Option traders moderately bearish in United Airlines with shares down 2.47%

Option traders moderately bearish in United Airlines (UAL), with shares down $2.52 near $99.28. Options volume relatively light with 24k contracts traded and puts leading calls for a put/call ratio of 1.29, compared to a typical level near 0.65. Implied volatility (IV30) is higher by 1.9 points near 58.52,in the top quartile of the past year, suggesting an expected daily move of $3.66. Put-call skew flattened, suggesting a modestly bullish tone.Looking ahead: United Airlines (UAL) will report earnings after the close on 2026-04-21.Option markets are pricing in a 50% probability of a move greater than 7.21% or $7.16.