ZTO Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $22.85.

Put/Call (OI)

1.72

28k P / 16k C

Put/Call (Volume)

0.70

42 P / 60 C today

30d ATM IV

33%

annualized implied move

Call wall

$25

12k contracts

Put wall

$18

6k contracts

Tail hedging

9.9×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.72 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $25 (12k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $18 (6k contracts), 21% below spot — the hedge floor; often acts as support.
●Deep-OTM put open interest is 9.9× 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	134	79	0.59	87
2026-09-18	828	5k	6.09	12
2026-10-16	2k	65	0.03	1
2026-12-18	1k	7k	5.11	0
2027-01-15	11k	16k	1.37	2

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