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Being a proponent of both Single and Multiline text (use the appropriate tool for the job) I was wondering if you have the Strikethrough option when editing single line text. The answer is ‘Yes’, but let me show you how I found it.
By default, when editing single line text, a ‘frameless’ editor is displayed, but the right-click menu has no option for Strikethrough.
If you use the Strikethrough on Mtext, then Explode it, you still have the Strikethrough characters.
Set the variable DTEXTED to <1> for the legacy Edit Text dialog box for editing single line text.
Double-click single line text with the Strikethrough characters, and you see your answer: %%K