Options traders have mixed feelings heading into Lyft's earnings report

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Options Action: Lyft earnings

Options traders are sending mixed messages in the market ahead of Lyft's latest earnings report.

The ride-hailing company is scheduled to report after the bell on Tuesday, and plenty of activity across all parts of the bearish-to-bullish spectrum is taking place in the lead-up.

"Right now, the options market is implying that Lyft could move about 8.4%, or so, higher or lower by the end of the week. That's somewhat less than the 10% that the company has averaged the week they reported in their eight reported quarters as a publicly traded company," Michael Khouw, chief investment officer at Optimize Advisors, said Monday on CNBC's "Fast Money."

That slightly lower-than-average implied move may be indicative of more muted betting, but it certainly isn't indicative of a unified thesis in the options market.

"Puts out-traded their average volume by about two times, and the most active options were actually the [May 7] weekly 60-strike calls. Almost 5,800 of those were trading for $1.20.

"The put activity [was] the result of some large put spread selling, so basically what we're seeing is some bullish sentiment, but not as bullish as we've seen in past quarters. Right now, the options market is implying about a 52% chance that the stock is higher at the end of this week," said Khouw.

Lyft was trading about 3.5% lower in Tuesday's session.

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