PBR Short Put — Sep 18, 2026

PBR (Petroleo Brasileiro S.A. Petrobras ADS) presents a short put opportunity with elevated implied volatility. IV Rank 58. IV 31404.0% trades 28646.0pp above 30-day HV (2758.0%). This setup favors net premium sellers.

Sell the $17 put for $0.17 credit. Naked single-leg exposure; collect premium from time decay if PBR stays above the strike. Underlying ~$17.96, 30 DTE. Max profit $17 per contract, max loss $1684, 1.0% return on risk, 85% POP. Breakeven at $16.84.

Management: take profit at ~50% of max profit ($8). Cut at 2x credit ($33 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.

Underlying: PBR @ ~$17.96 Expiration: Sep 18, 2026 (30 DTE) Net credit (entry): ~$16.50 per spread Legs:

• Sell PBR Sep 18, 2026 $17 Put (delta -0.15, mid $0.17)

Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~6.1% of mid) before sending.

Take profit at 50% of max profit ($8). Cut loss if position reaches 2x credit received ($33 loss). Roll if tested with > 14 DTE remaining.