Options volume is running well above average, with 72k contracts traded and calls leading puts for a put/call ratio of 0.15, compared to a typical level near 0.37. Implied volatility (IV30) dropped 23.93 to 93.87,in the lowest 10% of observations over the past year, suggesting an expected daily move of $0.42. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Iris Energy (IREN) will report earnings after the close on 2025-05-14.Option markets are pricing in a 50% probability of a move greater than 10.88% or $0.77.
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