COIN Broken-Wing Bear Call — 2026-11-20

COIN (Coinbase Global, Inc. - Class A Common Stock): options flow was balanced/mixed, IV rank 57 (elevated). Our gamma model reads COIN in a NEGATIVE-gamma regime (net GEX -5.5M, flip —) — dealers are short gamma and amplify moves, so this is defined-risk only and leans with the flow. Structured as a Broken-Wing Bear Call (sell $140C / buy $145C) expiring 2026-11-20 (14 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $170, max loss $330 (defined risk). Breakevens $141.70.

Underlying: COIN @ ~$133.84 | 2026-11-20 (14 DTE) | Net credit (entry): ~$170 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing call spread: sell the $140 call, buy the further-OTM $145 call with a WIDER gap on the far wing, expiring 2026-11-20 (14 DTE), as one order at a LIMIT of the mid or better — target net credit $170. IV rank 57 is moderate — credit is workable but define risk and don't oversize. The skew removes downside risk while collecting a credit; the upside gap is the residual max loss ($330). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $170 credit. Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near COIN's short strike(s) — currently 14 DTE, so plan the exit 0 day(s) out. Below $140 the whole credit is yours — take profits, don't carry the tail. Breakeven $141.70. | IF TESTED: The risk is a sharp rally into the wide wing. When COIN tests the $140 short call (delta ~0.30) or loss ≈$340, roll the structure UP and OUT ~7–14 days for a credit, or buy an extra long call to square the wing into a symmetric (fully defined) spread. Treat a close above the $140 call wall as the hard trigger to act (the resistance magnet has broken). 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 $120; call wall (resistance) at $140. If price reaches the $145 wing, you're at max loss ($330) — take it. | MAXIMIZE: Holding below $140? Let theta collect the full credit. Once most is banked, roll down toward the money next cycle for a richer credit, or add a put spread to convert into an iron condor if flow turns two-sided.