ZBRA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $374.05.

Put/Call (OI)

1.76

9k P / 5k C

Put/Call (Volume)

6.47

246 P / 38 C today

30d ATM IV

36%

annualized implied move

Call wall

$390

453 contracts

Put wall

$210

2k contracts

Tail hedging

16.0×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.76 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $390 (453 contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $210 (2k contracts), 44% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 16.0× deep-OTM call OI — an institutional hedging ladder sits under this stock.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	3k	6k	1.75	41
2026-09-18	731	881	1.21	149
2026-11-20	634	553	0.87	63
2026-12-18	497	316	0.64	11
2027-02-19	171	2k	10.79	20

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.