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Z

Zillow Group, Inc.Close $36.47EOD only

Max Pain

$47.50

Next expiry Jun 18, 2026

Expected Move

±$4.50

12.3% from close

Price Gap

+11.03

Distance to max pain

IV Rank

Low premium

P/C OI

0.59

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects Z options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

Z Flow Report

Analysis based on market close March 26, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

4.5 / 10

base 3; +1.5 net premium bearish & P/C >1; +0 GEX pinning; -0 low volume constraint

Watch next session: Spot reaction near $42.50 PUT OI cluster; Any call buying to defend $45 max pain level

Flow Summary

Net premium: -$7.7M bearish

P/C volume ratio: 1.03 — slight put lean

P/C OI ratio: 0.47 — heavy call OI skew

Flow shows bearish premium with spot pinned below max pain. Despite a heavy call OI skew from legacy positions, today's volume and premium flow are defensive, suggesting a lack of conviction for a rally back to higher strikes.

Notable Prints

Z 2026-08-21 $95.00 Call

Vol: 127

OI: 46

Vol/OI: 2.8x

IV: 89.7%

Notional: ~$5.3K

Intent: Speculative lottery ticket or spread leg

Dual read: Bought (far OTM bullish bet) or sold (premium collection in high IV)

Read-through: Not a meaningful directional signal due to small size and extreme OTM nature. More indicative of retail speculation in a high-vol name.

Institutional Positioning

Call additions: Minimal. Top premium flow strikes show net call selling at $80, $87.50, $92.50.

Put additions: Significant put premium at strikes $80 (-$2.6M), $87.50 (-$1.9M), $92.50 (-$1.3M). Likely protective or speculative puts on legacy long stock positions.

GEX/DEX consistency: Yes — Pinning GEX aligns with spot being drawn toward large OI clusters and max pain.

OI clusters: Major call walls at $92.50 (10.1K OI) and $80 (9.2K OI combined). Major put support at $45 (4.2K OI) and $42.50 (1.8K OI).

Hedging evidence: Strong evidence. Large net put premium at strikes far above spot ($80-$92.50) is classic hedging of long stock positions acquired at much higher prices.

Max pain context: Spot ($41.86) is well below nearest max pain ($45), creating a gravitational pull upward, but flow is not betting on that move.

Signal vs Noise

~The $95 Call unusual activity is noise — tiny notional, likely a retail lottery ticket.

~Large OI at $92.50 and $80 Calls is legacy noise, not fresh bullish positioning. These are likely underwater positions from much higher prices.

~The high P/C OI ratio (0.47) is misleading signal; it reflects old, distressed call positions, not current sentiment.

Key Conclusions

⚠️Flow is defensively bearish despite pinning GEX. Net premium -$7.7M and put volume > call volume.

🛡️Institutions are hedging legacy long exposure via puts at $80+, not initiating new bullish bets.

🎯Spot pinned below max pain ($45). Watch $42.50 PUT OI as near-term support and $45 as resistance.

How to Use These Reports

This flow reflects the market close on March 26, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.