Alcoa put volume heavy and directionally bearish

Bearish flow noted in Alcoa with 6,454 puts trading, or 1.0x expected. Most active are Jun-23 50 puts and Mar-23 50 puts, with total volume in those strikes near 3,100 contracts. The Put/Call Ratio is 1.68, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 19th.