Option traders moderately bearish in Shopify (SHOP), with shares down $3.62 near $122.55. Options volume relatively light with 20k contracts traded and calls leading puts for a put/call ratio of 0.75, compared to a typical level near 0.76. Implied volatility (IV30) is higher by 0.9 points near 63.64,in the top quartile of the past year, suggesting an expected daily move of $4.91. Put-call skew steepened, indicating increased demand for downside protection.
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