GOOGL Broken-Wing Bull Put — 2026-09-18

GOOGL (Alphabet Inc. - Class A Common Stock): options flow was balanced/mixed, IV rank 8 (low). Our gamma model reads GOOGL in a NEGATIVE-gamma regime (net GEX -29.7M, 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 $337.5P / buy $332.5P) expiring 2026-09-18 (14 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $198, max loss $302 (defined risk). Breakevens $335.53.

Underlying: GOOGL @ ~$339.07 | 2026-09-18 (14 DTE) | Net credit (entry): ~$198 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing put spread: sell the $337.5 put, buy the further-OTM $332.5 put with a WIDER gap on the far wing, expiring 2026-09-18 (14 DTE), as one order at a LIMIT of the mid or better — target net credit $198. IV rank 8 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 ($302). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $198 credit. Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near GOOGL's short strike(s) — currently 14 DTE, so plan the exit 0 day(s) out. Above $337.5 the whole credit is yours — take profits, don't carry the tail into expiration. Breakeven $335.53. | IF TESTED: The risk is a hard drop into the wide wing. When GOOGL tests the $337.5 short put (delta ~0.30) or loss ≈$396, 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 $340 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 $340; call wall (resistance) at $340. If price reaches the $332.5 wing, you're at max loss ($302) — take it. | MAXIMIZE: Holding above $337.5? 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.