Option traders moderately bearish in Delta Air Lines with shares down 1.32%

Option traders moderately bearish in Delta Air Lines (DAL), with shares down 89c near $66.71. Options volume relatively light with 54k contracts traded and puts leading calls for a put/call ratio of 1.45, compared to a typical level near 1.0. Implied volatility (IV30) is higher by 0.7 points near 54.6,in the top quartile of the past year, suggesting an expected daily move of $2.29. Put-call skew flattened, suggesting a modestly bullish tone.Looking ahead: Delta Air Lines (DAL) will report earnings before the open on 2026-04-08.Option markets are pricing in a 50% probability of a move greater than 5.9% or $3.94.