The call is the counter-trend play, so demand real confirmation: a five-minute close above $726.61 with the pivot at $726.34 holding underneath on the retest. Entry at $726.61 risks $0.94 to $725.67. With ATR at $0.60, a full move to PT3 at $729.88 is five ATRs — unrealistic. Take PT1 at $727.70 for the 1:1.2R and trail the rest to PT2 at $728.79. The $727C at $5.40 ask carries 0.527 delta and bleeds $1.013 a day, the highest theta on the board — if you're not green within the first hour, flatten it. No second attempt below the pivot.

The put aligns with the bearish bias and the $726.00 support break, but the structure is worse: $1.77 of risk for a $1.09 first target is a 1:0.6R, and you have to reach PT2 at $723.82 just to match what the call gives you at PT1. The $726P at $4.04 bleeds only $0.598 a day, so it holds up better if the break takes time. Enter on a five-minute close under $726.00, cut at $727.77. On paper the call has the cleaner R:R; in practice the put has the trend. Size the put smaller and let it run to $723.82.