Options volume is roughly in line with average, with 22k contracts traded and calls leading puts for a put/call ratio of 0.19, compared to a typical level near 0.32. Implied volatility (IV30) dropped 1.24 to 89.69,in the lowest 10% of observations over the past year, suggesting an expected daily move of $0.44. Put-call skew flattened, suggesting a modestly bullish tone.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 12.59% or $0.98.
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