TTD Flow Report

Analysis based on market close March 31, 2026

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.

Read the Flow analysis for TTD for 2026-03-31. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.