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MSTR

Strategy IncClose $159.89EOD only

Max Pain

$170.00

Next expiry May 29, 2026

Expected Move

±$9.93

6.2% from close

Price Gap

+10.11

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.89

Slightly call-heavy

Consensus

7.0/10

Bearish tilt

Published snapshot: May 22, 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 22, 2026 close

MSTR Flow Report

Analysis based on market close April 7, 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 7, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

6 / 10

base 6.0; +1 pinning GEX concentration; -1 net premium large negative; 0 spot at MP

Watch next session: Follow premium & volume at $130-$136 calls (watch whether call buying persists vs OI being exercised/rolled); Look for continued heavy put premium at $100 and any new put flow at $115 (would confirm institutional protection)

Flow Summary

Net premium: -$208.5M bearish (large negative net premium concentrated in puts by dollar flow)

P/C volume ratio: 0.74 — call-dominant on volume but not extreme

P/C OI ratio: 0.87 — modest call OI lean; positioning still mixed

Dollar flow is showing a material put premium bias (net premium -$208.5M) even though intraday volume skews toward calls (P/C vol 0.74). Dealers sit with meaningful positive GEX ($+77.2M) and concentrated call OI in the $125–$136 band that is creating a pin/magnet around current spot ($123.72 → MP $124). The read: institutional participants appear to be layering protection (puts, large far-dated put notional) while other participants are buying/rolling calls into the $125–$136 complex — a mixed placement that produces pinning behavior near $124.

Notable Prints

MSTR 2026-06-18 $125.00 Call

Vol: 20,512

OI: 1,640

Vol/OI: 12.5x

IV: 75.5%

Notional: ~$32.9M

Intent: Large directional call exposure (bullish) or pair leg of a longer-dated structure

Dual read: Fresh long call buying (bullish) OR selling/overwriting against stock positions (neutral) depending on whether it's customer buy or dealer sell

Read-through: Significant aggressive interest in long-dated upside at $125 — institutional-sized notional that could represent directional upside exposure or a funded structure (buy calls financed by selling puts elsewhere). Given concurrent large put premium in other expiries, this suggests layered, multi-expiry positioning rather than pure one-way bullish conviction.

MSTR 2026-06-18 $125.00 Put

Vol: 7,198

OI: 616

Vol/OI: 11.7x

IV: 72.4%

Notional: ~$11.8M

Intent: Protective/ directional put buying or part of a long-dated straddle/strangle

Dual read: Bought puts (bearish/protection) OR opened as part of a multi-leg where puts are sold as financing for calls (neutral/complex)

Read-through: Paired with the large June $125 call flow, sizeable put activity at the same strike and expiry points to either big long-dated straddle interest or two separate institutional trades (one buying upside, another buying protection). Net-dollar on June $125 is dominated by calls (see Top Premium Flow) but substantial put notional signals material protection demand.

MSTR 2026-04-24 $115.00 Put

Vol: 1,740

OI: 413

Vol/OI: 4.2x

IV: 78.4%

Notional: ~$0.76M

Intent: Near-term protective put buying (hedge) or speculative bearish bet

Dual read: Protective puts to cap downside into near-term expiries (hedge) OR directional put speculation on weakness into the 2–3 week window

Read-through: Open interest is modest but volume spike (4.2x OI) implies fresh short-dated downside protection — consistent with the broader pattern of institutional hedging while dealers provide pinning around $124.

MSTR 2026-05-01 $100.00 Put

Vol: 3,061

OI: 1,018

Vol/OI: 3.0x

IV: 89.4%

Notional: ~$7.8M

Intent: Protective deep-dip hedge or portfolio tail insurance

Dual read: Bought as downside insurance for large equity positions (hedge) OR structured sell-side selling financed by call purchases elsewhere (less likely given net premium)

Read-through: Material volume into the $100 put shows long-term downside protection interest and aligns with the large put OI cluster at $100 — evidence of institutional tail hedging.

Institutional Positioning

Call additions: $125.00-$136.00 calls (notably large long-dated $125C volume on 2026-06-18 and heavy near-term call OI at $125, $130, $135-$136). Call flow is concentrated in the 1–2 week to multi-month expiries.

Put additions: Large put OI cluster at $100.00 (27,413 OI) with fresh activity in $100 (May) and short-dated $115 (Apr 24) puts — clear evidence of downside protection concentrated well below spot and some near-term hedging.

GEX/DEX consistency: Yes — Positive GEX $+77.2M aligns with concentrated call OI around $125–$136 creating pinning forces; dealers are long gamma which favors pinning to near-term max pain ($124). DEX +44.8M shares supports active dealer hedging needs.

OI clusters: Call walls concentrated at $130-$136 (notable OI: $135 33,776; $136 26,661; $125 25,736; $130 23,070) creating resistance/pin corridor. Put floor concentrated at $100 (27,413 OI) — a structural downside support/insurance level.

Hedging evidence: Yes — robust evidence of protective positioning: substantial put OI at $100 and fresh put buying at $115 and $100 expiries. The simultaneous long-dated $125 call and $125 put activity indicates multi-expiry structured positioning (straddles/strangles) or separate bullish and protective trades from different institutions.

Max pain context: Max pain near-term is $124 (04-10), exactly where spot sits — combined with concentrated GEX at ~$125 and $130 this increases the likelihood of continued pinning/mean reversion toward $124–$125 through the near expirations.

Signal vs Noise

~Large intraday volumes in 04-10 ITM calls ($120, $123, $124) are consistent with gamma/gamma-hedge activity into the 4/10 expiry — likely dealer inventory/gamma flows, not pure directional conviction.

~Paired long-dated $125 call and $125 put flow could be two separate institutional strategies (one long upside, one buying protection) rather than a single directional move — treat as mixed signal without further trade-level evidence.

~The concentrated call OI across $125–$136 contains many open contracts (walls) that often function as pinning/resistance; increases in call volume at those strikes may be rolls or expirational adjustments rather than fresh bullish exposure.

~Some far OTM prints (e.g., $310 or $420 strikes) have high IV and low OI — likely one-off speculative trades or structured option legs, not broad institutional directional bets.

Key Conclusions

📌Spot is sitting on the near-term max pain ($124) with dealers long gamma ($+77.2M) and concentrated GEX at $125 and $130 creating a strong pin/magnet in the coming sessions.

⚖️Flow is mixed: large negative net premium (-$208.5M) signals substantial put dollar demand (bearish protection), while P/C volume (0.74) and call OI clusters at $125–$136 show call-side activity — expect range-bound action with bias toward hedged downside.

🛡️Evidence of institutional hedging: big put cluster at $100 (27,413 OI) plus fresh short- and mid-dated puts (e.g., $115 Apr24, $100 May01) — institutions buying tail insurance beneath current spot.

📈Large long-dated $125 call prints (2026-06-18) are meaningful notional (~$33M) and could drive upside gamma exposure if exercised/rolled; monitor whether those positions are net buys or part of funded structures.

🔍Watch for confirmation from premium flows and strike-level volume: if puts continue to dominate dollar flow and spot stays ≤ $125, the short-term bias will skew defensive; if call buying accelerates into the $130–$136 OI band, dealers' hedging could amplify upside.

How to Use These Reports

This flow 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.