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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

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 Flow 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 flow report is available for May 21, 2026.

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Flow Verdict

Confidence:

5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning)

Watch next session: $120-$124 put flow for hedging; $130-$132 call OI buildup

Flow Summary

Net premium: -$268.7M bearish

P/C volume ratio: 1.08 — put-dominant

P/C OI ratio: 0.86 — moderate call lean

Mixed signals: net premium heavily bearish and put volume dominates, but OI leans call-heavy with positive GEX pinning spot higher. Flow suggests hedging near-term downside while positioning remains bullish longer-term.

Notable Prints

MSTR 2026-04-10 $120 Put

Vol: 6,738

OI: 1,770

Vol/OI: 3.8x

IV: 82.4%

Notional: ~$1.0M

Intent: Near-term protective hedging

Dual read: Bought (bearish) or sold/covered (neutral)

Read-through: Consistent with high-vol regime and spot above max pain ($124)

MSTR 2026-04-10 $127 Put

Vol: 3,180

OI: 675

Vol/OI: 4.7x

IV: 75.4%

Notional: ~$1.2M

Intent: At-the-money hedging

Dual read: Bought (bearish) or sold/covered (neutral)

Read-through: Direct hedge against current spot, likely short-term protection

MSTR 2026-04-10 $126 Put

Vol: 2,331

OI: 475

Vol/OI: 4.9x

IV: 76.8%

Notional: ~$776k

Intent: Near-term downside protection

Dual read: Bought (bearish) or sold/covered (neutral)

Read-through: Supports hedging narrative around $124-$127 zone

MSTR 2026-04-10 $141 Call

Vol: 1,347

OI: 353

Vol/OI: 3.8x

IV: 75.7%

Notional: ~$714k

Intent: Upside speculation

Dual read: Bought (bullish) or sold/overwritten (neutral)

Read-through: Contrarian bullish bet above call OI wall ($135-$140)

MSTR 2026-05-08 $75 Put

Vol: 1,994

OI: 478

Vol/OI: 4.2x

IV: 112.1%

Notional: ~$1.4M

Intent: Long-term tail-risk hedge

Dual read: Bought (bearish) or sold/covered (neutral)

Read-through: Deep OTM protection, likely portfolio insurance

Institutional Positioning

Call additions: $130-$136 calls in near-term expirations

Put additions: $120-$128 puts in April expirations

GEX/DEX consistency: No — positive GEX (+$98.5M) contradicts bearish net premium

OI clusters: $135-$140 call wall (33K+ OI), $100-$105 put floor (40K+ OI)

Hedging evidence: Yes — concentrated put flow at $120-$128 suggests protective hedging

Max pain context: Spot ($127.69) above near-term max pain ($124), creating pinning pressure upward

Signal vs Noise

~Deep OTM puts ($75, $102) are likely tail-risk hedges, not directional bets

~High-volume put flow near spot ($126-$128) may be expiration-related hedging

~Large net premium outliers ($315-$1070 strikes) are likely structured positions or spreads, not directional flow

Key Conclusions

⚠️Net premium -$268.7M bearish, but positive GEX pinning spot higher

🛡️Heavy put flow at $120-$128 suggests near-term hedging

🧲Call OI wall at $135-$140 creates resistance, put floor at $100-$105 creates support

How to Use These Reports

This flow 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.