MSTR Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

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

Read the Flow analysis for MSTR for 2026-04-06. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.