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TTD

The Trade Desk, Inc.Close $21.02EOD only

Max Pain

$21.50

Next expiry May 22, 2026

Expected Move

±$0.88

4.2% from close

Price Gap

+0.48

Distance to max pain

IV Rank

Low premium

P/C OI

0.49

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects TTD options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

TTD Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

7 / 10

base 5; +2 massive put premium dominance; +1 high IV/vol regime; -1 P/C volume neutral; -0.5 spot below MP (pinning support)

Watch next session: $20.50P 4/2 activity for near-term support test; Any call buying in $23-$25 zone to challenge put walls

Flow Summary

Net premium: -$13.4M bearish

P/C volume ratio: 0.99 — neutral volume, bearish premium

P/C OI ratio: 0.52 — significant call OI lean

Massive bearish premium flow dominated by deep OTM puts, creating a stark divergence between volume neutrality and directional bearish bets. The high IV regime amplifies the cost and conviction behind this protective/ speculative positioning.

Notable Prints

TTD 4/17 $42.50 Put

Vol: 1,032

OI: 299

Vol/OI: 3.5x

IV: 109.4%

Notional: ~$2.14M

Intent: Fresh speculative put buying or large-scale tail-risk hedge

Dual read: Bought (bearish bet on crash) vs. sold as part of complex spread (less likely given premium flow)

Read-through: Primary driver of the massive net negative premium. Extreme OTM strike (87% above spot) suggests either cheap crash protection or a volatility/ skew bet, not a near-term directional view.

TTD 4/17 $35.00 Put

Vol: 1,020

OI: 315

Vol/OI: 3.2x

IV: 141.0%

Notional: ~$1.97M

Intent: Large protective put purchase or volatility sale

Dual read: Bought for protection (bearish) vs. sold short (bullish, collecting premium)

Read-through: Another major premium sink. The 54% above-strike suggests this is not a near-term directional bet on $35, but part of a broader portfolio hedge or volatility positioning, consistent with the high IV regime.

TTD 4/17 $40.00 Put

Vol: 400

OI: 114

Vol/OI: 3.5x

IV: 169.9%

Notional: ~$2.04M

Intent: Tail-risk hedge alongside $42.50P and $35P

Dual read: Bought as part of a put spread or ladder for crash protection.

Read-through: Completes a cluster of deep OTM put buys in the April monthly expiration. The extremely high IV (169.9%) indicates these are expensive, high-conviction hedges or speculative crash bets.

TTD 5/15 $40.00 Put

Vol: 720

OI: 268

Vol/OI: 2.7x

IV: 116.5%

Notional: Data not provided for single print, but part of top premium flow

Intent: Roll or extension of April hedges into May (post-earnings)

Dual read: New hedge for earnings risk (May 7th) vs. closing of nearer-dated puts.

Read-through: Extends the deep OTM hedge theme into the post-earnings period. Suggests institutional concern or positioning for volatility extending beyond April.

TTD 4/10 $23.50 Call

Vol: 449

OI: 132

Vol/OI: 3.4x

IV: 59.0%

Notional: Data not provided for single print

Intent: Near-term, close-to-the-money directional call buy or sell

Dual read: Bought for a quick bounce to max pain ($23) vs. sold against long stock (covered call).

Read-through: The only notable call activity. Low IV relative to other prints. Likely a short-term tactical play targeting a pin at max pain ($23) or a covered call write given the high call OI at $25.

Institutional Positioning

Call additions: Minimal. Only notable is $23.50C 4/10, likely tactical.

Put additions: Massive OTM put blocks at $35, $40, $42.50 (April) and $40 (May).

GEX/DEX consistency: Mixed. Positive GEX (+$4.7M) suggests pinning support, but bearish flow contradicts. GEX likely from large OI call walls ($25, $30) vs. spot below.

OI clusters: Major Put OI: $17.50 (14,219), $25 (11,436), $20 (9,107). Major Call OI: $60 (11,810), $30 (10,619), $25 (9,156). Creates a strong put wall at $17.50 and call magnet at $25.

Hedging evidence: Overwhelming. Deep OTM put buying across multiple expirations is classic institutional tail-risk hedging.

Max pain context: Spot ($22.69) is below nearest max pain ($23), giving pinning support. However, longer-dated MP falls to $20 (Mar 2027), aligning with major put OI at $17.50/$20.

Signal vs Noise

~Deep OTM puts ($35-$42.50) are likely portfolio hedges or volatility plays, not direct directional bets on those strikes.

~High volume in $20.50P and $26P for 4/2 expiration is likely gamma-related closing or opening near expiry, not structural.

~The enormous call OI at $60, $55, $200 is likely legacy from much higher stock prices (speculative holds), not new bullish flow.

~The $23.50C 4/10 activity could be a roll from expiring positions or a short-term pin play, not a change in core bullish thesis.

Key Conclusions

⚠️Institutions are paying high premiums for deep OTM crash protection, signaling elevated fear or portfolio hedging needs.

📌Spot is in a pinning zone between max pain ($23) and major put support ($17.50/$20). Positive GEX supports mean reversion higher near-term.

🛡️Flow is bearish in premium but not in near-strike volume. The signal is about hedging, not immediate directional selling pressure.

📅Watch May expiration hedges ($40P) as earnings (5/7) approach—could foreshadow expected volatility.

How to Use These Reports

This flow reflects the market close on March 31, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.