EXRExtra Space Storage, Inc.
Options Analysis Report•REAL ESTATE INVESTMENT TRUSTS
Market Cap $30.7B|NYSE
● 2026-04-17$145.36
BULLISH
Analysis: 2026-04-16 EOD data
1Y +5.2%YTD +11.0%7D +4.7%
Options Vol
71
30D
Implied Move
±8.3%
IV Rank
16%
EXR Options Overview
IV is low with bullish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.1
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 22.5% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.18x — IV premium over HV
Sector Relative≤50%
Sector percentile 44% — below sector median
Term Structure
<1.1xFront/Back 1.11x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 29.4% — normal range
Spread-Adjusted Value
<80%Effective IV 124.6% (ATM 29.4% + spread 47.6% + bias) — expensive
Execution Efficiency
<3.0%Total drag 55.10% (spread 47.59% + slippage 7.51%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.49 (vega 2.343 / spread 47.59%) — spread drag
Sentiment
Bullish or bearish?
8.3
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bullish - Strong signal (Conviction: +65%, Raw: +68%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +65% (strong bullish) — Raw: +68%
OI Skew Magnitude
≥15%|OI skew| 19.3% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +23.9%, OI skew +19.3% — aligned
Conviction Quality
≥2/3 conditions0-DTE 32%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +0%, ATM: +30%, OTM: +86% — bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 47% — neutral vs sector
Activity
Unusual activity?
3.2
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.4x avg — normal
Turnover Rate
≥15%Vol/OI 1.5% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +7.0% (5d) — building
Sector Relative≥60%
Sector activity percentile 26% — below sector avg
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 32% — patient
Flow Conviction
≥30Conviction +65 (bullish) — strong conviction
Liquidity
Can I trade efficiently?
2.5
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks0/8 checks passed
Tradeable Spread
≤5.0%Spread 47.6% — wide
Adequate OI
≥10,000OI 4,889 — thin
Active Volume
≥500Volume 71/day — thin
Reasonable Cost
≤$0.50$2.38 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 55% — neutral vs sector
Order Book Depth
≥100 contractsDepth 59.800000000000004 contracts (bid:34.7 ask:25.1) — thin
Execution Quality
<1.0%Avg slippage 7.51% — poor
Timing
Is now a good time?
7.4
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +11.1% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 22% — buyer opportunity
Event Detection
≥10pts kinkIV kink 2.3pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 5.85 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 11d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +65% @ 83% consistency — STRONG directional (bullish)
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls7.3
bullishIV cheap, bullish flow
Long Puts4.2
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.7
bullishIV too cheap, bullish flow
Covered Call3.4
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.