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Delta Air Lines put volume heavy and directionally bearish

Bearish flow noted in Delta Air Lines (DAL) with 8,776 puts trading, or 1.2x expected. Most active are Feb-25 62 puts and Apr-25 65 puts, with total volume in those strikes near 3,200 contracts. The Put/Call Ratio is 1.63, while ATM IV is up over 1 point on the day. Earnings are expected on April 9th.

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