Real Estate

Realty Income Corp (O) options and signal

Figures as of 28 Sep 2026

O is Realty Income Corp, a Real Estate name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
IV rank	45 of 100	28 Sep
At the money IV	19.6%	28 Sep
Priced move to 16 Oct	4.4% down, 4.2% up	28 Sep
Call wall and put wall	57.5 and 55	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	55.35	28 Sep
Next report	2 Nov 2026	28 Sep

Options Snapshot

O's IV rank is 45 of 100 on 28 Sep 2026.

Figure	Value
IV rank	45 of 100
At the money IV	19.6%, near month, 18 days
Put/call ratio, open interest	0.70
Call open interest, strikes captured near the price	74,000 contracts
Put open interest, strikes captured near the price	51,700 contracts
Cost to trade at the money	Fair, 13.2% of the option's mid price

IV rank is where the at the money IV sits among O's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, O options priced a move of 4.4 percent down and 4.2 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	4.4%	4.2%	52.94 to 57.67
20 Nov 2026	53	8.5%	6.8%	50.67 to 59.11
18 Dec 2026	81	10.1%	8.3%	49.75 to 59.95
15 Jan 2027	109	11.7%	9.8%	48.88 to 60.76
19 Mar 2027	172	15.0%	12.8%	47.06 to 62.46

The range is one standard deviation either side of the close of 55.35, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, O's call wall is the 57.5 strike and its put wall is the 55 strike.

Figure	Value
Call wall, most open call gamma	57.5
Put wall, most open put gamma	55
Flip strike, where net gamma changes sign	55.62
Net dollar gamma, calls minus puts	$4.05 million
Total dollar gamma, both sides	$22.24 million
Close	55.35

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, O's at the money IV is 19.6 percent against 20 day realized volatility of 12.5 percent.

Figure	Value
At the money IV	19.6%
Realized volatility, 20 trading days	12.5%
Realized volatility, 60 trading days	15.1%
IV against its own weekly record	In the middle
Weekly readings on record	803, from 8 Jan 2010
Weeks the price moved more than the one week priced move	27.4% of 252 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Weather

On 28 Sep 2026, O's at the money IV runs from 19.6 percent at 18 days to 20.8 percent at 172 days.

Days to expiry	At the money IV
18	19.6%
53	20.2%
81	20.6%
109	20.3%
172	20.8%

Far expiries price more volatility than near ones, an upward sloping term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 53 day expiry, O's IV ten percent below the price sits 4.2 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	24.4%	+4.2 points
At the money	20.2%	0.0 points
10% above the price	21.8%	+1.6 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, O's surface spans 5 expiries out to 172 days, with IV from 19.7 to 36.8 percent near the price.

Figure	Value
Expiries captured	5
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more	24
Lowest IV among them	19.7%
Highest IV among them	36.8%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, O has 5 captured expiries, from 16 Oct 2026 to 19 Mar 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	19.6%	26,674	12,582
20 Nov 2026	53	20.2%	4,325	4,015
18 Dec 2026	81	20.6%	16,931	13,468
15 Jan 2027	109	20.3%	18,650	15,701
19 Mar 2027	172	20.8%	7,397	5,972

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, O's largest open interest sits at the 57.5 strike, with 30,617 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
57.5	23,390	7,227	30,617
60	12,170	9,811	21,981
55	4,850	12,693	17,543
62.5	8,436	5,690	14,126
65	10,524	1,465	11,989
70	6,653	202	6,855

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, O's at the money IV moved from 17.3 percent to 19.6 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	17.3%	19.6%	+2.3 points
Open interest, strikes captured near the price	106,820	125,715	+18,895
Put/call ratio, open interest	0.89	0.70	-0.19

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Changed Hands

On 28 Sep 2026, 12,800 O option contracts traded, 0.8 times its own recent average.

Figure	Value
Calls traded	6,512
Puts traded	6,288
Against its recent average	0.8 times
Busier than	14 of its last 20 trading days
Open interest, whole chain	143,579 contracts
Volume to open interest	0.09
Unusual volume flag	Yes, 2 contracts traded well above open interest
Largest flagged contract	The 50 put expiring 20 Nov, 434 traded against 161 open

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of O's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	61.89	minus $194,033	62.5	62.5
21 Sep 2026	56.65	minus $1.31 million	57.5	57.5
28 Sep 2026	55.35	$4.05 million	57.5	55

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of O was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	60.87, the swing high of 2 Sep 2026
Level below the close	55.07, the swing low of 24 Sep 2026, a close past it runs against the view
The chart	Sits against the view
Strategy family	Bull call spread (buy a call spread)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Rank by Timeframe

On 25 Sep 2026 O sat at the 69th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	10 of 100	Bearish
20 trading days	51 of 100	Neutral
45 trading days	69 of 100	Neutral

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Timeframe Agreement

On 25 Sep 2026 O's near timeframes were bearish and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bearish	1 of 2
Long	45 day	Neutral	0 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Signal History

On 25 Sep 2026 O had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	69 of 100
24 Sep 2026	None	55 of 100
23 Sep 2026	None	75 of 100
22 Sep 2026	None	79 of 100
21 Sep 2026	None	13 of 100
18 Sep 2026	None	24 of 100
17 Sep 2026	None	25 of 100
16 Sep 2026	None	71 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Sector Split

On 25 Sep 2026, 11 of 41 Real Estate names were bullish and 17 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Real Estate	41	11	17	13

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Price Chart

O closed at 55.35 on 28 Sep 2026.

Figure	Value
Last close	55.35
Change over 5 trading days	-2.3%
Change over 21 trading days	-10.4%
Change over 63 trading days	-12.2%
Change over 252 trading days	-7.4%
52 week high	67.94
52 week low	55.07
20 day moving average	58.58
50 day moving average	61.47
200 day moving average	61.88
RSI, 14 days	17

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

O reports next on 2 Nov 2026, a date worked out from past quarters.

Figure	Value
Next report	2 Nov 2026, after the close
Date	Worked out from past quarters
Move after the report of 5 Aug 2026	-0.5%
Move after the report of 30 Apr 2026	-0.7%
Move after the report of 28 Jan 2026	+1.2%
Move after the report of 5 May 2025	-0.3%

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Short Volume

On 25 Sep 2026, 39.8 percent of O's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	39.8%
Five day average	35.8%
52 week median	58.8%

Short sale volume counts trades marked short at the covered venues, mostly off exchange. It is not the same as short interest.

Short volume as of 25 Sep 2026. Current on every plan.

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Seasonality

In the 23 Septembers on record, O's average change was minus 1.4 percent, and it rose in 56.5 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-1.4%	+0.4%	56.5%	23
October	+0.3%	+1.7%	52.2%	23
November	+0.5%	+1.3%	60.9%	23

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Headlines

The desk's news feeds carried 6 headlines naming O in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	6
Latest	28 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

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Questions

What is O's IV rank?: O's IV rank is 45 of 100 on 28 Sep 2026.
What move are O options pricing?: On 28 Sep 2026, O options priced a move of 4.4 percent down and 4.2 percent up by 16 Oct 2026.
Where are O's call wall and put wall?: On 28 Sep 2026, O's call wall is the 57.5 strike and its put wall is the 55 strike.
What was the desk's latest view of O on the Free plan?: On 25 Sep 2026 the desk's view of O was bullish, paper trading.
When does O report earnings next?: O reports next on 2 Nov 2026, a date worked out from past quarters.

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