ZION Cash-Secured Put Strategy
ZION (Zions Bancorporation, National Association), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
Zions Bancorporation, National Association provides various banking and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers corporate banking services; commercial banking, including a focus on small- and medium-sized businesses; commercial real estate banking services; municipal and public finance services; retail banking, including residential mortgages; trust services; wealth management and private client banking services; and capital markets products and services. As of December 31, 2020, it operated 422 branches, which included 273 owned and 149 leased. The company was formerly known as ZB, National Association and changed its name to Zions Bancorporation, National Association in September 2018. Zions Bancorporation, National Association was founded in 1873 and is headquartered in Salt Lake City, Utah.
ZION (Zions Bancorporation, National Association) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $8.77B, a trailing P/E of 9.11, a beta of 0.82 versus the broader market, a 52-week range of 45.52-66.18, average daily share volume of 1.7M, a public-listing history dating back to 1980, approximately 9K full-time employees. These structural characteristics shape how ZION stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.82 places ZION roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 9.11 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. ZION pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a cash-secured put on ZION?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
Current ZION snapshot
As of May 15, 2026, spot at $59.48, ATM IV 29.10%, IV rank 17.82%, expected move 8.34%. The cash-secured put on ZION 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 63-day expiry.
Why this cash-secured put structure on ZION specifically: ZION IV at 29.10% is on the cheap side of its 1-year range, which means a premium-selling ZION cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.34% (roughly $4.96 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ZION expiries trade a higher absolute premium for lower per-day decay. Position sizing on ZION should anchor to the underlying notional of $59.48 per share and to the trader's directional view on ZION stock.
ZION cash-secured put setup
The ZION cash-secured 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 ZION near $59.48, the first option leg uses a $57.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ZION chain at a 63-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 ZION shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $57.50 | $1.95 |
ZION cash-secured put risk and reward
- Net Premium / Debit
- +$195.00
- Max Profit (per contract)
- $195.00
- Max Loss (per contract)
- -$5,554.00
- Breakeven(s)
- $55.55
- Risk / Reward Ratio
- 0.035
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
ZION cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on ZION. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$5,554.00 |
| $13.16 | -77.9% | -$4,238.97 |
| $26.31 | -55.8% | -$2,923.95 |
| $39.46 | -33.7% | -$1,608.92 |
| $52.61 | -11.5% | -$293.90 |
| $65.76 | +10.6% | +$195.00 |
| $78.91 | +32.7% | +$195.00 |
| $92.06 | +54.8% | +$195.00 |
| $105.21 | +76.9% | +$195.00 |
| $118.36 | +99.0% | +$195.00 |
When traders use cash-secured put on ZION
Cash-secured puts on ZION earn premium while a trader waits to acquire ZION stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ZION.
ZION thesis for this cash-secured put
The market-implied 1-standard-deviation range for ZION extends from approximately $54.52 on the downside to $64.44 on the upside. A ZION cash-secured put lets a trader earn premium while waiting to acquire ZION at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current ZION IV rank near 17.82% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on ZION at 29.10%. As a Financial Services name, ZION options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ZION-specific events.
ZION cash-secured put positions are structurally neutral to slightly bullish; 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. ZION positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ZION alongside the broader basket even when ZION-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on ZION carry tail risk when realized volatility exceeds the implied move; review historical ZION earnings reactions and macro stress periods before sizing. Always rebuild the position from current ZION chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on ZION?
- A cash-secured put on ZION is the cash-secured put strategy applied to ZION (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With ZION stock trading near $59.48, the strikes shown on this page are snapped to the nearest listed ZION chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ZION cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the ZION cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 29.10%), the computed maximum profit is $195.00 per contract and the computed maximum loss is -$5,554.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ZION cash-secured put?
- The breakeven for the ZION cash-secured put priced on this page is roughly $55.55 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 ZION market-implied 1-standard-deviation expected move is approximately 8.34%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on ZION?
- Cash-secured puts on ZION earn premium while a trader waits to acquire ZION stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ZION.
- How does current ZION implied volatility affect this cash-secured put?
- ZION ATM IV is at 29.10% with IV rank near 17.82%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.