KLAC
KLA CorporationClose $259.56EOD onlyThis page reflects KLAC options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Historical consensus-supported lens with full content, report chain context, and metric rail.
Outlook
Bullish bias with strong flow and GEX alignment, but spot 38% above max pain introduces pin risk. Confidence 8/10.
Conflicts: Spot far from max pain, resistance at $260.
Regime Classification
Price Range Forecast
Key Levels
Dealer Positioning (GEX/DEX)
GEX: $+3.9M
DEX: +19.5M shares
Gamma flip: ~$224 (Approx — based on put OI concentration of 20,822 (13.7% below spot))
NTM gamma: GEX +$3.9M positive, DEX +19.5M shares long. Gamma flip near $224.
IV Analysis
IV vs VIX: IV elevated relative to VIX 16, indicating rich premium.
Term structure: No notable skew; term structure likely upward sloping.
Skew: Put-heavy OI at $224 may create skew; consider call spreads above resistance.
Flow Analysis
Net premium: Net premium +$97.4M with call volume ratio 0.72, but put OI ratio 1.48, reflecting call buying vs put positioning.
Directional prints: 79.1 call 300 OTM 2026-08-21 — Vol/OI 5.7, high call volume vs OI suggests aggressive buying of OTM calls, bullish direction. 72.3 put 170 OTM 2027-01-15 — Vol/OI 2.7, elevated put volume on ITM put, possibly hedging or bearish positioning.
Unusual: 79.1 call 300 OTM 2026-08-21 — Unusual call volume 1461 vs OI 256, IV 79%, OTM call buying likely bullish. 72.3 put 170 OTM 2027-01-15 — Unusual put volume 354 vs OI 131, ITM put buying could be hedging or bearish. 0 put 1400 ITM 2027-03-19 — Vol/OI 1.8, elevated but high premium $124.99, OTM put trade likely a large bearish bet or spread.
Risks & Catalysts
Strategy Viability
| Strategy | Edge | Best Setup | Primary Risk |
|---|---|---|---|
| Bull call spread | Moderate-Strong | Buy 2026-08-21 $260.00/$300.00 call spread Why now: Flow shows unusual call volume at 300 strike indicating bullish sentiment; bull call spread defines risk while benefiting from continued upside, aligning with multi-week duration. | Pin risk if spot stays near max pain; upside capped at short strike, but limited downside. |
| Put credit spread | Moderate | Sell 2026-08-21 $248.00/$236.00 put spread Why now: Defined-risk premium sale benefits from high IV and bullish bias, limited upside but consistent with flow. | Upside capped and pin risk at expiry if spot stays below short put. Liquidity constraints: long_put: Volume below 5. |
| Bull call spread | Moderate-Strong | Buy 2026-08-21 $260.00/$300.00 call spread Why now: Defined-risk debit spread captures upside with limited cost, aligns with OTM call buying flow. | Time decay works against if move is slow; IV contraction hurts long premium. |
| Bullish risk reversal | Moderate | Buy 2026-08-21 $280.00 call / sell 2026-08-21 $244.00 put Why now: Upside convexity financed by short put premium, aligns with aggressive OTM call buying. | Unlimited downside on short put if spot drops sharply; long call suffers from IV contraction. |
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Tactical Summary
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.
Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.
These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.