Trading this name means confronting a cheap IV problem — 48% is below its 55% realized vol, so selling premium here is structurally negative expectancy. The chart shows a sharp 6% drop, but it's coming off a 25% two-month run; this could be a healthy pullback or the start of a deeper mean reversion. Key support sits near $22.

50, the level it bounced from in early May. With no reversal signal yet and IV not offering a cushion, the math doesn't pay for the risk. I'd wait for either a clear hold of that $22.

50 level or for IV to richen up relative to realized moves. Passing on a low-probability payout.