ZTS (ZTS) options memo

The Read

ZTS is down 2.40% today at $73.54.

Options traders lean neutral into 2026-08-21, and neutral further out.

A move through $78.19 would change how dealers hedge this stock.

Key numbers

• Spot: $73.54
• Lean: neutral
• Nearest expiry: Fri 8/21
• Implied move: 1.9%
• ATM implied volatility: 36.2%
• Max pain: $75.00
• Pin strike: $75.00
• Dealer positioning: LONG GAMMA
• Call wall: $80.00
• Put wall: $65.00
• Put/call open interest: 1.054