Q2 STOCKS TO BUY

Options Traders Continue to Target Nvidia Stock

The stock is up over 150% since the start of 2024

Deputy Editor
Oct 3, 2024 at 1:26 PM
facebook X logo linkedin


Chipmaker Nvidia Corp (NASDAQ:NVDA) is a staple on Senior Quantitative Analyst Rocky White's list of stocks that attracted the most options volume over the last two weeks. Once again, the semiconductor giant took the top spot on White's list.

Nvidia stock saw 33,749,250 calls and 20,076,334 puts traded in the last 10 sessions. The weekly 9/27 125-strike call was the most active contract by far over this timeframe, followed by the 120-strike call in the same series. 

MAO Chart OCtober 32024

Nvidia stock was last seen 2.8% higher to trade at $122.13, getting a boost after CEO Jensen Huan called demand for its Blackwell chips "insane." The security hit a June 20, all-time high of $140.76, with its 160-day moving average keeping the pullback from that peak in check. NVDA is also looking to reconquer its 80-day trendline, which has acted as both support and resistance in the last few months. For 2024, shares boast a 154% lead.

NVDA Chart October 32024

The stock's 10-day call/put volume ratio of 1.90 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 96% of readings from the past 12 months. What's more, its 50-day call/put volume ratio of 1.56 at the ISE, CBOE, and PHLX sits in the 85th percentile of annual readings as well, indicating a big call bias. 

Traders looking to join in on the action can do so for a bargain. This is per Nvidia stock's Schaeffer's Volatility Index (SVI) of 47% that sits higher than just 12% of readings from the last 12 months. This suggests options players are pricing in lower-than-expected volatility right now. 

 

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here