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KLAC

KLA CorporationClose $237.33EOD only

Max Pain

$188.00

Next expiry Jun 18, 2026

Expected Move

±$12.40

5.2% from close

Price Gap

-49.33

Distance to max pain

IV Rank

High premium

P/C OI

1.48

Slightly put-heavy

Consensus

—

No reports available

Published snapshot: Jun 16, 2026 close

End-of-day snapshot

This page reflects KLAC options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Jun 16, 2026 close

KLAC Directional Report

Analysis based on market close June 17, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

Neutral-bullish near-term with pinning support at $224 from dealer gamma; spot at $238.84 trades above max pain ($220) creating pullback risk but positive GEX cushions downside. Prefer holding range for expiry.

Confidence:

7.5 / 10

Base 5; GEX positive (+2), pinning (+1), spot vs MP (-1), VIX 18 (+0.5). Net 7.5.

Supports: Positive dealer gamma $3.1M, pinning near $224, long delta +18.9M shares, EM guardrails $229-$248.
Conflicts: Spot above max pain by 9%, high IV (vol detail), mixed flow with put buying, earnings/event uncertainty.

🟢Dealer long gamma $3.1M; pinning at $224 supports downside.

🔴Spot 9% above July max pain $220; bearish skew risk.

🟡High IV suggests event; bias to compress post-expiry.

Regime Classification

Vol Regime

High

IV high relative to typical 30-day range; VIX 18.44 provides context but ticker-specific vol elevated due to upcoming 6/18 expiry and dealer hedging.

Gamma Regime

Pinning

Positive gamma $3.1M, flip at ~$224 from put OI concentration; spot $238.84 well above flip level, providing cushion until tested.

Flow Regime

Mixed

Mixed net premium with both put buying and call selling; overall near neutral but dealer long gamma positive.

Spot vs Max Pain

Above

Spot $238.84, nearest max pain $220 (Jul) is 9% below; front-month 6/18 max pain $188 is 27% below, indicating strong call wall above.

Thesis duration: Event-specific — Front-month expiry tomorrow with pinning dynamics; high vol and dealer gamma create near-term event-driven opportunity.

Price Range Forecast

Next 2 days

$229.43$248.03

Pinning floor at $224; resistance at $248 (EM band); break below $224 invalidates.

Key Levels

Max pain pins: $188 (2026-06-18); $220 (2026-07-17); $218 (2026-08-21)

EM guardrails: 2d $229.43/$248.03

Support: $224.00

Resistance: $260.00

Gamma flip: ~$224.00 — Approx — based on put OI concentration of 20,821 (6.2% below spot)

Structural: Max pain: $188 (Jun), $220 (Jul), $218 (Aug). Support $224 (gamma flip from put OI), resistance $260. EM guardrails: $229.43-$248.03.

Dealer Positioning (GEX/DEX)

GEX: $+3.1M

DEX: +18.9M shares

Gamma flip: ~$224 (Approx — based on put OI concentration of 20,821 (6.2% below spot))

NTM gamma: GEX +$3.1M positive, delta +18.9M shares long, gamma flip ~$224 (6.2% below spot).

IV Analysis

IV vs VIX: Ticker IV rich relative to VIX 18.44, implying event premium (expiry) and potential for post-event crush.

Term structure: Front-end elevated with 6/18 expiry; backwardation from near-term event volatility; longer-dated options cheaper.

Skew: Put skew steep below $224; call overwriting above $248 attractive; consider ATM strangle sale for decay.

Flow Analysis

Net premium: Net +$35M premium, put/call vol 1.48, net put buying.

Directional prints: put 1400 ITM 2027-03-19 — Vol/OI 1.8, bought deep ITM put for $125; bearish speculation. 72.3 put 200 OTM 2026-08-21 — Vol/OI 1.5, bought OTM put with 72% IV; downside protection.

Unusual:

Risks & Catalysts

!Break below $224 gamma flip triggers dealer selling and sharp decline.

!Spot reverts to max pain $220 or lower if flow turns bearish.

!Volatility compression post-expiry removes premium advantage.

!Unexpected earnings or macro shock given high IV.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-08-21 $230.00/$240.00 call spread Why now: Current price near support, bullish flow, manageable risk in range-bound regime.	If stock drops below 230, spread loses value; gains capped at 240.
Put calendar	Moderate-Weak	Sell 2026-07-17 $224.00 put / buy 2026-08-21 $224.00 put Why now: Flat term structure, sell near-term vol at 224 support, buy back-month for downside protection at same strike.	If stock drops below 224 before near-term expiry, both legs become ITM and losses mount.

Top Plays

Bull Call Spread

Buy 2026-08-21 $230.00/$240.00 call spread

Buy Aug 230/240 call spread for defined risk and upside to 240.

Why this play: Aligns with neutral-bullish bias and support at $224.

Debit: $4.95-$6.05

Max loss: $6.05

BE: $236.05

Mgmt: Exit if spot breaks $224.

Traders expecting recovery off support.

Put Calendar

Sell 2026-07-17 $224.00 put / buy 2026-08-21 $224.00 put

Sell Jul put at 224, buy Aug put same strike.

Why this play: Hedges downside while selling near-term volatility.

Debit: $7.83-$9.57

Max loss: $9.57

BE: Path-dependent

Mgmt: Roll if 224 broken.

Traders expecting pinning and range-bound action.

Watchlist Triggers

Entry Triggers

IFIf spot holds above $224 support → Buy Aug 230/240 call spread for defined risk.

IFIf spot near $224 support and range-bound → Sell Jul $224 put / buy Aug $224 put (put calendar).

Exit Triggers

EXITIf spot breaks below $224 → Exit both positions; close call spread and put calendar.

Tactical Summary

KLAC neutral-bullish near-term with gamma support at $224, resistance $260. Risk: gamma flip below $224 triggers selling. Prefer defined-risk spreads; enter on hold above support, exit on breakdown.

How to Use These Reports

This directional reflects the market close on June 17, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.