Options · ZTS

GEX × Max Pain for ZTS

AI-generated plain-English read of gex × max pain for ZTS. Updated daily.

Damper regime around $89.20 — moves get absorbed. Magnets are loose, so direction isn't clear; expect chop without a strong external trigger.

What will probably happen

Short-term: dampers absorb moves. Expect range-bound trading until something meaningful breaks the structure.
Longer-dated OI is positioned for settlement at $40.00 (-55% from here) — gravitational pull down over weeks-to-months.

If you HOLD this stock: No structural action needed. Dampers are protecting you this week.
If you TRADE this stock (no options): No clean directional setup from the structure. Wait for an external trigger (earnings, sector flow, news) before sizing.
If you trade OPTIONS: No edge from the structure alone — premium is fairly priced for the regime. Wait for tighter convergence or a clearer directional setup.

Clear regime, tight convergence, full term structure (9 expirations).

Technical details

Structure: Spot $89.20; front-week magnet at $85.00 (max-gamma) and $75.00 (max-pain).
Regime: Net GEX is positive ($1.37M) and spot sits comfortably above the flip point at $50.00 — dealers are net long gamma, hedging activity DAMPENS moves.
Convergence: Same-side bias but loose: max-gamma at $85.00, max-pain at $75.00. The magnets agree on direction but disagree on magnitude — directional conviction is weaker than a tight convergence.
Term: Term structure: max-gamma climbs from $85.00 (front) to $110.00 (longest-dated); max-pain drops from $75.00 to $40.00.