SMCI Iron Condor — 2026-12-04

SMCI (Super Micro Computer, Inc. - Common Stock): options flow was balanced/mixed, IV rank 48 (moderate). Gamma is roughly balanced. Structured as a Iron Condor (sell $29P / buy $28.5P / sell $30C / buy $30.5C) expiring 2026-12-04 (25 DTE) — balanced flow + high IV → iron condor. Net credit $46, max loss $4 (defined risk). Breakevens $28.54 and $30.46.

Underlying: SMCI @ ~$29.37 | 2026-12-04 (25 DTE) | Net credit (entry): ~$46 per condor/fly. Use limit orders at the mid or slightly better.

ENTRY: Sell the $29/$28.5 put spread AND the $30/$30.5 call spread as ONE iron condor order, expiring 2026-12-04 (25 DTE), at a LIMIT of the mid or better — target credit $46. IV rank 48 is moderate — credit is workable but define risk and don't oversize. Ideal when flow is two-sided/low-conviction and IV is rich. Anchor the short strikes just OUTSIDE the $29 put wall / $30 call wall so both walls sit between your shorts. | TAKE PROFIT: Buy the condor back to LOCK IN gains at ~50% of the $46 max credit (close near $23 remaining) — condors rarely pay to hold for the last dimes. Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near SMCI's short strike(s) — currently 25 DTE, so plan the exit 4 day(s) out. Profit zone is $28.54–$30.46; both breakevens must hold. | IF TESTED: Defend ONE side at a time. When either short is tested (delta ~0.30) or a side's loss ≈$92, ROLL THE UNTESTED SIDE closer to price to collect more credit and re-center (e.g. if SMCI rallies into the $30 call, roll the $29 put up toward the money). If price keeps running, roll the TESTED spread out ~7–14 days for a credit, or go INVERTED (roll the tested short past the other short) as a last resort. dealer gamma is roughly neutral — no pin edge either way; put wall (support) at $29; call wall (resistance) at $30. Treat a close above the $30 call wall as the hard trigger to act (the resistance magnet has broken) on the upside; Treat a close below the $29 put wall as the hard trigger to act (the pin support has failed) on the downside. If a wing goes fully in-the-money, that side is at max loss ($4) — take it and keep the winning side. | MAXIMIZE: If SMCI sits mid-range and both sides decay, roll the nearer (winning) short in toward price to harvest extra premium and tighten the tent, or once ~50% is captured close the profitable side and let the other run. Extend duration only after most credit is banked.