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On Holding AG put volume heavy and directionally bearish

Bearish flow noted in On Holding (ONON) AG with 1,809 puts trading, or 1.2x expected. Most active are Jun-25 54 puts and 6/6 weekly 60 calls, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 1.81, while ATM IV is up over 5 points on the day. Earnings are expected on August 12th.

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