**CALL PLAY:** Wait for a confirmed break and hold above $773.40 — a 5-minute close above it, not a wick. With ATR at $0.39, price covers the $1.16 to PT1 slowly, so size for patience but respect the clock: theta bleeds $0.31/day on the $773C and delta 0.467 means you need $2.14 of underlying movement to double the premium. PT1 at $774.56 is the realistic exit; the 1:0.6R is poor, so take most of the position there. Cut below $771.30, or sooner — if price sits under $773.17 pivot for 15 minutes, the break failed.

**PUT PLAY:** Short the break of $773.05 with a tight $0.93 stop at $773.98. This is the better side today. Risk is less than half the call's $2.10 and PT1 at $771.89 pays 1:1.2 versus the call's 1:0.6 — you get paid more for less. The offset is theta at $0.735/day, more than double the call, so this is an intraday trade only; flat by 3:00 PM regardless. Delta -0.560 gives faster premium response on the downside. Trail to PT2 at $770.73 if $771.89 breaks cleanly. Bullish bias argues against it, which is precisely why the stop is tight.