Option traders moderately bearish in Carvana with shares down 0.17%

Option traders moderately bearish in Carvana (CVNA), with shares down 70c near $407.19. Options volume relatively light with 47k contracts traded and puts leading calls for a put/call ratio of 1.18, compared to a typical level near 1.35. Implied volatility (IV30) dropped 0.45 near 85.18,in the top quartile of the past year, suggesting an expected daily move of $21.85. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Carvana (CVNA) will report earnings after the close on None.Option markets are pricing in a 50% probability of a move greater than 0.0% or $0.00.