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KLAC

KLA CorporationClose $259.56EOD only
Max Pain
$226.00
Next expiry Jul 17, 2026
Expected Move
±$43.85
16.9% from close
Price Gap
-33.56
Distance to max pain
IV Rank
100
High premium
P/C OI
1.48
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Jun 18, 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 18, 2026 close
KLAC Theta Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Aggressive
Primary: Bull put spreads
Invalidation: Spot breaks below gamma flip at $224
Confidence:
6 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 38.1% from MP; +1 VIX 16

IV Environment

IV Regime
High
IV vs VIX
IV (avg 110.8%) significantly above VIX (16.4), indicating rich premium relative to realized vol.
Favorable?
Yes

Term structure: 0DTE IV extreme (ATM 56%, calls 368%, puts 610%); normal contango from next expiry onward (29d: 73.9%, 64d: 76.9%).

📈IV elevated vs VIX, premium selling attractive.
⚠️0DTE IV spike caution for near-term contracts.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+3.9M)

Gamma flip: ~$224.00 — Approx — based on put OI concentration of 20,822 (13.7% below spot)

OI concentrations: Put OI cluster $140-$224 (20.8k at $224, 13.7% below spot); Call OI wall $320-$320; Max pain $188 (Jun18), $226 (Jul17), $220 (Aug21).

Verdict: Spot at $239.84, above max pain and near gamma flip $224. Pin risk elevated if spot tests $224 support.

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $236.00/$220.00 put spread
Sell put spread to collect premium, benefiting from elevated IV and bullish bias.
Credit: $4.19-$5.12
Max loss: $10.88
BE: $230.88
Mgmt: Monitor spot near $224 gamma flip; close if breached. Liquidity warning: Liquidity constraints: short_put: Volume below 5.
#2
Iron condor
Sell 2026-07-17 $236.00/$220.00 put wing and $260.00/$265.00 call wing
Sell both put and call wings to capture IV premium with wide profit zone.
Credit: $6.30-$7.70
Max loss: $8.30
BE: 228.30 / 267.70
Mgmt: Adjust wings if spot trends toward $224 or $260. Liquidity warning: Liquidity constraints: short_put: Volume below 5.
#3
Cash-secured put
Sell 2026-07-17 $238.00 cash-secured put
Sell put to collect premium, obligating purchase if assigned.
Credit: $10.71-$13.09
Max loss: $224.91
BE: $224.91
Mgmt: Monitor spot; consider rolling if near $224. Liquidity warning: Liquidity constraints: short_put: Volume below 5.

Risk Alerts

!Spot 38.1% above max pain – potential for mean reversion.
!Gamma flip at $224 only 6.6% below – break could accelerate.
!0DTE IV spike may distort near-term premium estimates.
How to Use These Reports
This theta reflects the market close on June 18, 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.