NVDA Broken-Wing Bull Put — 2026-11-20

NVDA (NVIDIA Corporation - Common Stock): $4204K of buyer-initiated unusual call flow (73% call-dominant), IV rank 80 (elevated). Our gamma model reads NVDA in a NEGATIVE-gamma regime (net GEX -106.4M, 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 $185P / buy $175P) expiring 2026-11-20 (14 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $335, max loss $665 (defined risk). Breakevens $181.65.

Underlying: NVDA @ ~$188.49 | 2026-11-20 (14 DTE) | Net credit (entry): ~$335 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing put spread: sell the $185 put, buy the further-OTM $175 put 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 $335. IV rank 80 is elevated — premium is rich, a good backdrop to SELL; any vol contraction adds to the win. The skew removes upside risk while collecting a credit; the downside gap is the residual max loss ($665). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $335 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 14 DTE, so plan the exit 0 day(s) out. Above $185 the whole credit is yours — take profits, don't carry the tail into expiration. Breakeven $181.65. | IF TESTED: The risk is a hard drop into the wide wing. When NVDA tests the $185 short put (delta ~0.30) or loss ≈$670, 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 $190 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 $190; call wall (resistance) at $190. If price reaches the $175 wing, you're at max loss ($665) — 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 above $185? 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.