Bearish options flow identified in United Airlines with shares down 3.28%

Bearish options flow identified in United Airlines (UAL), with shares down $3.12 near $91.96. Options volume relatively light with 13k contracts traded and puts leading calls for a put/call ratio of 1.05, compared to a typical level near 0.54. Implied volatility (IV30) is higher by 1.2 points near 67.09, in the highest 10% of observations over the past year, suggesting an expected daily move of $3.89. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: United Airlines (UAL) will report earnings after the close on None.Option markets are pricing in a 50% probability of a move greater than 0.0% or $0.00.