PSAPublic Storage
Options Analysis Report•REAL ESTATE INVESTMENT TRUSTS
Market Cap $54.3B|NYSE
● 2026-04-17$309.22
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +7.5%YTD +19.6%7D +4.8%
Options Vol
354
30D
Implied Move
±7.3%
IV Rank
25%
PSA Options Overview
IV is low. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
8.0
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks8/9 checks passed
IV Rank
≤35%IV Rank 6.4% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 0.89x — IV ≤ HV
Sector Relative≤50%
Sector percentile 16% — below sector median
Term Structure
<1.1xFront/Back 1.06x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 24.4% — normal range
Spread-Adjusted Value
<80%Effective IV 66.7% (ATM 24.4% + spread 21.2% + bias) — fair
Execution Efficiency
<3.0%Total drag 26.85% (spread 21.16% + slippage 5.69%) — high friction
Vega Efficiency
≥5.0Vega efficiency 15.84 (vega 33.528 / spread 21.16%) — efficient
Sentiment
Bullish or bearish?
5.8
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +9%, Raw: +11%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +9% (neutral) — Raw: +11%
OI Skew Magnitude
≥15%|OI skew| 1.1% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +15.8%, OI skew +1.1% — aligned
Conviction Quality
≥2/3 conditions0-DTE 41%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -82%, ATM: +1%, OTM: +31% — strong bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 60% — bearish vs sector
Activity
Unusual activity?
3.2
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.9x avg — normal
Turnover Rate
≥15%Vol/OI 4.5% — 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 +1.9% (5d) — stable
Sector Relative≥60%
Sector activity percentile 77% — active vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 27% — patient
Flow Conviction
≥30Conviction +9 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.2
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks1/8 checks passed
Tradeable Spread
≤5.0%Spread 21.2% — wide
Adequate OI
≥10,000OI 7,891 — thin
Active Volume
≥500Volume 354/day — thin
Reasonable Cost
≤$0.50$1.06 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 32% — tighter than sector
Order Book Depth
≥100 contractsDepth 32.9 contracts (bid:14.4 ask:18.5) — thin
Execution Quality
<1.0%Avg slippage 5.69% — poor
Timing
Is now a good time?
7.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +6.2% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 6% — buyer opportunity
Event Detection
≥10pts kinkIV kink 0.9pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 198.51 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 12d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +9% @ 55% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.4
bullishIV cheap, mixed flow
Long Puts5.8
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.4
bullishIV too cheap, mixed flow
Covered Call3.8
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.