So, I'm new to options but not to stocks, and I was just looking at the relationship between puts and calls. In the average market, all other things being equal, I would expect a $5 OTM call to be priced slightly higher than a $5 OTM put (as the market has had the tendency to move upwards over time), especially with further out expiration dates. Now, I'm looking at options for SPY, which had a close today of 112.34: the 116 call ($3.66 OTM) expiring OCT7 is priced at $0.34; the 109 put ($3.34 OTM) expiring OCT7 is priced at $0.84. I realize that the put is $0.32 less OTM than the call and given that the expiry is very near, the delta on the option is high... if there were a 108.68 OCT7 put ($3.66 OTM), then it would likely be priced at about $0.55 (still considerably higher than the equivalent call @ $0.34). What is this relationship called (between call and put prices, given same expiry dates and same intrinsic values/distance OTM)? It's not put-call parity, is it? Is it commonly said that, in the case above, because the put is valued considerably higher than the equivalent call that the options market deems the stock (in this case, the ETF SPY, a proxy for the stock market) more likely to fall than rise in value until expiry?