NVDA GEX Today — Gamma Flip & Key Levels
As of Fri 18 Sep 2026 close · all expirations
- Spot
- 221.79
- Gamma flip
- 204.907.6% below spot
- Regime
- Positive gamma
- Positive peak (P1)
- 230.00
- Negative peak (N1)
- 205.00
- Max pain
- 215.0023 Sep 2026 expiry
- Net GEX
- +1.1B
NVDA is in positive gamma: the gamma flip at 204.90 is 7.6% below spot (221.79). Above the flip, dealers are long gamma and tend to dampen moves. The top positive gamma peak (P1) is at 230.00 (+3.7% from spot), where dealer hedging tends to stabilize price. The top negative gamma peak (N1) is at 205.00 (-7.6% from spot), a volatility trigger rather than support. The flip moved -1.2% since the previous snapshot (207.30 → 204.90).
NVDA GEX levels — last 14 snapshots
| Snapshot | Spot | Gamma flip | P1 | N1 | Regime |
|---|---|---|---|---|---|
| 18 Sep 16:01 ET | 221.79 | 204.90 | 230.00 | 205.00 | Positive |
| 17 Sep 16:04 ET | 219.06 | 207.30 | 220.00 | 205.00 | Positive |
| 16 Sep 16:07 ET | 214.46 | 207.56 | 220.00 | 205.00 | Positive |
| 15 Sep 16:09 ET | 212.21 | 205.44 | 220.00 | 205.00 | Positive |
| 14 Sep 16:14 ET | 211.17 | 205.02 | 220.00 | 205.00 | Positive |
| 11 Sep 16:00 ET | 218.18 | 205.15 | 230.00 | 205.00 | Positive |
| 10 Sep 16:00 ET | 218.40 | 209.15 | 230.00 | 220.00 | Positive |
| 9 Sep 16:00 ET | 223.73 | 206.06 | 230.00 | 180.00 | Positive |
| 8 Sep 16:00 ET | 225.77 | 206.41 | 230.00 | 180.00 | Positive |
| 4 Sep 16:00 ET | 230.34 | 200.50 | 230.00 | 180.00 | Positive |
| 3 Sep 16:00 ET | 228.40 | 208.15 | 230.00 | 180.00 | Positive |
| 2 Sep 16:00 ET | 224.40 | 205.59 | 230.00 | 180.00 | Positive |
| 1 Sep 16:00 ET | 217.53 | 206.36 | 230.00 | 217.50 | Positive |
| 31 Aug 16:00 ET | 220.83 | 203.19 | 230.00 | 190.00 | Positive |
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About NVDA options GEX
NVIDIA options, like every single-stock option on this site, are American-style and physically settled: exercise delivers or takes NVIDIA shares. The chain lists weekly expirations on top of the standard monthly cycle.
The profile below adds up open interest across all NVDA expirations and turns it into net gamma exposure by strike. It flags the gamma flip, the strongest long-gamma strikes P1 and P2 and the most negative strikes N1 and N2, and a 30-day heatmap shows how those strikes developed.
Two situations deserve attention with NVDA. The first is earnings week: contracts bought for the report pile up at a handful of strikes, and once the event passes many of them are closed or expire, so the profile can look very different a day or two later. The second is a limit of the model itself. The profile assumes dealers own the call open interest, meaning customers sold those calls, so call open interest above spot always appears as positive peaks. When customers are the aggressive call buyers, dealers may in fact be short those calls and in negative gamma above the price, and their hedging would then add to a rally. In that case a P1 above NVDA may not act as a ceiling at all. When NVDA trades above its flip in positive gamma, the nearest P1 is more likely to hold price in a range.
Levels reflect end-of-day open interest in the most recent report and are posted once US trading has closed; moves during the next session are not captured until the following update.
FAQ
Are NVDA options American-style?
Yes. NVIDIA options are American-style, so a holder can exercise before expiration, and exercise or assignment is settled by delivering NVIDIA shares rather than cash.
Why can NVDA gamma levels change so much around earnings?
Traders often open short-dated contracts ahead of an earnings report and close them or let them expire once the result is out. That turnover removes some strikes from the profile and adds others, so the levels before and after a report can look quite different.
What does it mean when dealers are short gamma above NVDA's price?
If dealers have sold many of the calls that customers hold above spot, they are short gamma at those strikes. As the stock rises toward them, staying hedged requires buying shares, which can add to the rally instead of slowing it.
When are NVDA levels updated?
NVDA levels change once per trading day. They are built from end-of-day open interest in the latest available report, across all listed NVDA expirations, and are published after the US close.
Levels are derived from end-of-period options open interest and are published once a day. Educational information, not investment advice.