TTD has been in a relentless downtrend from $55 since Oct 2025. The Feb 26 earnings gap-down from ~$25 to $21 was a structural break, followed by a dead-cat bounce to $32 on Mar 5 that has now fully failed. Price is back at $23.84 — testing the post-earnings gap fill zone with no support beneath. The Mar 17 session saw another large-volume flush from $28 to $25, and today's bar opened at $23.34 with continued selling pressure. Options flow is overwhelmingly bearish: net sentiment -$286K vs $44K bullish, 12 bearish trades vs 2 bullish, deep ITM puts being bought on near-term expiries. The 27.5C April calls were sold at bid (bearish), and multiple 25P and 26P strikes are being accumulated. IV is elevated (63-100%+), consistent with continuation fear. No level of note until ~$21 (pre-gap low). Stop above the recent consolidation at $25.30.

Long Put: High IV but the directional conviction is strong enough to warrant a straight put. Buying the April 10 $24P captures the next leg down with 23 DTE — enough time for continuation without excessive theta decay. Delta ~-0.58 aligns with the breakdown thesis. Options flow shows repeated ask-side put buying at $25 strike supporting downside.

Put Spread: For a risk-defined structure, the April 10 $25/$22 put spread captures the move from current levels to the $21 target while reducing premium outlay. Net debit ~$1.36. Bearish flow at $25P strike on ask side supports this structure.