WULF Bull Put Credit Spread — 2026-09-18

WULF (TeraWulf Inc. - Common Stock) shows bullish unusual options activity: $246K of buyer-initiated unusual call flow (100% call-dominant) detected across near-term expirations, with a peak vol/OI ratio of 0.3x on the 16 call. We fade this by SELLING premium on the other side: the trade profits from time decay as long as WULF stays above $15.5 through expiration. IV rank is 7 (low) — rather than sell naked premium at this IV, this is defined as a bull put credit spread (short $15.5 / long $15) so max loss is capped. Sell the $15.5 / buy the $15 put bull put credit spread expiring 2026-09-18 (14 DTE) for a net credit of $0.16 ($16 per spread). Breakeven at $15.34; net delta 0.07.

Underlying: WULF @ ~$16.35 | 2026-09-18 (14 DTE) | Net credit (entry): ~$17 per spread. Use limit orders at the mid or slightly better.

ENTRY: Sell the $15.5 / buy the $15 put credit spread expiring 2026-09-18 (14 DTE) as ONE order at a LIMIT of the mid or better — target credit $17 on a $0.5 -wide spread. IV rank 7 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 $15; call wall (resistance) at $17. | TAKE PROFIT: Buy the spread back to LOCK IN gains at ~50% of the $17 max credit (close near $8 remaining). Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near WULF's short strike(s) — currently 14 DTE, so plan the exit 0 day(s) out. Defined risk — max loss $34, so let it run to ~50% rather than scalping tiny. | IF TESTED: If WULF tests the $15.5 short put (delta ~0.30) or the loss reaches ~$33 (≈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 $15 put wall as the hard trigger to act (the pin support has failed). If price knifes past the $15 long put, the spread is at/near max loss ($34) — take it rather than hoping. Breakeven $15.34. | MAXIMIZE: Winning cleanly above $15.5? 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.