Option traders moderately bearish in Netflix (NFLX), with shares down $13.50 near $1200.65. Options volume roughly in line with average with 31k contracts traded and calls leading puts for a put/call ratio of 0.79, compared to a typical level near 0.92. Implied volatility (IV30) is higher by 1.6 points near 27.69,and below the 52wk median, suggesting an expected daily move of $20.94. Put-call skew steepened, indicating increased demand for downside protection.
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