Nvidia (NVDA) Options Activity: Over 100 Million Traded in Two WeeksNvidia (NVDA) Options Activity: Over 100 Million Traded in Two Weeks Nvidia Corp. (NASDAQ: NVDA) stocks have been the focus of intense options trading activity in the past two weeks, with over 65 million calls and 37 million puts changing hands. The weekly 7/12 130-strike call emerged as the most popular option during this period. Despite a recent 6% loss, NVDA is nearing a historically bullish trend line. Its pullback has brought it close to its 50-day moving average. Data analysis reveals that NVDA has previously shown similar signals seven times in the past three years. In 71% of those cases, the shares performed positively a month later, with an average gain of 10.5%. Currently trading at $121.52, a similar magnitude increase could push NVDA towards its all-time high of $140.76. The company has gained 144.8% year-to-date, driven by the promise of its artificial intelligence technology. Option traders bullish on NVDA may consider buying calls, as the stock is approaching a trend line that has historically favored positive returns. Conversely, put traders could look to profit from any further downside momentum.
NVDA saw more than 100 million options change hands in the past two weeks
Even after loss of about 6% during the last five trading days, Nvidia Corp (NASDAQ: NVDA) stocks once again topped Senior Quantitative Analyst Rocky White’s list, with tickers attracting the most options volume over the past two weeks. During that time period, 65,335,952 calls and 37,975,555 puts were traded on NVDA. The most popular during that time period was the weekly 7/12 130-strike call.
Call traders could soon see their bets pay off, as NVDA is within one standard deviation of a historically bullish trend line. More specifically, the security’s pullback has placed it near its 50-day moving average. According to a separate data set from White, Nvidia stock has given seven similar signals over the past three years. The shares were higher 71% of the time a month later, posting an average gain of 10.5%.
Last seen up 3% to $121.52, a move of similar magnitude would bring the shares within reach of their all-time high of $140.76 on June 20. NVDA is already up 144.8% for 2024 on artificial intelligence (AI) tailwinds, and is also boasting an impressive 173.7% year-over-year gain.
