Information Technology

Zebra Technologies Corp (ZBRA) options and signal

Figures as of 28 Sep 2026

ZBRA is Zebra Technologies Corp, an Information Technology name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
IV rank	85 of 100	28 Sep
At the money IV	44.9%	28 Sep
Priced move to 16 Oct	11.5% down, 8.9% up	28 Sep
Call wall and put wall	430 and 270	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	371.87	28 Sep
Next report	3 Nov 2026	28 Sep

Options Snapshot

ZBRA's IV rank is 85 of 100 on 28 Sep 2026.

Figure	Value
IV rank	85 of 100
At the money IV	44.9%, near month, 18 days
Put/call ratio, open interest	1.82
Call open interest, strikes captured near the price	2,010 contracts
Put open interest, strikes captured near the price	3,650 contracts
Cost to trade at the money	Wide, 57.3% of the option's mid price

IV rank is where the at the money IV sits among ZBRA's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, ZBRA options priced a move of 11.5 percent down and 8.9 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	11.5%	8.9%	328.97 to 405.07
20 Nov 2026	53	19.7%	19.7%	298.47 to 444.97
18 Dec 2026	81	22.0%	23.2%	290.17 to 457.97
19 Feb 2027	144	27.2%	30.1%	270.87 to 483.87

The range is one standard deviation either side of the close of 371.87, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, ZBRA's call wall is the 430 strike and its put wall is the 270 strike.

Figure	Value
Call wall, most open call gamma	430
Put wall, most open put gamma	270
Flip strike, where net gamma changes sign	340.43
Net dollar gamma, calls minus puts	$287,871
Total dollar gamma, both sides	$2.25 million
Close	371.87

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, ZBRA's at the money IV is 44.9 percent against 20 day realized volatility of 29.8 percent.

Figure	Value
At the money IV	44.9%
Realized volatility, 20 trading days	29.8%
Realized volatility, 60 trading days	57.0%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	840, from 8 Jan 2010
Weeks the price moved more than the one week priced move	29.1% of 251 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, ZBRA's at the money IV runs from 44.9 percent at 18 days to 46.8 percent at 144 days.

Days to expiry	At the money IV
18	44.9%
53	49.9%
81	46.2%
144	46.8%

Far expiries price more volatility than near ones, an upward sloping term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 53 day expiry, ZBRA's IV ten percent below the price sits 3.8 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	53.7%	+3.8 points
At the money	49.9%	0.0 points
10% above the price	52.6%	+2.7 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, ZBRA's surface spans 4 expiries out to 144 days, with IV from 40.2 to 57.0 percent near the price.

Figure	Value
Expiries captured	4
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	19 Feb 2027, 144 days
Points within 10% of the price, 7 days out or more	28
Lowest IV among them	40.2%
Highest IV among them	57.0%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, ZBRA has 4 captured expiries, from 16 Oct 2026 to 19 Feb 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	44.9%	285	515
20 Nov 2026	53	49.9%	658	576
18 Dec 2026	81	46.2%	406	544
19 Feb 2027	144	46.8%	657	2,012

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, ZBRA's largest open interest sits at the 270 strike, with 1,714 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
270	25	1,689	1,714
290	28	509	537
430	504	0	504
240	22	273	295
350	173	72	245
300	69	146	215

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, ZBRA's at the money IV moved from 41.3 percent to 44.9 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	41.3%	44.9%	+3.6 points
Open interest, strikes captured near the price	5,604	5,653	+49
Put/call ratio, open interest	1.79	1.82	+0.03

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Since Yesterday in RingMaster The Since Yesterday guide

Changed Hands

On 28 Sep 2026, 1,468 ZBRA option contracts traded, 1.1 times its own recent average.

Figure	Value
Calls traded	453
Puts traded	1,015
Against its recent average	1.1 times
Busier than	4 of its last 20 trading days
Open interest, whole chain	6,867 contracts
Volume to open interest	0.21
Unusual volume flag	No

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of ZBRA's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	383.06	$874,797	390	360
21 Sep 2026	350.84	$38,888	360	290
28 Sep 2026	371.87	$287,871	430	270

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of ZBRA was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	374.94, the swing high of 23 Sep 2026
Level below the close	356.77, the swing low of 11 Sep 2026, a close past it runs against the view
The chart	Sits with the view
Strategy family	Cash-secured put (sell a put below the price)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Rank by Timeframe

On 25 Sep 2026 ZBRA sat at the 88th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	85 of 100	Bullish
20 trading days	46 of 100	Neutral
45 trading days	88 of 100	Bullish

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Timeframe Agreement

On 25 Sep 2026, 2 of 3 timeframes put ZBRA on the bullish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bullish	1 of 2
Long	45 day	Bullish	1 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

On 25 Sep 2026 ZBRA had carried no signal for 12 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	88 of 100
24 Sep 2026	None	86 of 100
23 Sep 2026	None	84 of 100
22 Sep 2026	None	85 of 100
21 Sep 2026	None	92 of 100
18 Sep 2026	None	65 of 100
17 Sep 2026	None	89 of 100
16 Sep 2026	None	89 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Signal History in RingMaster The Signal History guide

Sector Split

On 25 Sep 2026, 80 of 187 Information Technology names were bullish and 61 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Information Technology	187	80	61	46

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Sector Split in RingMaster The Sector Split guide

Price Chart

ZBRA closed at 371.87 on 28 Sep 2026.

Figure	Value
Last close	371.87
Change over 5 trading days	+6.0%
Change over 21 trading days	+3.0%
Change over 63 trading days	+45.4%
Change over 252 trading days	+23.1%
52 week high	386.23
52 week low	199.05
20 day moving average	354.05
50 day moving average	341.80
200 day moving average	265.07
RSI, 14 days	63

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

ZBRA reports next on 3 Nov 2026, and options priced an earnings move of 14.1 percent through 20 Nov 2026.

Figure	Value
Next report	3 Nov 2026, before the open
Date	Confirmed by the company
Priced earnings move	14.1%, a straddle of $52.30 at the 370 strike, expiring 20 Nov 2026
Move after the report of 4 Aug 2026	+26.5%
Move after the report of 29 Jul 2026	+2.0%
Move after the report of 30 Apr 2026	+0.4%
Move after the report of 28 Jan 2026	+0.7%

The priced earnings move is the straddle's cost over the share price. It restates option prices and says nothing certain about the report.

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Short Volume

On 25 Sep 2026, 47.8 percent of ZBRA's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	47.8%
Five day average	46.2%
52 week median	57.2%
Short interest, share of shares outstanding	3.9% at the 15 Sep 2026 settlement
Days to cover	3.7

Short sale volume counts trades marked short at the covered venues, mostly off exchange. It is not the same as short interest.

Short volume as of 25 Sep 2026. Current on every plan.

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Seasonality

In the 23 Septembers on record, ZBRA's average change was minus 2.1 percent, and it rose in 47.8 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-2.1%	-0.1%	47.8%	23
October	+1.5%	+3.9%	65.2%	23
November	+5.3%	+5.5%	69.6%	23

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Questions

What is ZBRA's IV rank?: ZBRA's IV rank is 85 of 100 on 28 Sep 2026.
What move are ZBRA options pricing?: On 28 Sep 2026, ZBRA options priced a move of 11.5 percent down and 8.9 percent up by 16 Oct 2026.
Where are ZBRA's call wall and put wall?: On 28 Sep 2026, ZBRA's call wall is the 430 strike and its put wall is the 270 strike.
What was the desk's latest view of ZBRA on the Free plan?: On 25 Sep 2026 the desk's view of ZBRA was bullish, paper trading.
When does ZBRA report earnings next?: ZBRA reports next on 3 Nov 2026, and options priced an earnings move of 14.1 percent through 20 Nov 2026.

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