KTOSKratos Defense & Security Solutions, Inc.
Options Analysis Report•GUIDED MISSILES & SPACE VEHICLES & PARTS
Market Cap $10.3B|NASDAQ
● 2026-05-15$54.85
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y +59.5%YTD -30.8%7D -5.3%
Options Vol
17,880
30D
Implied Move
±20.3%
IV Rank
31%
KTOS Options Overview
IV is elevated with unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.6
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 82.2% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.17x — IV premium over HV
Sector Relative≤50%
Sector percentile 84% — above sector median
Term Structure
<1.1xFront/Back 1.06x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 74.4% — normal range
Spread-Adjusted Value
<80%Effective IV 100.5% (ATM 74.4% + spread 13.1% + bias) — expensive
Execution Efficiency
<3.0%Total drag 18.64% (spread 13.06% + slippage 5.58%) — high friction
Vega Efficiency
≥5.0Vega efficiency 12.97 (vega 16.941 / spread 13.06%) — efficient
Sentiment
Bullish or bearish?
4.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +1%, Raw: +16%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +1% (neutral) — Raw: +16%
OI Skew Magnitude
≥15%|OI skew| 29.3% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -15.6%, OI skew +29.3% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 13%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +32%, ATM: +30%, OTM: +14% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 82% — very bearish vs sector
Activity
Unusual activity?
6.2
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks5/9 checks passed
Volume Surge
≥1.5xVolume 1.7x avg — elevated
Turnover Rate
≥15%Vol/OI 15.8% — high 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 +21.7% (5d) — building
Sector Relative≥60%
Sector activity percentile 89% — very active vs sector
Trade Quality
≥30%Large trade volume 40% — institutional presence
Execution Urgency
≥60%Aggressive execution 41% — patient
Flow Conviction
≥30Conviction +1 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.8
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 13.1% — wide
Adequate OI
≥10,000OI 113,263 — deep
Active Volume
≥500Volume 17,880/day — active
Reasonable Cost
≤$0.50$0.65 to cross — expensive
Strike Coverage
≥5 strikes1 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 90% — much wider than sector
Order Book Depth
≥100 contractsDepth 243.5 contracts (bid:129.3 ask:114.2) — adequate
Execution Quality
<1.0%Avg slippage 5.58% — poor
Timing
Is now a good time?
7.4
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +6.2% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 82% — seller opportunity
Event Detection
≥10pts kinkIV kink 6.1pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 609.39 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No earnings detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +1% @ 50% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 70 (ITM 20% + inst 40%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls4.9
bullishIV fair, mixed flow
Long Puts5.1
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.2
bullishIV fair, mixed flow
Covered Call5.4
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.