Options Terminal also integrates the Datalab system, allowing you to directly view visualized data and chat with AI about market trends within the system. Today, large Put trades accounted for nearly 40% of total volume, with a focus on bearish spreads for 75K/71K Puts expiring at the end of May. The total notional value is close to $200 million, taking advantage of the rebound to set up defensive positions for the last ten days of the month. Overall, the market leans toward defensive pullbacks but doesn’t expect a crash. May and June have always been considered unfavorable months for the market, and this month, major investors have been consistently increasing defensive positions: buying effective protection, selling tail-end financing, and controlling costs.