ZS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $184.4.

Put/Call (OI)

0.79

100k P / 127k C

Put/Call (Volume)

0.58

4k P / 7k C today

30d ATM IV

74%

annualized implied move

Call wall

$200

11k contracts

Put wall

$120

9k contracts

Tail hedging

1.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $200 (11k contracts), 8% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $120 (9k contracts), 35% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 74% — the market prices very large moves; option premium is expensive.

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	29k	24k	0.82	4k
2026-08-28	2k	3k	1.04	2k
2026-09-04	2k	2k	0.97	1k
2026-09-11	1k	809	0.62	604
2026-09-18	24k	15k	0.63	1k
2026-09-25	200	803	4.01	40
2026-10-02	42	45	1.07	47
2026-11-20	8k	5k	0.65	591
2026-12-18	10k	11k	1.11	356
2027-01-15	26k	23k	0.91	319
2027-02-19	4k	147	0.04	39
2027-03-19	3k	4k	1.28	107
2027-06-17	4k	5k	1.42	143
2027-09-17	2k	485	0.30	125
2028-01-21	9k	4k	0.50	710
2028-06-16	3k	2k	0.55	102

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