A number of things seemed to be behaving badly ....
Maybe end of month as well.
Not to belabor the SIH11 Put issue, but they were up reasonably until the run up in SIH11 on expiration day of the Feb. Options. Then, next day the March puts dropped quite a bit without really too much movement in SIH11. Was starting to look like bets were being placed on SIH11 going up further.
SIH11 is UP since midday Wed. but looking at it over 4 days it certainly has had it's gyrations !!!
Assuming these options are traded by "deeper pockets" in spread trades, it remains to be seen what insight (if any) can be gained by paying attention to them ??
Right now those March Puts are headed toward a "washout" unless SIH11 does some serious pulling back, and fairly soon. Only 26 days left on those things !!