Bearish options flow identified in Netflix (NFLX), with shares down $12.36 near $1229.12. Options volume relatively light with 59k contracts traded and puts leading calls for a put/call ratio of 1.26, compared to a typical level near 1.01. Implied volatility (IV30) is higher by 0.3 points near 25.35,in the bottom quartile of the past year, suggesting an expected daily move of $19.63. Put-call skew steepened, indicating increased demand for downside protection.
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