How are ZION 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 ZION long put priced from the end-of-day chain at a 30-day expiry (ATM IV 29.10%), the computed maximum profit is $5,699.00 per contract and the computed maximum loss is -$300.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ZION long put?

The breakeven for the ZION long put priced on this page is roughly $57.00 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.

How does current ZION implied volatility affect this long 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.

ZION Long 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 long put on ZION?

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 ZION snapshot

As of May 15, 2026, spot at $59.48, ATM IV 29.10%, IV rank 17.82%, expected move 8.34%. The long 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 long put structure on ZION specifically: ZION IV at 29.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a ZION long put, 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 long put setup

The ZION 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 ZION near $59.48, the first option leg uses a $60.00 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)
Buy 1	Put	$60.00	$3.00

ZION long put risk and reward

Net Premium / Debit: -$300.00
Max Profit (per contract): $5,699.00
Max Loss (per contract): -$300.00
Breakeven(s): $57.00
Risk / Reward Ratio: 18.997

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

ZION long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long 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%	+$5,699.00
$13.16	-77.9%	+$4,383.97
$26.31	-55.8%	+$3,068.95
$39.46	-33.7%	+$1,753.92
$52.61	-11.5%	+$438.90
$65.76	+10.6%	-$300.00
$78.91	+32.7%	-$300.00
$92.06	+54.8%	-$300.00
$105.21	+76.9%	-$300.00
$118.36	+99.0%	-$300.00

When traders use long put on ZION

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

ZION thesis for this long 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 long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long ZION position with one put per 100 shares held. 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 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. 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. Long-premium structures like a long put on ZION 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 ZION chain quotes before placing a trade.

Frequently asked questions

What is a long put on ZION?: A long put on ZION is the long put strategy applied to ZION (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 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 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 ZION long put priced from the end-of-day chain at a 30-day expiry (ATM IV 29.10%), the computed maximum profit is $5,699.00 per contract and the computed maximum loss is -$300.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ZION long put?: The breakeven for the ZION long put priced on this page is roughly $57.00 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 long put on ZION?: Long puts on ZION hedge an existing long ZION stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying ZION exposure being hedged.
How does current ZION implied volatility affect this long 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.