NVDA Broken-Wing Bull Put — 2026-12-04

NVDA (NVIDIA Corporation - Common Stock): $20155K of buyer-initiated unusual call flow (100% call-dominant), IV rank 85 (elevated). Our gamma model reads NVDA in a NEGATIVE-gamma regime (net GEX -17.8M, flip —) — dealers are short gamma and amplify moves, so this is defined-risk only and leans with the flow. Structured as a Broken-Wing Bull Put (sell $165P / buy $160P) expiring 2026-12-04 (22 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $232, max loss $268 (defined risk). Breakevens $162.68.

Underlying: NVDA @ ~$165.16 | 2026-12-04 (22 DTE) | Net credit (entry): ~$232 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing put spread: sell the $165 put, buy the further-OTM $160 put with a WIDER gap on the far wing, expiring 2026-12-04 (22 DTE), as one order at a LIMIT of the mid or better — target net credit $232. IV rank 85 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 ($268). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $232 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 22 DTE, so plan the exit 1 day(s) out. Above $165 the whole credit is yours — take profits, don't carry the tail into expiration. Breakeven $162.68. | IF TESTED: The risk is a hard drop into the wide wing. When NVDA tests the $165 short put (delta ~0.30) or loss ≈$464, 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 $165 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 $165; call wall (resistance) at $170. If price reaches the $160 wing, you're at max loss ($268) — 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 $165? 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.