Bearish flow noted in On Holding AG with 6,701 puts trading, or 2x expected. Most active are 10/6 weekly 30 puts and Oct-23 35 calls, with total volume in those strikes near 5,600 contracts. The Put/Call Ratio is 1.50, while ATM IV is up nearly 3 points on the day. Earnings are expected on November 15th.
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