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KEYKeyCorp

Options Analysis Report•NATIONAL COMMERCIAL BANKS
Market Cap $23.4B|NYSE
● 2026-08-31$21.91
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +15.6%YTD +4.4%7D +0.2%
837
30D
±6.4%
12%

KEY Options Overview

bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

5.0VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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KEY Gamma Walls

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Value

Is IV priced right?

5.7
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 34.4% — cheap vs history

<1.05x

IV/HV 1.51x — IV premium over HV

Sector Relative≤50%

Sector percentile 67% — above sector median

<1.1x

Front/Back 0.83x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 26.5% — normal range

<80%

Effective IV 55.9% (ATM 26.5% + spread 14.7% + bias) — good value

<3.0%

Total drag 21.88% (spread 14.72% + slippage 7.16%) — high friction

≥5.0

Vega efficiency 2.82 (vega 4.153 / spread 14.72%) — spread drag

Sentiment

Bullish or bearish?

5.4
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -32%, Raw: -27%)
|net sentiment| ≥25%

Conviction-weighted: -32% (strong bearish) — Raw: -27%

≥15%

|OI skew| 11.2% — balanced

Same sign, |vol skew| ≥10%

Vol skew +74.2%, OI skew +11.2% — aligned

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -90%, ATM: -3%, OTM: -45% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 8% — very bullish vs sector

Activity

Unusual activity?

3.4
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.4x avg — normal

≥15%

Vol/OI 0.7% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +3.6% (5d) — building

Sector Relative≥60%

Sector activity percentile 24% — below sector avg

≥30%

Large trade volume 22% — mixed

≥60%

Aggressive execution 54% — patient

≥30

Conviction -32 (bearish) — moderate

Liquidity

Can I trade efficiently?

3.0
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks3/8 checks passed
≤5.0%

Spread 14.7% — wide

≥10,000

OI 124,427 — deep

≥500

Volume 837/day — adequate

≤$0.50

$0.74 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 67% — wider than sector

≥100 contracts

Depth 843.9 contracts (bid:455.9 ask:388.0) — deep

<1.0%

Avg slippage 7.16% — poor

Timing

Is now a good time?

7.3
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed
|slope| ≥5%

Slope -17.4% — contango

<30 or >70

IV percentile 34% — neutral

≥10pts kink

IV kink -2.6pts — no clear event

<0.5 or >2.0

θ/ν ratio 728.61 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -32% @ 66% consistency — moderate (bearish)

≥40 composite score

Score 52 (ITM 20% + inst 22%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls5.4
bullishIV fair, mixed flow
Long Puts5.2
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.9
bullishIV fair, mixed flow
Covered Call4.6
bearishIV fair, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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