole window. Here is that comparison, and when early assignment actually shows up.
- Covered call vs selling the shares: real mathEvery covered-call seller has been asked why they don't just sell the stock. Fair question. One ticker, one chain, both exits priced — including the Friday the call does exactly what you sold it to do.