Financials

Zions Bancorporation, National Association (ZION) options and signal

Figures as of 28 Sep 2026

ZION is Zions Bancorporation, National Association, a Financials 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	55 of 100	28 Sep
At the money IV	32.1%	28 Sep
Priced move to 16 Oct	7.2% down, 6.4% up	28 Sep
Call wall and put wall	Both 60	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	63.19	28 Sep
Next report	19 Oct 2026	28 Sep

Options Snapshot

ZION's IV rank is 55 of 100 on 28 Sep 2026.

Figure	Value
IV rank	55 of 100
At the money IV	32.1%, near month, 18 days
Put/call ratio, open interest	1.45
Call open interest, strikes captured near the price	13,000 contracts
Put open interest, strikes captured near the price	18,900 contracts
Cost to trade at the money	Wide, 56.7% of the option's mid price

IV rank is where the at the money IV sits among ZION'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, ZION options priced a move of 7.2 percent down and 6.4 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	7.2%	6.4%	58.64 to 67.21
20 Nov 2026	53	12.7%	12.4%	55.18 to 71.03
15 Jan 2027	109	16.5%	17.7%	52.79 to 74.39
19 Feb 2027	144	19.1%	19.0%	51.09 to 75.19
16 Apr 2027	200	23.1%	22.6%	48.59 to 77.49

The range is one standard deviation either side of the close of 63.19, 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, ZION's call wall and put wall are both at the 60 strike.

Figure	Value
Call wall, most open call gamma	60
Put wall, most open put gamma	60
Flip strike, where net gamma changes sign	68.13
Net dollar gamma, calls minus puts	minus $767,384
Total dollar gamma, both sides	$4.12 million
Close	63.19

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, ZION's at the money IV is 32.1 percent against 20 day realized volatility of 23.5 percent.

Figure	Value
At the money IV	32.1%
Realized volatility, 20 trading days	23.5%
Realized volatility, 60 trading days	23.0%
IV against its own weekly record	In the middle
Weekly readings on record	849, from 8 Jan 2010
Weeks the price moved more than the one week priced move	26.7% of 236 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.

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Volatility Weather

On 28 Sep 2026, ZION's at the money IV runs from 32.1 percent at 18 days to 31.3 percent at 200 days.

Days to expiry	At the money IV
18	32.1%
53	33.9%
109	30.1%
144	31.0%
200	31.3%

Near and far expiries price about the same volatility, a flat 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, ZION's IV ten percent below the price sits 18.2 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	52.1%	+18.2 points
At the money	33.9%	0.0 points
10% above the price	34.1%	+0.2 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, ZION's surface spans 5 expiries out to 200 days, with IV from 3.1 to 102.3 percent near the price.

Figure	Value
Expiries captured	5
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	16 Apr 2027, 200 days
Points within 10% of the price, 7 days out or more	23
Lowest IV among them	3.1%
Highest IV among them	102.3%

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, ZION has 5 captured expiries, from 16 Oct 2026 to 16 Apr 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	32.1%	1,944	9,938
20 Nov 2026	53	33.9%	5,980	2,433
15 Jan 2027	109	30.1%	3,354	3,609
19 Feb 2027	144	31.0%	1,294	2,808
16 Apr 2027	200	31.3%	390	85

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, ZION's largest open interest sits at the 52.5 strike, with 6,291 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
52.5	4	6,287	6,291
60	2,289	2,410	4,699
70	2,588	772	3,360
75	2,984	47	3,031
62.5	210	2,736	2,946
67.5	1,369	1,490	2,859

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, ZION's at the money IV moved from 32.8 percent to 32.1 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	32.8%	32.1%	-0.6 points
Open interest, strikes captured near the price	29,689	31,835	+2,146
Put/call ratio, open interest	1.73	1.46	-0.27

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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Changed Hands

On 28 Sep 2026, 2,742 ZION option contracts traded, 1.1 times its own recent average.

Figure	Value
Calls traded	1,191
Puts traded	1,551
Against its recent average	1.1 times
Busier than	5 of its last 9 trading days
Open interest, whole chain	34,196 contracts
Volume to open interest	0.08
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 16 trading days of ZION'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	71.00	$1.18 million	75	70
3 Sep 2026	69.31	$402,891	75	67.5
28 Sep 2026	63.19	minus $767,384	60	60

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 ZION was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	64.13, the swing high of 16 Sep 2026
Level below the close	62.30, the swing low of 24 Sep 2026, a close past it runs against the view
The chart	Sits against 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 ZION sat at the 90th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	59 of 100	Neutral
20 trading days	56 of 100	Neutral
45 trading days	90 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, 1 of 3 timeframes put ZION on the bullish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 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.

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Signal History

On 25 Sep 2026 ZION had carried no signal for at least 5 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	90 of 100
24 Sep 2026	None	80 of 100
23 Sep 2026	None	88 of 100
22 Sep 2026	None	82 of 100
21 Sep 2026	None	83 of 100
2 Sep 2026	None	96 of 100
1 Sep 2026	None	94 of 100

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

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Sector Split

On 25 Sep 2026, 63 of 135 Financials names were bullish and 32 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Financials	135	63	32	40

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

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Price Chart

ZION closed at 63.19 on 28 Sep 2026.

Figure	Value
Last close	63.19
Change over 5 trading days	-2.8%
Change over 21 trading days	-7.0%
Change over 63 trading days	-9.1%
Change over 252 trading days	+10.3%
52 week high	73.34
52 week low	46.19
20 day moving average	66.40
50 day moving average	68.45
200 day moving average	63.32
RSI, 14 days	33

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

ZION reports next on 19 Oct 2026, a date confirmed by the company.

Figure	Value
Next report	19 Oct 2026, after the close
Date	Confirmed by the company
Move after the report of 20 Jul 2026	-4.0%
Move after the report of 21 Apr 2026	-0.1%
Move after the report of 19 Jan 2026	-0.9%
Move after the report of 21 Apr 2025	-1.1%

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

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Seasonality

In the 23 Septembers on record, ZION's average change was plus 1.5 percent, and it rose in 47.8 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+1.5%	-0.3%	47.8%	23
October	+1.2%	+2.1%	60.9%	23
November	+1.9%	+0.8%	60.9%	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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Headlines

The desk's news feeds carried 3 headlines naming ZION in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	3
Latest	28 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

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Questions

What is ZION's IV rank?: ZION's IV rank is 55 of 100 on 28 Sep 2026.
What move are ZION options pricing?: On 28 Sep 2026, ZION options priced a move of 7.2 percent down and 6.4 percent up by 16 Oct 2026.
Where are ZION's call wall and put wall?: On 28 Sep 2026, ZION's call wall and put wall are both at the 60 strike.
What was the desk's latest view of ZION on the Free plan?: On 25 Sep 2026 the desk's view of ZION was bullish, paper trading.
When does ZION report earnings next?: ZION reports next on 19 Oct 2026, a date confirmed by the company.

More Financials names

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