Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
ZTS options intelligence
Zoetis Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
33
Market data through 31 Jul 2026
Checked 2 Aug 2026 00:30 · complete available chain
Options-market disagreement
Mixed pressure
ZTS currently carries mixed options pressure with a 33/100 conviction score. The nearest-chain expected move is 11.1%, with volume/open-interest participation at 0.02.
Expected move
11.1%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.96
Balanced tape
Trend fit
54
Options are not fully confirming trend
Weekly backdrop
+2.6%
RS -39.8
Expected move
11.1%
Put-call volume
0.96
Volume / OI
0.02
Reference IV
0.57
Max pain
75.00
Underlying
77.29
Nearest expiry
21 Aug 2026
Contracts
490
Research Brief
ZTS has a mixed chain read with 33/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 68.71–85.87; The largest call open-interest concentration is 85.00; the largest put concentration is 65.00. The most active strike by current volume is 75.00.
Priced range68.71–85.87
Call concentration85.00
Put concentration65.00
Max pain reference75.00
- A clear directional pressure reading develops and price begins to agree.
- Volatility falls and the chain remains directionally mixed.
- Options and the weekly trend are not yet giving the same message.
- Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.
Priced Move
Where the chain says movement becomes exceptional
Options imply 68.71 to 85.87. Max pain at 75.00 sits inside that range, 3.0% below spot.
Spot
Max pain
68.7177.29 ± 8.5885.87
Confirmation level
A close beyond 85.87 or below 68.71 at the 21 Aug expiry would exceed the move currently priced by this chain.
Important limitation
The range is a pricing reference, not a forecast; volatility can reprice sharply after news or as expiry approaches.
Score Construction
Why conviction is 33/100
Pressure is 6/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure6 × 42%
+2.6
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement54 × 26%
+13.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility80 × 10%
+8.0
The intensity of implied volatility and the priced move.
Positioning by Strike
Where open interest and current activity concentrate
The largest call open-interest concentration is 85.00; the largest put concentration is 65.00. The most active strike by current volume is 75.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
18
40.00-48.2%
29
0
45.00-41.8%
3
25
50.00-35.3%
2
1855
55.00-28.8%
41
1905
60.00-22.4%
8
2967
65.00-15.9%
11
2911
70.00-9.4%
96
2066
75.00-3.0%
2722
344
80.003.5%
2807
35
85.0010.0%
3123
40
90.0016.4%
794
3
95.0022.9%
271
3
100.0029.4%
244
0
105.0035.9%
222
0
110.0042.3%
12
0
115.0048.8%
0
0
120.0055.3%
11
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.57
21 Aug
21d
0.45
18 Sep
49d
0.42
16 Oct
77d
0.43
18 Dec
140d
0.42
15 Jan
168d
0.42
19 Mar
231d
0.43
17 Jun
321d
0.44
21 Jan
539d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
65
70
75
80
85
90
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 21 Aug 2026; its result will appear after the matched closing reference is stored.
Directional follow-through-
Moves contained by pricing-
Average expiry move-
Validation readiness
- Versioned calculationv2 observations only
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. It is an evidence audit, not an executable strategy or evidence of future performance.
Evidence Quality
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 490 / 490
- No material coverage gap was detected in the retained chain.
Aggregate chain data supports concentration, participation and pricing analysis. It does not identify trade aggressor, opening versus closing activity, multi-leg intent or dealer inventory.
Options Intent Radar
Earnings/event positioning
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
The options read is mixed, so divergence is not strong enough to classify.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $711186 of estimated gross traded notional, calls · 91+ days · itm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+6
1W price+2.6%
Call premium59%
Put premium41%
Notional split
C 59% / P 41%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
54/100
Agreement between options pressure and Sharemaestro market context.
Event window
4 Aug
Matched earnings event is 2 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 91+ days · ITM
calls cluster with 96 contracts traded, $135165 estimated gross traded notional, and 19% of visible notional.
$135165
Calls · 91+ days · OTM
calls cluster with 152 contracts traded, $123608 estimated gross traded notional, and 17% of visible notional.
$123608
Calls · 46-90 days · OTM
calls cluster with 644 contracts traded, $110198 estimated gross traded notional, and 15% of visible notional.
$110198
Puts · 8-21 days · OTM
puts cluster with 418 contracts traded, $78576 estimated gross traded notional, and 11% of visible notional.
$78576
Puts · 46-90 days · OTM
puts cluster with 250 contracts traded, $69362 estimated gross traded notional, and 10% of visible notional.
$69362
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Activity Anomaly
Warming up
3 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 3 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close77.29
1W+2.6%
RS-39.8
Fair value-49.1%
Options pressure6
Speculation40
Volatility80
Trend fit54
Today Versus Normal
Stored-options context
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:13
Bearish
Pressure -19
Move 11.3%
30 Jul 10:10
Mixed
Pressure 0
Move 11.6%
31 Jul 10:04
Bullish
Pressure 45
Move 10.9%
1 Aug 23:30
Mixed
Pressure 6
Move 11.1%
Strike Map
Where activity is clustering
Strike40.00
Calls · V 0 · OI 29
Puts · V 1 · OI 18
Strike45.00
Calls · V 0 · OI 3
Puts · V 0 · OI 0
Strike50.00
Calls · V 0 · OI 2
Puts · V 0 · OI 25
Strike55.00
Calls · V 0 · OI 41
Puts · V 0 · OI 1855
Strike60.00
Calls · V 0 · OI 8
Puts · V 7 · OI 1905
Strike65.00
Calls · V 0 · OI 11
Puts · V 116 · OI 2967
Strike70.00
Calls · V 0 · OI 96
Puts · V 91 · OI 2911
Strike75.00
Calls · V 37 · OI 2722
Puts · V 203 · OI 2066
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts34
Avg IV0.57
Put-call2.00
Expiry18 Sep 2026
Contracts74
Avg IV0.45
Put-call0.34
Expiry16 Oct 2026
Contracts62
Avg IV0.42
Put-call2.62
Expiry18 Dec 2026
Contracts70
Avg IV0.43
Put-call9.95
Expiry15 Jan 2027
Contracts84
Avg IV0.42
Put-call1.71
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.56
Put IV0.56
Skew-
18 Sep 2026Balanced skew
Call IV0.44
Put IV0.44
Skew-
16 Oct 2026Balanced skew
Call IV0.41
Put IV0.43
Skew0.03
18 Dec 2026Balanced skew
Call IV0.42
Put IV0.42
Skew-
15 Jan 2027Balanced skew
Call IV0.41
Put IV0.44
Skew0.03
Contract Tape
Most active contracts
ContractZTS260918C00090000
SideCall
Expiry18 Sep 2026
Strike90.00
Volume499
OI663
IV0.44
ContractZTS260821P00075000
SidePut
Expiry21 Aug 2026
Strike75.00
Volume203
OI2066
IV0.57
ContractZTS261218P00060000
SidePut
Expiry18 Dec 2026
Strike60.00
Volume180
OI547
IV0.43
ContractZTS260821P00065000
SidePut
Expiry21 Aug 2026
Strike65.00
Volume116
OI2967
IV0.57
ContractZTS260821P00070000
SidePut
Expiry21 Aug 2026
Strike70.00
Volume91
OI2911
IV0.56
ContractZTS270617C00085000
SideCall
Expiry17 Jun 2027
Strike85.00
Volume81
OI9
IV0.41
ContractZTS261016P00075000
SidePut
Expiry16 Oct 2026
Strike75.00
Volume78
OI425
IV0.42
ContractZTS270115P00060000
SidePut
Expiry15 Jan 2027
Strike60.00
Volume72
OI1113
IV0.43
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
No recent market-watch posts yet.
Earnings
Plain English Guide
Options context
What usually looks constructive
What usually looks cautious
Options can move quickly and can lose value fast. Treat this as research context, not a buy or sell instruction.