TSLA Broken-Wing Bull Put — 2026-08-21

TSLA (Tesla, Inc. - Common Stock): $10137K of buyer-initiated unusual call flow (100% call-dominant), IV rank 30 (low). Our gamma model reads TSLA in a NEGATIVE-gamma regime (net GEX -6.5M, 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 $320P / buy $315P) expiring 2026-08-21 (18 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $225, max loss $275 (defined risk). Breakevens $317.75.

Underlying: TSLA @ ~$322.57 | 2026-08-21 (18 DTE) | Net credit (entry): ~$225 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing put spread: sell the $320 put, buy the further-OTM $315 put with a WIDER gap on the far wing, expiring 2026-08-21 (18 DTE), as one order at a LIMIT of the mid or better — target net credit $225. IV rank 30 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 ($275). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $225 credit. Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near TSLA's short strike(s) — currently 18 DTE, so plan the exit 0 day(s) out. Above $320 the whole credit is yours — take profits, don't carry the tail into expiration. Breakeven $317.75. | IF TESTED: The risk is a hard drop into the wide wing. When TSLA tests the $320 short put (delta ~0.30) or loss ≈$450, 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 $320 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 $320; call wall (resistance) at $330. If price reaches the $315 wing, you're at max loss ($275) — take it. | MAXIMIZE: Holding above $320? 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.