EWZ Broken-Wing Bull Put — 2026-11-20

EWZ (iShares MSCI Brazil ETF): $1734K of buyer-initiated unusual call flow (85% call-dominant), IV rank 41 (moderate). Our gamma model reads EWZ in a NEGATIVE-gamma regime (net GEX -35.5M, flip —) — dealers are short gamma and amplify moves, so this is defined-risk only and leans with the flow. Structured as a Broken-Wing Bull Put (sell $34P / buy $33P) expiring 2026-11-20 (24 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $39, max loss $61 (defined risk). Breakevens $33.61.

Underlying: EWZ @ ~$34.45 | 2026-11-20 (24 DTE) | Net credit (entry): ~$39 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing put spread: sell the $34 put, buy the further-OTM $33 put with a WIDER gap on the far wing, expiring 2026-11-20 (24 DTE), as one order at a LIMIT of the mid or better — target net credit $39. IV rank 41 is moderate — credit is workable but define risk and don't oversize. The skew removes upside risk while collecting a credit; the downside gap is the residual max loss ($61). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $39 credit. Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near EWZ's short strike(s) — currently 24 DTE, so plan the exit 3 day(s) out. Above $34 the whole credit is yours — take profits, don't carry the tail into expiration. Breakeven $33.61. | IF TESTED: The risk is a hard drop into the wide wing. When EWZ tests the $34 short put (delta ~0.30) or loss ≈$78, 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 $34 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 $34; call wall (resistance) at $35. If price reaches the $33 wing, you're at max loss ($61) — take it. | MAXIMIZE: Holding above $34? 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.