ZENA Long Put Strategy

ZENA (ZenaTech, Inc.), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.

ZenaTech, Inc., an enterprise software technology company, develops cloud-based software applications in Canada. It provides cryptocurrency wallets and cloud-based enterprise software solutions for the agriculture industry; cloud-based enterprise software solutions for the medical records industry; safety and compliance management software and mobile solutions; field management software and mobile solutions; integrated cloud-based enterprise software and hardware drone technology solutions for various industries; and browser-based enterprise software applications for public safety. ZenaTech, Inc. was formerly known as ZenaDrone, Inc. and changed its name to ZenaTech, Inc. on October 5, 2020. The company was incorporated in 2017 and is based in Toronto, Canada.

ZENA (ZenaTech, Inc.) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $51.5M, a beta of 7.90 versus the broader market, a 52-week range of 1.91-7.109, average daily share volume of 1.8M, a public-listing history dating back to 2024, approximately 17 full-time employees. These structural characteristics shape how ZENA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 7.90 indicates ZENA has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a long put on ZENA?

A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.

Current ZENA snapshot

As of May 15, 2026, spot at $1.50, ATM IV 125.50%, IV rank 34.86%, expected move 35.98%. The long put on ZENA below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.

Why this long put structure on ZENA specifically: ZENA IV at 125.50% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 35.98% (roughly $0.54 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ZENA expiries trade a higher absolute premium for lower per-day decay. Position sizing on ZENA should anchor to the underlying notional of $1.50 per share and to the trader's directional view on ZENA stock.

ZENA long put setup

The ZENA long put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ZENA near $1.50, the first option leg uses a $1.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ZENA chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 ZENA shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Buy 1Put$1.50N/A

ZENA long put risk and reward

Net Premium / Debit
N/A
Max Profit (per contract)
Unbounded
Max Loss (per contract)
Unbounded
Breakeven(s)
None on modeled curve
Risk / Reward Ratio
N/A

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

ZENA long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on ZENA. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

When traders use long put on ZENA

Long puts on ZENA hedge an existing long ZENA stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ZENA exposure being hedged.

ZENA thesis for this long put

The market-implied 1-standard-deviation range for ZENA extends from approximately $0.96 on the downside to $2.04 on the upside. A ZENA long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long ZENA position with one put per 100 shares held. Current ZENA IV rank near 34.86% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on ZENA should anchor more to the directional view and the expected-move geometry. As a Technology name, ZENA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ZENA-specific events.

ZENA long put positions are structurally bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. ZENA positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ZENA alongside the broader basket even when ZENA-specific fundamentals are unchanged. Long-premium structures like a long put on ZENA are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current ZENA chain quotes before placing a trade.

Frequently asked questions

What is a long put on ZENA?
A long put on ZENA is the long put strategy applied to ZENA (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With ZENA stock trading near $1.50, the strikes shown on this page are snapped to the nearest listed ZENA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ZENA long put max profit and max loss calculated?
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the ZENA long put priced from the end-of-day chain at a 30-day expiry (ATM IV 125.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ZENA long put?
The breakeven for the ZENA long put priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current ZENA market-implied 1-standard-deviation expected move is approximately 35.98%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long put on ZENA?
Long puts on ZENA hedge an existing long ZENA stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ZENA exposure being hedged.
How does current ZENA implied volatility affect this long put?
ZENA ATM IV is at 125.50% with IV rank near 34.86%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

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