Option traders moderately bearish in NVIDIA (NVDA), with shares down $6.04 near $174.12. Options volume running well above average with 4.83m contracts traded and calls leading puts for a put/call ratio of 0.58, compared to a typical level near 0.61. Implied volatility (IV30) is higher by 1.5 points near 34.15,in the lowest 10% of observations over the past year, suggesting an expected daily move of $3.75. Put-call skew steepened, indicating increased demand for downside protection.
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