Option traders moderately bearish in Shopify with shares down 5.24%

Option traders moderately bearish in Shopify (SHOP), with shares down $5.78 near $104.63. Options volume roughly in line with average with 36k contracts traded and calls leading puts for a put/call ratio of 0.56, compared to a typical level near 0.78. Implied volatility (IV30) is higher by 1.9 points near 57.55,and above the 52wk median, suggesting an expected daily move of $3.79. Put-call skew steepened, indicating increased demand for downside protection.