Bearish flow noted in Royal Caribbean (RCL) with 11,964 puts trading, or 7x expected. Most active are Mar-25 250 calls and Feb-25 252.5 puts, with total volume in those strikes near 3,900 contracts. The Put/Call Ratio is 1.87, while ATM IV is up over 9 points on the day. Earnings are expected on April 24th.
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