T Broken-Wing Bull Put — 2026-11-13

T (AT&T Inc.): $46K of buyer-initiated unusual call flow (100% call-dominant), IV rank 51 (moderate). Our gamma model reads T in a NEGATIVE-gamma regime (net GEX -2.6M, 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 $20.5P / buy $20P) expiring 2026-11-13 (17 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $15, max loss $36 (defined risk). Breakevens $20.36.

Underlying: T @ ~$20.94 | 2026-11-13 (17 DTE) | Net credit (entry): ~$15 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing put spread: sell the $20.5 put, buy the further-OTM $20 put with a WIDER gap on the far wing, expiring 2026-11-13 (17 DTE), as one order at a LIMIT of the mid or better — target net credit $15. IV rank 51 is moderate — credit is workable but define risk and don't oversize. The skew removes upside risk while collecting a credit; the downside gap is the residual max loss ($36). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $15 credit. Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near T's short strike(s) — currently 17 DTE, so plan the exit 0 day(s) out. Above $20.5 the whole credit is yours — take profits, don't carry the tail into expiration. Breakeven $20.36. | IF TESTED: The risk is a hard drop into the wide wing. When T tests the $20.5 short put (delta ~0.30) or loss ≈$30, 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 $22 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 $22; call wall (resistance) at $22. If price reaches the $20 wing, you're at max loss ($36) — take it. | MAXIMIZE: Holding above $20.5? 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.