The call side is the counter-trend fade here and it needs to earn its entry: wait for a decisive print above $275.68 with follow-through, not a wick — with ATR at $0.16, a break that stalls under $275.70 for more than a few bars is a failed break. Risk is $0.71 to the $274.97 stop against just $0.41 to PT1, so PT1 at $276.09 is the only target worth sizing for; take most of it there and leave a runner for $276.51. Delta 0.409 means you only capture about $0.41 of every dollar IWM moves, while theta burns $0.195 a day out of a $1.13 contract — on a Friday expiry, a flat tape costs you more than a small adverse move. Dead by 2pm, close it.

The put is the better trade. Risk is $0.33 to the $275.38 stop with $0.41 to PT1 — a 1:1.2 at the first target versus the call's 1:0.6, and PT2 at $274.23 pays 1:2.5. Entry is a confirmed break of $275.05, which also loses the $275.53 pivot shelf on the way down. Delta -0.496 gives near-coin-flip participation, OI 1353 and a two-cent spread make fills clean. Trail after PT1 rather than exiting; bearish bias plus the tighter stop means this is the side to press.