Option traders moderately bearish in Delta Air Lines with shares up 2.15%

Option traders moderately bearish in Delta Air Lines (DAL), with shares up $1.37, or 2.15%, near $65.18. Options volume running well above average with 76k contracts traded and puts leading calls for a put/call ratio of 1.12, compared to a typical level near 1.09. Implied volatility (IV30) is higher by 0.4 points near 53.38,in the top quartile of the past year, suggesting an expected daily move of $2.19. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Delta Air Lines (DAL) 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.