The selloff looks dramatic until you see it's just a reversion to the $220 support zone that held firm in April and May — the chart is screaming 'test this floor.' IV at 94% is rich, but it's justified given the stock's 49% realized vol; the math says you're getting paid for the risk. The problem is structure: to get a decent credit-to-width ratio on a defined-risk spread, you'd have to sell a put too close to that key support, essentially betting the floor holds perfectly.

A 5% OTM short put at $209 only yields about $5. 50 against a $5-wide spread — a decent 1. 1 reward-to-risk, but you're selling at the precise level you need to defend.

That's not a trade, it's a prayer. Wait for a bounce to confirm the floor before selling premium into the teeth of support.