Bearish flow noted in Zscaler (ZS) with 7,711 puts trading, or 3x expected. Most active are 3/14 weekly 190 puts and Aug-25 150 puts, with total volume in those strikes near 3,900 contracts. The Put/Call Ratio is 4.05, while ATM IV is up nearly 8 points on the day. Earnings are expected on May 29th.
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