becoz of the previous bull, this put warrant's volatility is super low.after several days big fall, you will see the effect. but , watch for several days continous fall and time decay first. You can have a look at the Call warrant of STI. If STI falls a little, the CW will down a lot, while the PW did not react too much. That is the idea. Warrants prices compromising a lot of factors, that's why it isnot so easy to play. hehe.