Bearish flow noted in On Holding (ONON) AG with 18,285 puts trading, or 16x expected. Most active are Nov-25 32.5 puts and Jan-27 50 calls, with total volume in those strikes near 18,200 contracts. The Put/Call Ratio is 27.45, while ATM IV is up over 4 points on the day. Earnings are expected on November 11th.
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