GME Bull Put Credit Spread — 2026-11-27

GME (GameStop Corporation Common Stock) shows bullish unusual options activity: $557K of buyer-initiated unusual call flow (100% call-dominant) detected across near-term expirations, with a peak vol/OI ratio of 5.0x on the 26 call. We fade this by SELLING premium on the other side: the trade profits from time decay as long as GME stays above $24.5 through expiration. IV rank is 45 (moderate) — rather than sell naked premium at this IV, this is defined as a bull put credit spread (short $24.5 / long $24) so max loss is capped. Sell the $24.5 / buy the $24 put bull put credit spread expiring 2026-11-27 (18 DTE) for a net credit of $0.15 ($15 per spread). Breakeven at $24.36; net delta 0.07.

Underlying: GME @ ~$25.49 | 2026-11-27 (18 DTE) | Net credit (entry): ~$15 per spread. Use limit orders at the mid or slightly better.

ENTRY: Sell the $24.5 / buy the $24 put credit spread expiring 2026-11-27 (18 DTE) as ONE order at a LIMIT of the mid or better — target credit $15 on a $0.5 -wide spread. IV rank 45 is moderate — credit is workable but define risk and don't oversize. Don't leg in. Gamma: dealer gamma is roughly neutral — no pin edge either way; put wall (support) at $24; call wall (resistance) at $25. | TAKE PROFIT: Buy the spread back to LOCK IN gains at ~50% of the $15 max credit (close near $7 remaining). Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near GME's short strike(s) — currently 18 DTE, so plan the exit 0 day(s) out. Defined risk — max loss $36, so let it run to ~50% rather than scalping tiny. | IF TESTED: If GME tests the $24.5 short put (delta ~0.30) or the loss reaches ~$29 (≈2× credit), roll the WHOLE spread DOWN and OUT ~7–14 days for a net credit — the lone-vertical play is roll-down-and-out or close (there's no untested side to roll in until you add a call spread). Treat a close below the $24 put wall as the hard trigger to act (the pin support has failed). If price knifes past the $24 long put, the spread is at/near max loss ($36) — take it rather than hoping. Breakeven $24.36. | MAXIMIZE: Winning cleanly above $24.5? Let theta close it toward 50%. To improve it, roll the spread UP toward the money in the next cycle for a fatter credit once most of this credit is banked, or add a bear call spread above the market to convert into an iron condor and double the premium if the flow turns two-sided.