KMIKinder Morgan, Inc.
Options Analysis Report•NATURAL GAS TRANSMISSION
Market Cap $71.2B|NYSE
● 2026-04-17$32.02
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +24.2%YTD +15.6%7D -2.0%
Options Vol
17,754
30D
Implied Move
±7.6%
IV Rank
36%
KMI Options Overview
IV is low. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.2
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 9.1% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.30x — IV premium over HV
Sector Relative≤50%
Sector percentile 0% — below sector median
Term Structure
<1.1xFront/Back 1.29x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 25.8% — normal range
Spread-Adjusted Value
<80%Effective IV 50.9% (ATM 25.8% + spread 12.5% + bias) — good value
Execution Efficiency
<3.0%Total drag 18.39% (spread 12.54% + slippage 5.85%) — high friction
Vega Efficiency
≥5.0Vega efficiency 9.43 (vega 11.829 / spread 12.54%) — efficient
Sentiment
Bullish or bearish?
5.4
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Strong signal (Conviction: +28%, Raw: +21%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +28% (bullish) — Raw: +21%
OI Skew Magnitude
≥15%|OI skew| 30.9% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -29.3%, OI skew +30.9% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 9%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +68%, ATM: +28%, OTM: -5% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 83% — very bearish vs sector
Activity
Unusual activity?
5.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.9x avg — normal
Turnover Rate
≥15%Vol/OI 5.1% — 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 +5.0% (5d) — building
Sector Relative≥60%
Sector activity percentile 65% — active vs sector
Trade Quality
≥30%Large trade volume 45% — institutional presence
Execution Urgency
≥60%Aggressive execution 57% — patient
Flow Conviction
≥30Conviction +28 (bullish) — mixed
Liquidity
Can I trade efficiently?
4.5
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 12.5% — wide
Adequate OI
≥10,000OI 347,690 — deep
Active Volume
≥500Volume 17,754/day — active
Reasonable Cost
≤$0.50$0.63 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 4% — much tighter than sector
Order Book Depth
≥100 contractsDepth 629.7 contracts (bid:248.3 ask:381.4) — deep
Execution Quality
<1.0%Avg slippage 5.85% — poor
Timing
Is now a good time?
7.5
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +29.1% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 9% — buyer opportunity
Event Detection
≥10pts kinkIV kink 5.6pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 2414.04 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: Earnings in 5d (elevated risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +28% @ 64% consistency — moderate (bullish)
Smart Money Timing
≥40 composite scoreScore 75 (ITM 20% + inst 45%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls6.2
bullishIV cheap, mixed flow
Long Puts5.9
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.7
bullishIV too cheap, mixed flow
Covered Call4.5
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.