ZTS Options Chain Analysis

As of previous close (2026-10-01) · OPRA historical data

Spot $69.11 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.46

49k P / 108k C

Put/Call (Volume)

2.12

4k P / 2k C that session

30d ATM IV

32%

annualized implied move

Call wall

$75

44k contracts

Put wall

$65

11k contracts

Tail hedging

0.3×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.46 puts per call outstanding.
●Call wall at $75 (44k contracts), 9% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $65 (11k contracts), 6% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 3.4× 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 2026-10-16. 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
2026-10-16	16k	12k	0.74	491
2026-11-20	3k	3k	1.02	2k
2026-12-18	6k	10k	1.59	192
2027-01-15	19k	14k	0.75	1k
2027-03-19	8k	4k	0.53	1k
2027-04-16	388	267	0.69	22
2027-06-17	3k	1k	0.41	15
2027-09-17	461	206	0.45	31
2028-01-21	53k	5k	0.09	1k
2029-01-19	164	89	0.54	16

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.