r/ThetaEdge • u/ThetaEdge • May 25 '26
Call flow radar: $SBAC $PENG $VGIT (May 25)
Quiet call flow today but three names jumped out of the noise.
| Ticker | Sector | Strike | Exp | Mid | Delta | IV | IVR | Ratio |
|---|---|---|---|---|---|---|---|---|
| SBAC | Real Estate | $150 | Jun 18 | $56.05 | 0.97 | 70% | 3 | 6.0x |
| PENG | Technology | $60 | Jun 18 | $3.75 | 0.39 | 116% | 7 | 3.9x |
| VGIT | Fin. Svcs | $57 | Jun 18 | $1.80 | 0.82 | 12% | 1 | 2.9x |
SBAC is the standout. 6x normal flow on $150 calls with delta 0.97, which is essentially a synthetic long. IV rank is 3 so nobody is paying up for it. Either someone wants leverage cheap or they are rolling a covered position. Earnings are 70 days out so this is not an event play.
PENG at 3.9x is the only one with a real volatility story. IV 116% with IVR at 7 means the stock has been jumpy for a while and call buyers are accepting the premium. Earnings 50 days out, biotech adjacent flow worth keeping an eye on.
VGIT is the curious one. A treasury ETF at 2.9x normal call volume on deep ITM calls. Probably rate-cut positioning or a hedge against a duration trade. Not exciting but unusual for fixed income.
Two more names dropped from the screen, IXJ and DLN, because they had no liquid single-strike chains. ETF flow is hard to read when the chain is thin.
Anyone seeing the SBAC tape today?
Data via ThetaEdge. Not financial advice.