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MSTR

Strategy IncClose $159.93EOD only

Max Pain

$165.00

Next expiry May 29, 2026

Expected Move

±$8.32

5.2% from close

Price Gap

+5.07

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.92

Balanced positioning

Consensus

6.0/10

Range bias

Published snapshot: May 26, 2026 close

End-of-day snapshot

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

Published Snapshot

May 26, 2026 close

MSTR Directional Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 6, 2026. A newer directional report is available for May 26, 2026.

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Outlook

Neutral with bullish pinning toward $130-$132. Confidence: 5/10. GEX +$98.5M creates strong pinning near spot, but net premium -$268.7M and P/C 1.08 show institutional hedging. Spot above max pain $124 for 4/10 but below $134 for 4/17, creating near-term gravity up.

Confidence:

5 / 10

base 5; +1 GEX positive (pinning), -1 GEX/flow contradict (net premium negative vs GEX positive)

Supports: GEX +$98.5M concentrated at $125-$136, put floor $100-$105
Conflicts: Net premium -$268.7M, P/C vol 1.08, spot above near-term max pain

📊GEX +$98.5M pins spot near $130-$132

⚠️Net premium -$268.7M suggests institutional hedging

Regime Classification

Vol Regime

High

IV 83.2% vs VIX N/A — extremely high, typical for MSTR

Gamma Regime

Pinning

GEX +$98.5M concentrated at $125-$136, pinning spot

Flow Regime

Mixed

Net prem -$268.7M with P/C 1.08, mixed flow

Spot vs Max Pain

Above

Above 4/10 MP $124, below 4/17 MP $134

Thesis duration: Multi-week — Max pain ladder trends down ($124 → $115 over 16 expirations) but GEX sign stable positive and flow regime consistent across expirations

Price Range Forecast

Next 2 weeks

$119.72$135.67

GEX pinning dominates; <$125 invalidates

Key Levels

Max pain pins: $124 (2026-04-10); $134 (2026-04-17); $140 (2026-04-24)

EM guardrails:

Support: $125.00 · $122.00 · $120.00

Resistance: $132.00 · $135.00 · $140.00

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 25,681 (21.7% below spot)

Structural: Call OI wall $135-$140 caps upside; put floor $100-$105 distant but strong

Dealer Positioning (GEX/DEX)

GEX: $+98.5M

DEX: +47.0M shares

Gamma flip: ~$100 (Approx — based on put OI concentration of 25,681 (21.7% below spot))

NTM gamma: Positive GEX concentrated at $125-$136; gamma flip ~$100 far below

IV Analysis

IV vs VIX: IV 83.2% vs VIX N/A — extremely high, typical for MSTR

Term structure: Humped — 4/10 76.5% > 4/17 69.6% > 4/24 71.8%

Skew: 4/10 vs 4/17 ~7 vol-pt differential

Flow Analysis

Net premium: -$268.7M bearish; P/C vol 1.08

Directional prints: put 120 OTM 2026-04-10 — Vol 6,738 vs OI 1,770 (3.8x), likely bought as hedge call 130 OTM 2026-04-10 — Vol 9,382 vs OI 13,018, likely sold against long stock

Unusual: 111.7 put 102 OTM 2026-04-10 — Vol 1,506 vs OI 122 (12.3x), IV 111.7%, likely speculative

Risks & Catalysts

!Gamma flip at ~$100 far below but tail risk

!4/10 expiry releases pin risk

!Earnings 4/30 with negative EPS est $-27.33

!High IV 83.2% adds vol crush risk

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Long stock	Moderate	Buy shares at $127.69	High IV and net premium negative
Short stock	Weak	Avoid — GEX positive pinning	GEX pinning upward
Covered call	Moderate-Strong	Own shares, sell $132 call 4/17	Upside capped at resistance
Cash-secured put / put spread	Moderate-Strong	Sell $125/$120 put spread 4/17	Break below $125
Long calls	Moderate	Buy $130 call 4/17	High IV decay
Long puts / bear put spreads	Moderate-Weak	Avoid — GEX positive	Pinning upward
Iron condor	Moderate	$125/$120P x $135/$140C 4/17	High IV >28
Calendar/diagonal	Moderate-Strong	Sell 4/10 $130 call (IV 76.0%), buy 4/17 $130 call (IV 69.7%), +6.3pt edge	Spot moves away from strike
PMCC / LEAPS diagonal	Moderate	Buy 2027-01-15 $120 call, sell 4/17 $135 call	High IV decay on short leg

Top Plays

Covered Call

Own shares, sell $132 call 4/17

Collect premium with upside to resistance; GEX pinning supports.

Credit: $2.22-$2.32

Max loss: unlimited below share price

BE: $125.47

Mgmt: Close at 50-70% max profit or if spot >$135

Shareholders wanting income with capped upside

Put Spread

Sell $125/$120 put spread 4/17

Defined-risk premium below support; GEX positive reduces downside risk.

Credit: $1.50-$2.00

Max loss: $3.50

BE: $123.50

Mgmt: Close at 60-80% max profit or if spot <$125

Defined-risk premium collection

Calendar Spread

Sell 4/10 $130 call, buy 4/17 $130 call

Exploits 6.3 vol-pt differential; extra week improves theta decay edge vs near-term only.

Debit: $-0.40-$-0.20

Max loss: debit paid

BE: varies with vol

Mgmt: Close when near-term IV crushes or spot nears $130

Vol traders with neutral bias

Watchlist Triggers

Entry Triggers

IFSpot tags $125, holds 30 min → Sell $125/$120 put spread 4/17

IFIV term structure steepens >10pt between 4/10 and 4/17 → Enter calendar spread sell 4/10 $130 call, buy 4/17 $130 call

Exit Triggers

EXITVIX spikes >30 and spot breaks $120 → Exit all short premium positions

EXIT4/10 expiry passes with spot near $130 → Take profit on calendar spread

Tactical Summary

Neutral with bullish pinning toward $130-$132. Invalidation: <$125. Regime favors short premium around the pin. Top plays: covered call for shareholders, put spread for defined risk, calendar for vol edge.

How to Use These Reports

This directional reflects the market close on April 6, 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.