Option traders moderately bearish in UnitedHealth (UNH), with shares down $5.75 near $286.54. Options volume roughly in line with average with 197k contracts traded and puts leading calls for a put/call ratio of 1.0, compared to a typical level near 1.1. Implied volatility (IV30) dropped 1.37 near 28.85,in the lowest 10% of observations over the past year, suggesting an expected daily move of $5.21. Put-call skew steepened, indicating increased demand for downside protection.
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