UBER Bull Put Credit Spread — 2026-11-27

UBER (Uber Technologies, Inc. Common Stock) shows bullish unusual options activity: $58K of buyer-initiated unusual call flow (100% call-dominant) detected across near-term expirations, with a peak vol/OI ratio of 3.3x on the 72 call. We fade this by SELLING premium on the other side: the trade profits from time decay as long as UBER stays above $68 through expiration. IV rank is 16 (low) — rather than sell naked premium at this IV, this is defined as a bull put credit spread (short $68 / long $67) so max loss is capped. Sell the $68 / buy the $67 put bull put credit spread expiring 2026-11-27 (15 DTE) for a net credit of $0.29 ($29 per spread). Breakeven at $67.70; net delta 0.08.

Underlying: UBER @ ~$69.74 | 2026-11-27 (15 DTE) | Net credit (entry): ~$30 per spread. Use limit orders at the mid or slightly better.

ENTRY: Sell the $68 / buy the $67 put credit spread expiring 2026-11-27 (15 DTE) as ONE order at a LIMIT of the mid or better — target credit $30 on a $1 -wide spread. IV rank 16 is low — premium is thin, so keep size small and lean on a defined-risk structure. Don't leg in. Gamma: 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 $67; call wall (resistance) at $70. | TAKE PROFIT: Buy the spread back to LOCK IN gains at ~50% of the $30 max credit (close near $15 remaining). Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near UBER's short strike(s) — currently 15 DTE, so plan the exit 0 day(s) out. Defined risk — max loss $71, so let it run to ~50% rather than scalping tiny. | IF TESTED: If UBER tests the $68 short put (delta ~0.30) or the loss reaches ~$59 (≈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 $67 put wall as the hard trigger to act (the pin support has failed). If price knifes past the $67 long put, the spread is at/near max loss ($71) — take it rather than hoping. Breakeven $67.70. | MAXIMIZE: Winning cleanly above $68? 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.