RIOT Bull Put Credit Spread — 2026-09-25

RIOT (Riot Platforms, Inc. - Common Stock) shows bullish unusual options activity: $0K of buyer-initiated unusual call flow (0% call-dominant) detected across near-term expirations, with a peak vol/OI ratio of 0.8x on the 24 call. We fade this by SELLING premium on the other side: the trade profits from time decay as long as RIOT stays above $21 through expiration. IV rank is 21 (low) — rather than sell naked premium at this IV, this is defined as a bull put credit spread (short $21 / long $20) so max loss is capped. Sell the $21 / buy the $20 put bull put credit spread expiring 2026-09-25 (17 DTE) for a net credit of $0.38 ($38 per spread). Breakeven at $20.62; net delta 0.10.

Underlying: RIOT @ ~$22.24 | 2026-09-25 (17 DTE) | Net credit (entry): ~$38 per spread. Use limit orders at the mid or slightly better.

ENTRY: Sell the $21 / buy the $20 put credit spread expiring 2026-09-25 (17 DTE) as ONE order at a LIMIT of the mid or better — target credit $38 on a $1 -wide spread. IV rank 21 is low — premium is thin, so keep size small and lean on a defined-risk structure. Don't leg in. Gamma: dealer gamma is roughly neutral — no pin edge either way; put wall (support) at $20; call wall (resistance) at $24. | TAKE PROFIT: Buy the spread back to LOCK IN gains at ~50% of the $38 max credit (close near $19 remaining). Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near RIOT's short strike(s) — currently 17 DTE, so plan the exit 0 day(s) out. Defined risk — max loss $62, so let it run to ~50% rather than scalping tiny. | IF TESTED: If RIOT tests the $21 short put (delta ~0.30) or the loss reaches ~$76 (≈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 $20 put wall as the hard trigger to act (the pin support has failed). If price knifes past the $20 long put, the spread is at/near max loss ($62) — take it rather than hoping. Breakeven $20.62. | MAXIMIZE: Winning cleanly above $21? 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.