KTOSKratos Defense & Security Solutions, Inc.
Options Analysis Report•GUIDED MISSILES & SPACE VEHICLES & PARTS
Market Cap $10.8B|NASDAQ
● 2026-06-09$56.19
BULLISH
Analysis: 2026-06-08 EOD data
1Y +43.0%YTD -29.1%7D -11.2%
Options Vol
10,732
30D
Implied Move
±21.9%
IV Rank
36%
KTOS Options Overview
IV is elevated with unusual activity. No clear edge detected.
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 Checks5/9 checks passed
IV Rank
≤35%IV Rank 87.3% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.92x — IV ≤ HV
Sector Relative≤50%
Sector percentile 88% — above sector median
Term Structure
<1.1xFront/Back 1.02x — flat
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 78.2% — normal range
Spread-Adjusted Value
<80%Effective IV 101.9% (ATM 78.2% + spread 11.9% + bias) — expensive
Execution Efficiency
<3.0%Total drag 17.57% (spread 11.86% + slippage 5.71%) — high friction
Vega Efficiency
≥5.0Vega efficiency 14.17 (vega 16.806 / spread 11.86%) — efficient
Sentiment
Bullish or bearish?
6.4
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -2%, Raw: -3%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -2% (neutral) — Raw: -3%
OI Skew Magnitude
≥15%|OI skew| 34.4% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +55.5%, OI skew +34.4% — aligned
Conviction Quality
≥2/3 conditions0-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: +1%, ATM: +20%, OTM: -4% — neutral (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 35% — bullish vs sector
Activity
Unusual activity?
3.3
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.8x avg — normal
Turnover Rate
≥15%Vol/OI 7.9% — normal 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 -2.9% (5d) — unwinding
Sector Relative≥60%
Sector activity percentile 89% — very active vs sector
Trade Quality
≥30%Large trade volume 16% — mixed
Execution Urgency
≥60%Aggressive execution 39% — patient
Flow Conviction
≥30Conviction -2 (bearish) — 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 11.9% — wide
Adequate OI
≥10,000OI 135,486 — deep
Active Volume
≥500Volume 10,732/day — active
Reasonable Cost
≤$0.50$0.59 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 93% — much wider than sector
Order Book Depth
≥100 contractsDepth 213.7 contracts (bid:115.7 ask:98.0) — adequate
Execution Quality
<1.0%Avg slippage 5.71% — poor
Timing
Is now a good time?
6.5
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +1.9% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 87% — seller opportunity
Event Detection
≥10pts kinkIV kink 3.0pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 506.20 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: No earnings detected; CPI in 1d (HIGH)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -2% @ 51% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 46 (ITM 20% + inst 16%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls5.4
bullishIV fair, bullish flow
Long Puts4.4
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.7
bullishIV fair, bullish flow
Covered Call4.6
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.