ZM Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $105.49.

Put/Call (OI)

0.51

106k P / 206k C

Put/Call (Volume)

0.92

3k P / 3k C today

30d ATM IV

52%

annualized implied move

Call wall

$110

24k contracts

Put wall

$65

11k contracts

Tail hedging

1.1×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.51 puts per call outstanding.
●Call wall at $110 (24k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $65 (11k contracts), 38% below spot — the hedge floor; often acts as support.

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.

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 today
2026-08-21	25k	17k	0.70	2k
2026-08-28	3k	2k	0.57	574
2026-09-04	456	434	0.95	227
2026-09-11	245	159	0.65	200
2026-09-18	46k	29k	0.63	788
2026-09-25	121	350	2.89	58
2026-10-02	44	1	0.02	17
2026-11-20	33k	5k	0.14	204
2026-12-18	20k	13k	0.65	186
2027-01-15	50k	29k	0.58	863
2027-02-19	775	538	0.69	229
2027-03-19	3k	2k	0.78	149
2027-06-17	14k	3k	0.20	311
2028-01-21	11k	4k	0.40	69
2028-12-15	163	61	0.37	36

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