QQQ: Buying the 171 Put and Selling the 175 Call

Calls vs Puts

Isolating the most active call strike and put strike, near-term speculative money was long the NTM put and short the OTM call.  Notwithstanding, there was a lot of call-side activity on Friday.  Since the highest activity on the call side is at the .36 delta, many of those are likely covered calls (hedges).  Taken together, the implication is this:  options traders appear to expect a short-term decline but anticipate buy-side continuation.