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Story summary
- Nvidia shares have rallied 24% in 2026, now sitting 3.5% below the $235.74 all-time high.
- Nvidia’s implied volatility is near its lowest level of the past year, making options unusually cheap.
- Traders can buy a reverse iron condor for a $4.86 debit, targeting a 5%-6% move by October 16.
- The trade’s max loss is $486, max gain $514, with breakevens at $215.14 and $239.86.