Trading a PSA straddle lets you take a pure volatility position on Public Storage without committing to a direction. Public Storage's straddle involves buying (or selling) a call and a put at the same strike and expiration, profiting when the stock moves more (or less) than the combined premium implies. Use our scanner to evaluate PSA straddle pricing in real time and find the moments when expected moves are mispriced.
A long straddle on PSA profits from large moves in either direction and is a classic play into binary events like earnings, product announcements, or macro releases. A short straddle profits when Public Storage stays range-bound and implied volatility contracts. The breakeven points are simple: strike plus total premium on the upside, strike minus total premium on the downside. Comparing the PSA straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc.
(NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020. Our headquarters are located in Glendale, California.
Earnings, product cycles, macro prints — any time volatility itself is the trade, the PSA straddle is the cleanest expression of that view. Our scanner prices every PSA straddle against historical realized moves, flags expirations where the market is overpaying or underpaying for vol, and ranks setups by breakeven width and IV rank. Whether you're long a PSA straddle into a catalyst or short a PSA straddle to harvest decay, the options straddle setups that matter are all in one place.
