ZM Options Chain Analysis

As of previous close (2026-10-02) · OPRA historical data

Spot $92 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.47

82k P / 176k C

Put/Call (Volume)

0.33

2k P / 6k C that session

30d ATM IV

40%

annualized implied move

Call wall

$100

33k contracts

Put wall

$90

8k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.47 puts per call outstanding.
●Call wall at $100 (33k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $90 (8k contracts), 2% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.3× deep-OTM put OI — speculative upside positioning dominates the tails.

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 2026-10-30. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-10-09	5k	2k	0.38	1k
2026-10-16	12k	9k	0.79	431
2026-10-23	968	604	0.62	840
2026-10-30	874	419	0.48	251
2026-11-06	78	141	1.81	71
2026-11-13	1	0	0.00	261
2026-11-20	40k	8k	0.19	403
2026-12-18	25k	15k	0.60	294
2027-01-15	53k	30k	0.58	2k
2027-02-19	2k	909	0.55	53
2027-03-19	4k	3k	0.81	42
2027-05-21	28	34	1.21	22
2027-06-17	14k	4k	0.29	3
2027-09-17	845	245	0.29	130
2028-01-21	12k	6k	0.49	55
2028-12-15	397	234	0.59	0
2029-01-19	64	74	1.16	17

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.