Mixed options sentiment in Shopify (SHOP), with shares down $1.54 near $101.00. Options volume roughly in line with average with 35k contracts traded and calls leading puts for a put/call ratio of 0.67, compared to a typical level near 0.76. Implied volatility (IV30) dropped 1.66 near 56.35,and above the 52wk median, suggesting an expected daily move of $3.58. Put-call skew steepened, indicating increased demand for downside protection.
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