Option traders moderately bearish in Wells Fargo with shares down 0.58%

Option traders moderately bearish in Wells Fargo (WFC), with shares down 50c near $85.52. Options volume relatively light with 37k contracts traded and calls leading puts for a put/call ratio of 0.96, compared to a typical level near 0.82. Implied volatility (IV30) is higher by 0.1 points near 32.81,in the top quartile of the past year, suggesting an expected daily move of $1.77. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Wells Fargo (WFC) will report earnings before the open on 2026-04-14.Option markets are pricing in a 50% probability of a move greater than 3.74% or $3.20.