Options/KRP

KRPKimbell Royalty Partners, LP Common Units representing Limited Partner Interests

Options Analysis Report•CRUDE PETROLEUM & NATURAL GAS

Market Cap $1.5B|NYSE

● 2026-08-31$14.91

BULLISH

Analysis: 2026-08-28 EOD data

1Y +7.0%YTD +23.9%7D -3.6%

Options Vol

143

30D

Implied Move

±5.2%

IV Rank

KRP Options Overview

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

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

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KRP Gamma Walls

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Value

Is IV priced right?

8.8

ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed

IV Rank

≤35%

IV Rank 17.6% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 0.91x — IV ≤ HV

Sector Relative≤50%

Sector percentile 2% — below sector median

Term Structure

<1.1x

Front/Back 1.02x — flat

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 18.3% — normal range

Spread-Adjusted Value

<80%

Effective IV 38.7% (ATM 18.3% + spread 10.2% + bias) — excellent value

Execution Efficiency

<3.0%

Total drag 16.61% (spread 10.19% + slippage 6.42%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 3.59 (vega 3.654 / spread 10.19%) — spread drag

Sentiment

Bullish or bearish?

6.3

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Strong signal (Conviction: -6%, Raw: -1%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -6% (neutral) — Raw: -1%

OI Skew Magnitude

≥15%

|OI skew| 43.2% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +39.9%, OI skew +43.2% — aligned

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -60%, ATM: +2%, OTM: +0% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 56% — bearish vs sector

Activity

Unusual activity?

2.2

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.3x avg — normal

Turnover Rate

≥15%

Vol/OI 1.1% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +3.5% (5d) — building

Sector Relative≥60%

Sector activity percentile 43% — neutral vs sector

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 16% — patient

Flow Conviction

≥30

Conviction -6 (bearish) — mixed

Liquidity

Can I trade efficiently?

4.0

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 10.2% — wide

Adequate OI

≥10,000

OI 13,183 — adequate

Active Volume

≥500

Volume 143/day — thin

Reasonable Cost

≤$0.50

$0.51 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 39% — tighter than sector

Order Book Depth

≥100 contracts

Depth 375.3 contracts (bid:303.6 ask:71.7) — adequate

Execution Quality

<1.0%

Avg slippage 6.42% — poor

Timing

Is now a good time?

6.2

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +2.2% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 18% — buyer opportunity

Event Detection

≥10pts kink

IV kink -0.1pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 1304.93 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -6% @ 53% consistency — unclear

Smart Money Timing

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls7.5

bullishIV cheap, bullish flow

Long Puts5.9

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put4.3

bullishIV too cheap, bullish flow

Covered Call3.4

bearishIV too cheap, bullish 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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