Real Estate

SBA Communications Corp (SBAC) options and signal

Figures as of 28 Sep 2026

SBAC is SBA Communications 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	93 of 100	28 Sep
At the money IV	40.1%	28 Sep
Priced move to 16 Oct	9.6% down, 8.9% up	28 Sep
Call wall and put wall	185 and 175	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	163.43	28 Sep
Next report	2 Nov 2026	28 Sep

Options Snapshot

SBAC's IV rank is 93 of 100 on 28 Sep 2026.

Figure	Value
IV rank	93 of 100
At the money IV	40.1%, near month, 18 days
Put/call ratio, open interest	0.81
Call open interest, strikes captured near the price	1,640 contracts
Put open interest, strikes captured near the price	1,330 contracts
Cost to trade at the money	Wide, 83.7% of the option's mid price

IV rank is where the at the money IV sits among SBAC'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, SBAC options priced a move of 9.6 percent down and 8.9 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	9.6%	8.9%	147.73 to 178.03
20 Nov 2026	53	14.8%	14.4%	139.23 to 186.93
18 Dec 2026	81	13.2%	16.8%	141.83 to 190.83
19 Mar 2027	172	22.9%	24.0%	126.03 to 202.63

The range is one standard deviation either side of the close of 163.43, 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, SBAC's call wall is the 185 strike and its put wall is the 175 strike.

Figure	Value
Call wall, most open call gamma	185
Put wall, most open put gamma	175
Net dollar gamma, calls minus puts	minus $260,956
Total dollar gamma, both sides	$989,547
Close	163.43

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.

Net gamma changes sign at 2 strikes, so no single flip strike is named.

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, SBAC's at the money IV is 40.1 percent against 20 day realized volatility of 23.3 percent.

Figure	Value
At the money IV	40.1%
Realized volatility, 20 trading days	23.3%
Realized volatility, 60 trading days	30.5%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	856, from 8 Jan 2010
Weeks the price moved more than the one week priced move	26.6% 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, SBAC's at the money IV runs from 40.1 percent at 18 days to 35.3 percent at 172 days.

Days to expiry	At the money IV
18	40.1%
53	38.3%
81	31.2%
172	35.3%

Near expiries price more volatility than far ones, an inverted 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, SBAC's IV ten percent below the price sits 1.0 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	37.3%	-1.0 points
At the money	38.3%	0.0 points
10% above the price	38.0%	-0.4 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, SBAC's surface spans 4 expiries out to 172 days, with IV from 31.9 to 79.8 percent near the price.

Figure	Value
Expiries captured	4
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	22
Lowest IV among them	31.9%
Highest IV among them	79.8%

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, SBAC has 4 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	40.1%	965	932
20 Nov 2026	53	38.3%	326	159
18 Dec 2026	81	31.2%	276	192
19 Mar 2027	172	35.3%	71	50

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, SBAC's largest open interest sits at the 175 strike, with 940 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
175	72	868	940
200	369	9	378
185	321	36	357
195	315	39	354
210	207	0	207
180	158	9	167

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, SBAC's at the money IV moved from 32.3 percent to 40.1 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	32.3%	40.1%	+7.8 points
Open interest, strikes captured near the price	4,024	2,971	-1,053
Put/call ratio, open interest	0.92	0.81	-0.11

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, 522 SBAC option contracts traded, 0.3 times its own recent average.

Figure	Value
Calls traded	315
Puts traded	207
Against its recent average	0.3 times
Busier than	0 of its last 20 trading days
Open interest, whole chain	4,209 contracts
Volume to open interest	0.12
Unusual volume flag	No

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 SBAC'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	181.97	minus $218,715	210	175
21 Sep 2026	176.28	minus $670,092	185	175
28 Sep 2026	163.43	minus $260,956	185	175

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 SBAC was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	179.52, the swing high of 10 Sep 2026
Level below the close	162.21, the swing low of 28 Sep 2026, a close past it runs against the view
The chart	Sits against the view
Strategy family	Cash-secured put (sell a put below the price)
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 SBAC sat at the 76th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	78 of 100	Neutral
20 trading days	78 of 100	Neutral
45 trading days	76 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 SBAC's near timeframes were neutral and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 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 SBAC had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	76 of 100
24 Sep 2026	None	55 of 100
23 Sep 2026	None	73 of 100
22 Sep 2026	None	61 of 100
21 Sep 2026	None	62 of 100
18 Sep 2026	None	48 of 100
17 Sep 2026	None	45 of 100
16 Sep 2026	None	41 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

SBAC closed at 163.43 on 28 Sep 2026.

Figure	Value
Last close	163.43
Change over 5 trading days	-7.3%
Change over 21 trading days	-12.6%
Change over 63 trading days	-9.0%
Change over 252 trading days	-16.4%
52 week high	224.46
52 week low	162.21
20 day moving average	180.62
50 day moving average	181.40
200 day moving average	191.89
RSI, 14 days	26

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

SBAC 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 3 Aug 2026	+4.7%
Move after the report of 30 Apr 2026	-1.2%
Move after the report of 28 Jan 2026	+2.0%
Move after the report of 28 Apr 2025	+6.8%

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

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Company Events

SBAC filed 1 current report in the 14 days to 28 Sep 2026, the latest on 25 Sep 2026.

Filed	Report	What it covers
25 Sep 2026	Current report	Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

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

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Short Volume

On 25 Sep 2026, 33.7 percent of SBAC's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	33.7%
Five day average	43.8%
52 week median	47.8%
Short interest, share of shares outstanding	3.6% at the 15 Sep 2026 settlement
Days to cover	4.1

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, SBAC's average change was minus 0.6 percent, and it rose in 47.8 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-0.6%	-1.7%	47.8%	23
October	+3.4%	+1.3%	65.2%	23
November	+2.4%	+3.7%	56.5%	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 1 headline naming SBAC in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	1
Latest	26 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 SBAC's IV rank?: SBAC's IV rank is 93 of 100 on 28 Sep 2026.
What move are SBAC options pricing?: On 28 Sep 2026, SBAC options priced a move of 9.6 percent down and 8.9 percent up by 16 Oct 2026.
Where are SBAC's call wall and put wall?: On 28 Sep 2026, SBAC's call wall is the 185 strike and its put wall is the 175 strike.
What was the desk's latest view of SBAC on the Free plan?: On 25 Sep 2026 the desk's view of SBAC was bullish, paper trading.
When does SBAC report earnings next?: SBAC reports next on 2 Nov 2026, a date worked out from past quarters.

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Strike	Call open interest	Put open interest	Total
175	72	868	940
200	369	9	378
185	321	36	357
195	315	39	354
210	207	0	207
180	158	9	167

Strike	Call open interest	Put open interest	Total
175	72	868	940
200	369	9	378
185	321	36	357
195	315	39	354
210	207	0	207
180	158	9	167

Strike	Call open interest	Put open interest	Total
175	72	868	940
200	369	9	378
185	321	36	357
195	315	39	354
210	207	0	207
180	158	9	167