Bearish flow noted in Zscaler (ZS) with 4,309 puts trading, or 1.7x expected. Most active are Apr-25 187.5 puts and Sep-25 130 puts, with total volume in those strikes near 2,900 contracts. The Put/Call Ratio is 1.98, while ATM IV is up over 5 points on the day. Earnings are expected on May 29th.
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