T Bear Put Spread — 2026-08-21

T (AT&T Inc.) shows bearish unusual options activity: $688K of buyer-initiated unusual put flow (100% put-dominant) detected across near-term expirations, with a peak vol/OI ratio of 3.4x on the 23 put. IV rank is 53 (moderate) — a bear put spread (23/22.5) trims theta/vega bleed versus a naked long. Buy the $23 / sell the $22.5 put bear put spread expiring 2026-08-21 (22 DTE) for a net debit of $0.18 ($18 per spread). Breakeven at $22.82; net delta 0.12.

Underlying: T @ ~$23.23 | 2026-08-21 (22 DTE) | Net debit (entry): ~$18 per spread. Use limit orders at the mid or slightly worse.

MAX LOSS: Limited to the net debit ($18 per spread). Max gain is capped at the strike width minus the debit — a defined-risk, defined-reward trade. | IV RISK: IV rank is 53 — reasonable for a debit spread. | TIMING: 22 DTE — unusual flow is a near-term signal; act promptly or the setup may stale. Close or take profit before expiration week to avoid gamma risk. | SECTOR: T is in Communications — avoid concentration with other open Communications positions. | EXECUTION: Use limit orders at mid or slightly worse on the spread (don't leg in). Verify the bid-ask before sending; do not chase with market orders. | EVENTS: Check for upcoming earnings, FDA decisions, or macro prints within the trade window that could cause outsized gap risk.