Options/ZBRA

ZBRAZebra Technologies Corporation

Options Analysis Report•GENERAL INDUSTRIAL MACHINERY & EQUIPMENT

Market Cap $16.9B|NASDAQ

● 2026-08-31$356.45

BEARISH

Analysis: 2026-08-28 EOD data

1Y +16.1%YTD +43.6%7D -1.9%

Options Vol

569

30D

Implied Move

±9.4%

IV Rank

ZBRA Options Overview

IV is elevated with bearish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

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ZBRA Gamma Walls

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ZBRA Hedge Radar

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Full Hedge Radar

Fragility reads high; protection is priced cheap. Neither axis is a forecast — this is where ZBRA sits on protection cost vs. fragility today.

Protection is priced in the cheap band (1.18) — options are pricing vol 55% below what the stock has actually been realizing, and near-dated vol is priced 21% below far-dated, measured against this name's own rolling 14-trading-day realized moves (490 overlapping windows). Fragility reads fragile (8.15): it is trading 7% below its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is expanding.

Protection cost

1.18/ 10cheap

Basis: cross_sectional

Fragility

8.15/ 10fragile

Basis: per_ticker

Value

Is IV priced right?

7.9

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 81.3% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.45x — IV ≤ HV

Sector Relative≤50%

Sector percentile 35% — below sector median

Term Structure

<1.1x

Front/Back 0.79x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 39.5% — normal range

Spread-Adjusted Value

<80%

Effective IV 83.6% (ATM 39.5% + spread 22.0% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 27.22% (spread 22.04% + slippage 5.18%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 14.74 (vega 32.477 / spread 22.04%) — efficient

Sentiment

Bullish or bearish?

3.6

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Strong signal (Conviction: +2%, Raw: +2%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +2% (neutral) — Raw: +2%

OI Skew Magnitude

≥15%

|OI skew| 29.2% — put-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -94.4%, OI skew -29.2% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +33%, ATM: +20%, OTM: +2% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 99% — very bearish vs sector

Activity

Unusual activity?

3.7

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.6x avg — normal

Turnover Rate

≥15%

Vol/OI 8.5% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +6.3% (5d) — building

Sector Relative≥60%

Sector activity percentile 63% — active vs sector

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 4% — patient

Flow Conviction

≥30

Conviction +2 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.2

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 22.0% — wide

Adequate OI

≥10,000

OI 6,683 — thin

Active Volume

≥500

Volume 569/day — adequate

Reasonable Cost

≤$0.50

$1.10 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 36% — tighter than sector

Order Book Depth

≥100 contracts

Depth 22.4 contracts (bid:11.6 ask:10.8) — thin

Execution Quality

<1.0%

Avg slippage 5.18% — poor

Timing

Is now a good time?

6.7

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -20.5% — contango

IV Percentile Clarity

<30 or >70

IV percentile 81% — seller opportunity

Event Detection

≥10pts kink

IV kink -6.9pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 119.18 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +2% @ 51% consistency — unclear

Smart Money Timing

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls5.5

bullishIV cheap, bearish flow

Long Puts7.3

bearishIV cheap, bearish flow

Premium Sellers

Cash-Secured Put3.5

bullishIV too cheap, bearish flow

Covered Call4.5

bearishIV too cheap, bearish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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