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KMIKinder Morgan, Inc.

Options Analysis Report•NATURAL GAS TRANSMISSION
Market Cap $70.3B|NYSE
● 2026-08-28$31.56
NEUTRAL
Analysis: 2026-08-27 EOD data
1Y +18.0%YTD +13.9%7D +1.8%
10,926
30D
±6.6%
18%

KMI Options Overview

IV is low with bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

6.0VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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KMI Gamma Walls

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Value

Is IV priced right?

8.0
ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed
≤35%

IV Rank 20.9% — cheap vs history

<1.05x

IV/HV 0.94x — IV ≤ HV

Sector Relative≤50%

Sector percentile 0% — below sector median

<1.1x

Front/Back 0.94x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 25.0% — normal range

<80%

Effective IV 47.1% (ATM 25.0% + spread 11.1% + bias) — excellent value

<3.0%

Total drag 16.40% (spread 11.05% + slippage 5.35%) — high friction

≥5.0

Vega efficiency 3.01 (vega 3.324 / spread 11.05%) — spread drag

Sentiment

Bullish or bearish?

5.1
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -36%, Raw: -27%)
|net sentiment| ≥25%

Conviction-weighted: -36% (strong bearish) — Raw: -27%

≥15%

|OI skew| 27.7% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +24.7%, OI skew +27.7% — aligned

≥2/3 conditions

0-DTE 21%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -0%, ATM: -23%, OTM: -38% — neutral (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 41% — bullish vs sector

Activity

Unusual activity?

4.1
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 1.1x avg — normal

≥15%

Vol/OI 3.5% — normal turnover

≥2 days

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

≥5%

OI change +1.3% (5d) — stable

Sector Relative≥60%

Sector activity percentile 32% — below sector avg

≥30%

Large trade volume 43% — institutional presence

≥60%

Aggressive execution 42% — patient

≥30

Conviction -36 (bearish) — moderate

Liquidity

Can I trade efficiently?

4.8
IlliquidLiquid

Evaluates

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

Risk Checks4/8 checks passed
≤5.0%

Spread 11.1% — wide

≥10,000

OI 317,120 — deep

≥500

Volume 10,926/day — active

≤$0.50

$0.55 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 9% — much tighter than sector

≥100 contracts

Depth 369.3 contracts (bid:199.0 ask:170.3) — adequate

<1.0%

Avg slippage 5.35% — poor

Timing

Is now a good time?

8.1
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed
|slope| ≥5%

Slope -6.5% — contango

<30 or >70

IV percentile 21% — buyer opportunity

≥10pts kink

IV kink -0.8pts — no clear event

<0.5 or >2.0

θ/ν ratio 196.68 — 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 -36% @ 68% consistency — moderate (bearish)

≥40 composite score

Score 73 (ITM 20% + inst 43%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls6.5
bullishIV cheap, mixed flow
Long Puts6.4
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.6
bullishIV too cheap, mixed flow
Covered Call4.5
bearishIV too cheap, 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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