If you're selling puts here, you're betting a 63% two-month rocket ship just found its floor on the first real down day. The chart shows zero reversal signal, and that 46% IV is screaming 'expensive' but it's earned—this thing is volatile. Key support from the May breakout sits near $125; a break there and this trade unravels fast.

For a defined-risk play, sell the $125 put and buy the $122. 50 for about $0. 85 credit.

That's a 2. 5-wide spread, giving you a 0. 34 credit-to-width ratio—it pays for the risk, but you're catching a falling knife.

Wait for a hammer or a hold above $128 for a cleaner entry.