ApexVol Terminal
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Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.
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What is ZEBRA Strategy?
ZEBRA Strategy Zero Extrinsic Back Ratio — a strategy designed to replicate stock exposure with zero extrinsic value. Typically constructed by buying 2 ATM calls and selling 1 ITM call (for bullish) or buying 2 ATM puts and selling 1 ITM put (for bearish). The position behaves like 100 shares with defined risk and zero time decay at inception.
Complete definition
Zero Extrinsic Back Ratio — a strategy designed to replicate stock exposure with zero extrinsic value. Typically constructed by buying 2 ATM calls and selling 1 ITM call (for bullish) or buying 2 ATM puts and selling 1 ITM put (for bearish). The position behaves like 100 shares with defined risk and zero time decay at inception.
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ApexVol Terminal
Options analytics, live.
Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.
- Live chains and Greeks
- IV rank and percentile
- Expected move and GEX
- Screener and strategy P&L
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