Bearish flow noted in Li Auto (LI) with 10,723 puts trading, or 4x expected. Most active are Aug-25 25 puts and Sep-25 26 calls, with total volume in those strikes near 8,400 contracts. The Put/Call Ratio is 2.58, while ATM IV is up nearly 2 points on the day. Earnings are expected on August 28th.
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