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KMIKinder Morgan, Inc.

Options Analysis Report•NATURAL GAS TRANSMISSION
Market Cap $70.3B|NYSE
● 2026-08-31$31.56
BULLISH
Analysis: 2026-08-28 EOD data
1Y +18.0%YTD +13.9%7D +1.8%
5,102
30D
±6.4%
13%

KMI Options Overview

IV is low with bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.8VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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KMI Gamma Walls

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Value

Is IV priced right?

8.3
ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed
≤35%

IV Rank 16.8% — cheap vs history

<1.05x

IV/HV 0.90x — IV ≤ HV

Sector Relative≤50%

Sector percentile 0% — below sector median

<1.1x

Front/Back 0.91x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 23.1% — normal range

<80%

Effective IV 47.1% (ATM 23.1% + spread 12.0% + bias) — excellent value

<3.0%

Total drag 17.10% (spread 12.00% + slippage 5.10%) — high friction

≥5.0

Vega efficiency 1.23 (vega 1.472 / spread 12.00%) — spread drag

Sentiment

Bullish or bearish?

5.7
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -23%, Raw: -16%)
|net sentiment| ≥25%

Conviction-weighted: -23% (bearish) — Raw: -16%

≥15%

|OI skew| 27.1% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +66.6%, OI skew +27.1% — 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: -67%, ATM: -6%, OTM: -24% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 14% — very bullish vs sector

Activity

Unusual activity?

3.1
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.6x avg — normal

≥15%

Vol/OI 1.6% — normal turnover

≥2 days

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

≥5%

OI change +11.1% (5d) — building

Sector Relative≥60%

Sector activity percentile 23% — below sector avg

≥30%

Large trade volume 20% — mixed

≥60%

Aggressive execution 34% — patient

≥30

Conviction -23 (bearish) — mixed

Liquidity

Can I trade efficiently?

4.4
IlliquidLiquid

Evaluates

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

Risk Checks4/8 checks passed
≤5.0%

Spread 12.0% — wide

≥10,000

OI 321,628 — deep

≥500

Volume 5,102/day — active

≤$0.50

$0.60 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 5% — much tighter than sector

≥100 contracts

Depth 405.0 contracts (bid:168.6 ask:236.4) — adequate

<1.0%

Avg slippage 5.10% — poor

Timing

Is now a good time?

7.4
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -9.2% — contango

<30 or >70

IV percentile 17% — buyer opportunity

≥10pts kink

IV kink -1.2pts — no clear event

<0.5 or >2.0

θ/ν ratio 57.73 — 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 -23% @ 61% consistency — unclear

≥40 composite score

Score 50 (ITM 20% + inst 20%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls7.4
bullishIV cheap, mixed flow
Long Puts6.2
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.5
bullishIV too cheap, mixed flow
Covered Call4.0
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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