CIFR Broken-Wing Bull Put — 2026-09-04

CIFR (Cipher Digital Inc. - Common Stock): $195K of buyer-initiated unusual call flow (100% call-dominant), IV rank 23 (low). Our gamma model reads CIFR in a NEGATIVE-gamma regime (net GEX 0.0M, flip 16.82) — dealers are short gamma and amplify moves, so this is defined-risk only and leans with the flow. Structured as a Broken-Wing Bull Put (sell $16P / buy $15P) expiring 2026-09-04 (16 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $50, max loss $50 (defined risk). Breakevens $15.50.

Underlying: CIFR @ ~$16.18 | 2026-09-04 (16 DTE) | Net credit (entry): ~$50 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing put spread: sell the $16 put, buy the further-OTM $15 put with a WIDER gap on the far wing, expiring 2026-09-04 (16 DTE), as one order at a LIMIT of the mid or better — target net credit $50. IV rank 23 is low — premium is thin, so keep size small and lean on a defined-risk structure. The skew removes upside risk while collecting a credit; the downside gap is the residual max loss ($50). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $50 credit. Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near CIFR's short strike(s) — currently 16 DTE, so plan the exit 0 day(s) out. Above $16 the whole credit is yours — take profits, don't carry the tail into expiration. Breakeven $15.50. | IF TESTED: The risk is a hard drop into the wide wing. When CIFR tests the $16 short put (delta ~0.30) or loss ≈$100, roll the structure DOWN and OUT ~7–14 days for a credit, or buy an extra long put to square the wing back into a symmetric (fully defined) spread. Treat a close below the $17 put wall as the hard trigger to act (the pin support has failed). dealer gamma is NEGATIVE (vol-amplifying) — moves accelerate here, so defend one trigger EARLIER than usual and don't wait for the strike to go in-the-money; put wall (support) at $17; call wall (resistance) at $17. If price reaches the $15 wing, you're at max loss ($50) — take it. | MAXIMIZE: Holding above $16? Let theta collect the full credit. Once most is banked, roll up toward the money next cycle for a richer credit, or convert into an iron condor by adding a call spread if the flow turns two-sided.