Option traders moderately bearish in Carvana with shares down 0.22%

Option traders moderately bearish in Carvana (CVNA), with shares down 90c near $405.52. Options volume roughly in line with average with 38k contracts traded and puts leading calls for a put/call ratio of 5.58, compared to a typical level near 1.13. Implied volatility (IV30) dropped 0.63 near 83.03,in the top quartile of the past year, suggesting an expected daily move of $21.21. Put-call skew steepened, indicating increased demand for downside protection.The company will report earnings after the close today. Option markets are pricing in a 50% probability of a move greater than 13.55% or $54.96.