All of Oct Options close tomorrow, many will expire worthless. SPY options by far are the most heavily traded. So the last week ahead of expiration many positions get closed before they expire completely worthless. The volume of postions being closed distorts the Put/Call ratio the week of expiration, so you can not put too much value on how bearish or bullish the ratio looks the week of expiration is my point.
The 1.45 was a very Bullish reading because of how Bearish it seems to say option buyers are and my point is, it is not reflective of actual bearish Put buying but just the movement of large volume positons being closed in Puts.
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