ZBRAZebra Technologies Corporation
Options Analysis Report•GENERAL INDUSTRIAL MACHINERY & EQUIPMENT
Market Cap $11.3B|NASDAQ
● 2026-04-17$234.43
BULLISH
Analysis: 2026-04-16 EOD data
1Y +5.6%YTD -5.6%7D +5.5%
Options Vol
57
30D
Implied Move
±15.6%
IV Rank
34%
ZBRA Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.2
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks3/9 checks passed
IV Rank
≤35%IV Rank 83.4% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.61x — IV premium over HV
Sector Relative≤50%
Sector percentile 56% — above sector median
Term Structure
<1.1xFront/Back 1.12x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 50.3% — normal range
Spread-Adjusted Value
<80%Effective IV 92.9% (ATM 50.3% + spread 21.3% + bias) — expensive
Execution Efficiency
<3.0%Total drag 43.38% (spread 21.32% + slippage 22.06%) — high friction
Vega Efficiency
≥5.0Vega efficiency 25.04 (vega 53.379 / spread 21.32%) — efficient
Sentiment
Bullish or bearish?
6.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Strong signal (Conviction: +22%, Raw: +23%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +22% (bullish) — Raw: +23%
OI Skew Magnitude
≥15%|OI skew| 31.0% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +19.3%, OI skew +31.0% — aligned
Conviction Quality
≥2/3 conditions0-DTE 47%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +71%, ATM: -20%, OTM: +27% — strong bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 59% — bearish vs sector
Activity
Unusual activity?
3.1
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.5x avg — normal
Turnover Rate
≥15%Vol/OI 1.6% — 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 +11.9% (5d) — building
Sector Relative≥60%
Sector activity percentile 10% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 45% — patient
Flow Conviction
≥30Conviction +22 (bullish) — mixed
Liquidity
Can I trade efficiently?
2.3
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks0/8 checks passed
Tradeable Spread
≤5.0%Spread 21.3% — wide
Adequate OI
≥10,000OI 3,685 — thin
Active Volume
≥500Volume 57/day — thin
Reasonable Cost
≤$0.50$1.07 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 57% — neutral vs sector
Order Book Depth
≥100 contractsDepth 32.8 contracts (bid:19.1 ask:13.7) — thin
Execution Quality
<1.0%Avg slippage 22.06% — poor
Timing
Is now a good time?
7.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +12.4% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 83% — seller opportunity
Event Detection
≥10pts kinkIV kink 5.6pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 488.82 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 25d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +22% @ 63% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.2
bullishIV fair, bullish flow
Long Puts4.1
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.7
bullishIV fair, bullish flow
Covered Call4.5
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.