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Unusual Options Volume: 133,700 Contracts Traded on the $145 Call
At 1:36 PM today, NVIDIA’s (NVDA) June 20, 2025, $145 call option took center stage, clocking an extraordinary 133,700 contracts in volume. That’s 9.7% of the entire day’s options activity for NVDA, a standout figure that rarely goes unnoticed. The high activity arrives as NVDA stock rallies 2.65%, gaining $3.76 to reach $145.73—just cents away from the strike of this heavily traded contract.
Bullish Sentiment Leads the Charge: 61% of Trades From Pros
Drilling into the data, professional or institutional-sized trades accounted for 61% of today’s $145 call volume, while retail activity made up the remaining 39%. More interestingly, order flow was almost evenly split, with 51.6% of contracts bought and 48.4% sold, hinting at some cautious optimism rather than outright speculation. It’s unclear if the positions were primarily opening or closing, but the surge in open interest—up 20,760 contracts from the previous day—suggests traders are making fresh bets.
| Metric | Value |
|---|---|
| Option Contract | Jun-20-25 $145 Call |
| Today’s Volume | 133,700 |
| Percent of Total NVDA Option Volume | 9.7% |
| Last Trade Price | $2.37 |
| Open Interest Change | +20,760 |
| Percent Professional Trades | 61% |
Technical Indicators Are Bullish: Price Gains, Open Interest, and Positive Order Flow
Today’s surge in both stock price and options volume aligns with a classic bullish narrative: NVDA’s share price has advanced 2.65%, the $145 call saw new interest, and a majority of large traders have sided with calls. All this suggests traders are either hedging for a continued run higher or positioning for a breakout over the coming months. The fact that most activity is concentrated right at the current price level could be signaling high confidence in continued momentum or an active hedging campaign from funds managing large stock holdings.
Volatility Indicators Signal Calm: Implied Volatility Drops Nearly 20%
The most surprising shift? The option’s implied volatility (IV) dropped sharply from 33.9 yesterday to just 27.2 today—a 19.7% decline. For options traders, falling IV can signal reduced expectations of near-term swings or, alternatively, a rush of call selling that’s pressuring option prices lower. The wide intraday IV range (25.3–30.7) reflects both morning excitement and a quick normalization as the market digested new orders.
| IV Metric | Value |
|---|---|
| VW Implied Volatility (IV) | 27.2 |
| Previous Day’s Close IV | 33.9 |
| High IV | 30.7 |
| Low IV | 25.3 |
| Change in IV (%) | -19.7% |
Takeaway: High Activity, Bullish Bias, and Volatility Reset—What’s Next?
In short, the outsized activity in the June 2025 $145 call option, rising open interest, and predominantly pro-driven flow paint a picture of mounting optimism. But the sharp drop in implied volatility throws a twist: bullish bets are being placed, but at a time when the market isn’t expecting huge fireworks—at least not right away. For investors and traders watching NVDA, this could be an ideal window to gauge the true appetite for upside ahead of major catalysts. The key question: Is this surge a prelude to sustained upside, or simply smart hedging in a cooling volatility environment?
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Originally Posted on June 16, 2025 – NVDA’s Jun-20-25 $145 Call Dominates With 133,700 Contracts Traded—Bullish Sentiment Amid Falling Implied Volatility
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