The looming fears of CoronaVirus impacting Alibaba?s futures guidance on Thursday?s earnings has not translated into option prices. The implied volatility ahead of BABA?s earnings is near the pre-level?s earnings for Q3 2019 announced on Nov 1st, which is approximately 40%. These volatility levels are significantly less than previous earnings which were near 50%, demonstrated in the graph. Implied volatility measures the expectations of future price fluctuations, with large values predicting higher movements.