Measured gaps, not a vol assumption

Twenty observations per asset. Enough to prove NVDA is about five times SPY. Not enough to sell a live book.

NVDA median

1.14%

NVDA 90th

5.56%

SPY median

0.44%

SPY 90th

1.09%

NVDA

-8%threshold 2%+8%

SPY

-8%threshold 2%+8%

Payoff at 2% / 10% cap

Premiums use a 252-session series bootstrapped from one measured month. Not a live price. Recompute on 12 months of history before selling a real contract.

Price NVDA cover