thetaOwl

MSTR

Strategy IncClose $164.85EOD only
Max Pain
$170.00
Next expiry May 22, 2026
Expected Move
±$4.73
2.9% from close
Price Gap
+5.15
Distance to max pain
IV Rank
35
Middle-high premium
P/C OI
0.90
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: May 21, 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 21, 2026 close
MSTR Earnings Report
Analysis based on market close April 7, 2026

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

You are viewing an older report from April 7, 2026. A newer earnings report is available for May 21, 2026.

View latest report

Earnings Verdict

High IV (ATM 84.0%) with strong dealer pinning around $124–$130 makes premium-selling options strategies attractive into this earnings window; best strategy is a short premium iron-condor or butterfly sized to EM (3–10d expirations). Key risk: a guidance-driven gap that exceeds the 3‑day EM ±$7.53 (6.1%) causing large directional gaps and dealer de-hedging.

Confidence:
6 / 10
base 5; +1 pinning GEX concentrated at 125/130; +1 spot at max pain; -1 mixed flow / net premium negative
Most important: Watch IV term-kink into 2026-04-10 (ATM 84.0%) versus next-week ATM 72.7% — size/premiums should assume ~12 vol-pt reversion post-event.
📌Max pain for 2026-04-10 is $124 (matches spot pinning).
⚖️GEX +$77.2M concentrated at 125/130 increases probability of options pinning into near expiries.
📈Short-dated ATM IV = 84.0% (2026-04-10) then falls to 72.7% (2026-04-17) — expect ~10+ vol-pt event compression.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
At
Gamma flip: ~$100.00Gamma flip near $100; below this level dealers amplify moves (put concentration of 27,413 at $100).

Earnings Overview

Next earnings: 2026-04-30 (23 days)explicit

Expected moves:

  • 2026-04-10 (3d): ±$7.53 (6.1%) [$116.20 - $131.25]
  • 2026-04-17 (10d): ±$11.98 (9.7%) [$111.75 - $135.70]

IV Setup

Term structure: Sharp short-dated kink: 2026-04-10 ATM 84.0% vs 2026-04-17 ATM 72.7%. IV falls materially after the 3d expiry.

Crush estimate: ~10-12 vol pts (from 84.0% down toward ~72-74% on the following expiries) — large potential crush for long vol buyers.

Skew: Put OI concentrated at deep strikes ($100) but near-term skew relatively balanced; outright call OI walls $130–$140 indicate asymmetric dealer hedging on the upside.

Historical Context

Beat rate: 25% (1/4 quarters listed)

Avg move vs expected: Not provided

Directional bias: Mixed (big outsized beats and misses historically; one large upside beat 2025-06, other quarters missed)

Key Levels

1$116.20 (EM lower, 3d)
2$124.00 (max pain 2026-04-10, pin)
3$125.00 (GEX concentration +$13.5M, pin magnet)
4$130.00 (GEX +$11.0M; call OI wall)

Flow Highlights

Large GEX concentrations at $125.00 (+$13.5M) and $130.00 (+$11.0M).

Dealers are net long gamma around these strikes and will be sellers into moves away — increased pinning probability toward $125–$130 into near expirations.

Top premium flow shows heavy net call premium at $125.00 (Net $21,957,422) and notable call buying interest at $130.00 (Net $8,251,274).

Client directional call bets concentrated near $125–$130; dealers likely to hedge by selling stock into upside, reinforcing pinning into that band.

Strategies

Short iron-condor (near-term crush play)
Sell 125/120 put spread and sell 130/135 call spread exp 2026-04-10 (sell 125P / buy 120P; sell 130C / buy 135C).
Credit: $1.20-$1.80
Max loss: $3.80
Max gain: $1.80
BE: $123.20 / $128.20
Trigger: Enter 1-3 days before 2026-04-10 when you can collect >1.20 credit and IV remains elevated (~80%+).
Pinning signals (max pain $124 and GEX concentration at $125/$130) plus high short-dated IV make premium collection favorable; choose wings aligned with EM to limit gap exposure.
Outperforms: Stock stays inside the 3‑day EM [$116.20 - $131.25] and IV collapses post-event.
Underperforms: A gap beyond the short wing (outside ±6.1%) occurs or a sustained move through dealer gamma flip near $100.
Long straddle (directional/vol breakout)
Buy 124 straddle exp 2026-04-10 (124C + 124P).
Debit: $7.50-$8.20
Max loss: $8.20
Max gain: Unlimited
BE: ≈ $116.50 / $132.50
Trigger: Enter 1 day pre-earnings if you expect a larger-than-EM move or if IV hasn't priced an additional spike above current 84%.
High ATM IV (84.0%) implies expensive debit but asymmetrical historical outcomes (big beats/misses) can justify the tail risk purchase if you expect >EM movement.
Outperforms: Actual post-earnings move exceeds ~±6.5% (EM) and directional follow-through occurs.
Underperforms: Stock pins near $124–$130 and IV collapses; limited move relative to high premium paid.
Bull call spread (directional upside, limited risk)
Buy 125C / Sell 130C exp 2026-04-17 (10d).
Debit: $1.90-$2.30
Max loss: $2.30
Max gain: $2.70
BE: $126.90
Trigger: Enter if intraweek flows show sustained call buying and IV begins to compress; better priced on 10-day expiry (ATM 72.7%).
Cheaper targeted upside exposure than a straddle; uses available strikes (125/130) and takes advantage of thicker call OI in that band.
Outperforms: Moderate upside through $128–$131 by 4/17 without a huge IV collapse before entry.
Underperforms: No upside follow-through or a big gap-down; also loses value if IV crushes sharply before spread benefits.

Risk Assessment

!Gap risk: EM for 3d is ±$7.53 (6.1%); guidance/earnings surprise can produce larger gaps — short-premium strategies can suffer immediate large mark-to-market loss.
!IV crush impact: Short-dated IV is 84.0% (Apr10) and is likely to drop toward the 72–74% range on subsequent expiries; sellers benefit from this but long debits (straddles) face large premium decay.
!Liquidity: Chain is liquid (total OI 2,104,660) and near-term strikes (125/130/135) show deep OI — execution feasible but watch bid/ask (wider for far OTM strikes).
!Sizing: Size premium-selling to withstand a 1–2 wing breach; avoid concentrated position >2–3% of risk capital on single-condor given gap risk.
!Flow contra: Net premium is negative (-$208.5M) and P/C volume 0.74, indicating more call activity — watch for episodic big buyer flow that can push spot through pin bands.

What to Watch

?IV trajectory into 2026-04-10 (if short-dated IV rises above 90% reprice sellers)
?Unusual call buys or block trades around $125–$135 (would weaken pinning)
?Price action vs GEX pins at $125 and $130 — sustained move through these levels implies dealer de-risking
?Any guidance language near/opening that could create >EM gap
How to Use These Reports
This earnings reflects the market close on April 7, 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.

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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.