NVDA Broken-Wing Bear Call — 2026-12-04

NVDA (NVIDIA Corporation - Common Stock): $13683K of buyer-initiated unusual put flow (66% put-dominant), IV rank 94 (elevated). Our gamma model reads NVDA in a NEGATIVE-gamma regime (net GEX -16.8M, 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 $165C / buy $167.5C) expiring 2026-12-04 (21 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $92, max loss $158 (defined risk). Breakevens $165.93.

Underlying: NVDA @ ~$160.07 | 2026-12-04 (21 DTE) | Net credit (entry): ~$92 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing call spread: sell the $165 call, buy the further-OTM $167.5 call with a WIDER gap on the far wing, expiring 2026-12-04 (21 DTE), as one order at a LIMIT of the mid or better — target net credit $92. IV rank 94 is elevated — premium is rich, a good backdrop to SELL; any vol contraction adds to the win. The skew removes downside risk while collecting a credit; the upside gap is the residual max loss ($158). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $92 credit. Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near NVDA's short strike(s) — currently 21 DTE, so plan the exit 0 day(s) out. Below $165 the whole credit is yours — take profits, don't carry the tail. Breakeven $165.93. | IF TESTED: The risk is a sharp rally into the wide wing. When NVDA tests the $165 short call (delta ~0.30) or loss ≈$184, 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 $165 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 $165; call wall (resistance) at $165. If price reaches the $167.5 wing, you're at max loss ($158) — take it. EARNINGS: a report (2026-11-17) falls inside this trade — the post-print IV crush helps a seller, but the gap can jump a short strike, so do NOT add size into the event and be ready to take the defined-risk loss if it gaps through. | MAXIMIZE: Holding below $165? 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.