ZSZscaler, Inc. Common Stock
Options Analysis Report•SERVICES-COMPUTER PROGRAMMING SERVICES
Market Cap $24.7B|NASDAQ
● 2026-05-15$153.70
BULLISH
Analysis: 2026-05-14 EOD data
1Y -37.5%YTD -30.3%7D +1.0%
Options Vol
25,228
30D
Implied Move
±25.9%
IV Rank
71%
ZS Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.3
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 82.4% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.31x — IV premium over HV
Sector Relative≤50%
Sector percentile 62% — above sector median
Term Structure
<1.1xFront/Back 1.00x — flat
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 74.9% — normal range
Spread-Adjusted Value
<80%Effective IV 97.9% (ATM 74.9% + spread 11.5% + bias) — expensive
Execution Efficiency
<3.0%Total drag 18.69% (spread 11.50% + slippage 7.19%) — high friction
Vega Efficiency
≥5.0Vega efficiency 37.13 (vega 42.704 / spread 11.50%) — efficient
Sentiment
Bullish or bearish?
7.0
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Strong signal (Conviction: +14%, Raw: +7%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +14% (bullish) — Raw: +7%
OI Skew Magnitude
≥15%|OI skew| 23.7% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +47.1%, OI skew +23.7% — aligned
Conviction Quality
≥2/3 conditions0-DTE 29%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +13%, ATM: +12%, OTM: +6% — bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 50% — neutral vs sector
Activity
Unusual activity?
5.3
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks3/9 checks passed
Volume Surge
≥1.5xVolume 1.6x avg — elevated
Turnover Rate
≥15%Vol/OI 11.7% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +9.0% (5d) — building
Sector Relative≥60%
Sector activity percentile 81% — very active vs sector
Trade Quality
≥30%Large trade volume 10% — mostly retail
Execution Urgency
≥60%Aggressive execution 35% — patient
Flow Conviction
≥30Conviction +14 (bullish) — mixed
Liquidity
Can I trade efficiently?
4.0
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 11.5% — wide
Adequate OI
≥10,000OI 215,901 — deep
Active Volume
≥500Volume 25,228/day — active
Reasonable Cost
≤$0.50$0.58 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 79% — wider than sector
Order Book Depth
≥100 contractsDepth 114.2 contracts (bid:51.0 ask:63.2) — adequate
Execution Quality
<1.0%Avg slippage 7.19% — poor
Timing
Is now a good time?
6.4
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +0.4% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 82% — seller opportunity
Event Detection
≥10pts kinkIV kink -8.7pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 518.25 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No earnings detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +14% @ 57% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 40 (ITM 20% + inst 10%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.2
bullishIV expensive, bullish flow
Long Puts3.8
bearishIV expensive, bullish flow
Premium Sellers
Cash-Secured Put6.4
bullishIV rich premium, bullish flow
Covered Call4.8
bearishIV rich premium, bullish flow
For educational purposes only. Not investment advice.