The premium math is where this gets interesting: IV is rich at 48%, but the chart just broke its uptrend with a 5% flush. The stock is up 12. 7% in two months, so this is a healthy pullback, not a collapse.

Key support is around $48. 50, where it bounced in June. A 35-40 DTE put spread selling the $48 strike and buying the $46 would capture decent premium while defining risk below that floor.

The risk is the trend failing; if $48. 50 cracks, you're holding a loser. But with IV covering realized vol, you're getting paid for the scare.

Structure a $2-wide spread for about $0. 60 credit, a 0. 30 credit-to-width ratio that pays for the defined risk.