ZTS Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $72.95.

Put/Call (OI)

0.62

68k P / 110k C

Put/Call (Volume)

1.53

4k P / 3k C today

30d ATM IV

34%

annualized implied move

Call wall

$75

45k contracts

Put wall

$65

14k contracts

Tail hedging

0.9×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.62 puts per call outstanding.
●Call wall at $75 (45k contracts), 3% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $65 (14k contracts), 11% 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	16k	17k	1.03	1k
2026-09-18	13k	19k	1.45	1k
2026-10-16	6k	7k	1.21	911
2026-12-18	3k	6k	1.96	563
2027-01-15	15k	13k	0.88	2k
2027-03-19	7k	3k	0.39	178
2027-06-17	2k	675	0.44	250
2028-01-21	49k	4k	0.09	300

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