Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
ZBRA options intelligence
Zebra Technologies Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
52
Market data through 31 Jul 2026
Checked 31 Jul 2026 19:33 · complete available chain
Volatility expansion watch
Volatility pressure
ZBRA currently carries volatility options pressure with a 52/100 conviction score. The nearest-chain expected move is 16.9%, with volume/open-interest participation at 0.16.
Expected move
16.9%
Wider near-term move priced
Activity / OI
0.16
Current volume is quieter versus prior open interest
Put-call
2.23
Put-side skew
Trend fit
50
Options are not fully confirming trend
Weekly backdrop
+13.0%
RS 3.3
Expected move
16.9%
Put-call volume
2.23
Volume / OI
0.16
Reference IV
0.67
Max pain
260.00
Underlying
259.92
Nearest expiry
21 Aug 2026
Contracts
195
Research Brief
ZBRA has a volatility chain read with 52/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 215.92–303.92; The largest call open-interest concentration is 320.00; the largest put concentration is 210.00. The most active strike by current volume is 280.00.
Priced range215.92–303.92
Call concentration320.00
Put concentration210.00
Max pain reference260.00
- 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 215.92 to 303.92. Max pain at 260.00 sits inside that range, 0.0% above spot.
Spot
Max pain
215.92259.92 ± 44.00303.92
Confirmation level
A close beyond 303.92 or below 215.92 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 52/100
Pressure is 50/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure50 × 42%
+21.0
How strongly activity leans toward calls or puts.
Participation44 × 22%
+9.6
Volume relative to existing open interest and contract-level activity.
Trend agreement50 × 26%
+13.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility87 × 10%
+8.7
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 320.00; the largest put concentration is 210.00. The most active strike by current volume is 280.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
62
170.00-34.6%
8
34
180.00-30.7%
2
23
190.00-26.9%
0
98
195.00-25.0%
0
336
200.00-23.1%
21
1569
210.00-19.2%
48
123
220.00-15.4%
15
40
230.00-11.5%
32
1564
240.00-7.7%
79
54
250.00-3.8%
161
436
260.000.0%
46
13
270.003.9%
51
204
280.007.7%
101
6
290.0011.6%
103
5
300.0015.4%
177
0
320.0023.1%
1610
0
330.0027.0%
27
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.
0.67
21 Aug
21d
0.56
18 Sep
49d
0.50
20 Nov
112d
0.54
18 Dec
140d
0.53
19 Feb
203d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
210
220
230
240
250
260
270
280
290
300
310
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
- 195 / 195
- 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.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $1.8M of estimated gross traded notional, calls · 91+ days · itm, and a volatility flow versus price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-50
1W price+13.0%
Call premium68%
Put premium32%
Notional split
C 68% / P 32%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.16
Volume divided by open interest across the visible chain.
Trend fit
50/100
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 40 contracts traded, $354176 estimated gross traded notional, and 20% of visible notional.
$354176
Puts · 8-21 days · ITM
puts cluster with 213 contracts traded, $265835 estimated gross traded notional, and 15% of visible notional.
$265835
Calls · 8-21 days · OTM
calls cluster with 289 contracts traded, $233200 estimated gross traded notional, and 13% of visible notional.
$233200
Calls · 8-21 days · ITM
calls cluster with 28 contracts traded, $208960 estimated gross traded notional, and 12% of visible notional.
$208960
Calls · 46-90 days · OTM
calls cluster with 52 contracts traded, $151180 estimated gross traded notional, and 8% of visible notional.
$151180
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.
Underlying price is close to the max-pain zone.
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
Close293.82
1W+13.0%
RS3.3
Fair value+2.0%
Options pressure-50
Speculation44
Volatility87
Trend fit50
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 10:25
Volatility
Pressure -67
Move 15.0%
30 Jul 10:22
Volatility
Pressure -97
Move 14.8%
31 Jul 13:14
Volatility
Pressure -83
Move 16.0%
31 Jul 14:30
Volatility
Pressure -70
Move 15.6%
31 Jul 15:50
Volatility
Pressure -67
Move 16.2%
31 Jul 16:44
Volatility
Pressure -69
Move 16.8%
31 Jul 18:33
Volatility
Pressure -50
Move 16.9%
Strike Map
Where activity is clustering
Strike110.00
Calls · V 0 · OI 0
Puts · V 1 · OI 5
Strike125.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Strike135.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Strike140.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike145.00
Calls · V 0 · OI 0
Puts · V 2 · OI 0
Strike150.00
Calls · V 0 · OI 0
Puts · V 3 · OI 5
Strike155.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Strike160.00
Calls · V 10 · OI 2
Puts · V 4 · OI 7
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts53
Avg IV0.67
Put-call1.28
Expiry18 Sep 2026
Contracts12
Avg IV0.56
Put-call4.92
Expiry20 Nov 2026
Contracts49
Avg IV0.50
Put-call15.68
Expiry18 Dec 2026
Contracts66
Avg IV0.54
Put-call0.63
Expiry19 Feb 2027
Contracts15
Avg IV0.53
Put-call0.25
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.67
Put IV0.65
Skew-0.02
18 Sep 2026Balanced skew
Call IV0.56
Put IV0.55
Skew-0.01
20 Nov 2026Call IV premium
Call IV0.56
Put IV0.51
Skew-0.05
18 Dec 2026Balanced skew
Call IV0.54
Put IV0.53
Skew-0.01
19 Feb 2027Balanced skew
Call IV0.53
Put IV0.52
Skew-0.01
Contract Tape
Most active contracts
ContractZBRA270219P00270000
SidePut
Expiry19 Feb 2027
Strike270.00
Volume-
OI1500
IV0.49
ContractZBRA270219P00290000
SidePut
Expiry19 Feb 2027
Strike290.00
Volume-
OI300
IV0.47
ContractZBRA260918C00300000
SideCall
Expiry18 Sep 2026
Strike300.00
Volume-
OI27
IV0.52
ContractZBRA260918P00260000
SidePut
Expiry18 Sep 2026
Strike260.00
Volume-
OI23
IV0.51
ContractZBRA261120P00190000
SidePut
Expiry20 Nov 2026
Strike190.00
Volume-
OI10
IV0.86
ContractZBRA261120P00185000
SidePut
Expiry20 Nov 2026
Strike185.00
Volume-
OI5
IV0.57
ContractZBRA261120P00195000
SidePut
Expiry20 Nov 2026
Strike195.00
Volume-
OI5
IV0.61
ContractZBRA261218P00110000
SidePut
Expiry18 Dec 2026
Strike110.00
Volume-
OI5
IV0.95
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.