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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 9, 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 9, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

4.5 / 10

base 4.5; +1.0 GEX pinning (+$154.3M) supports pin; -1.0 net premium large negative (-$232.1M) adds ambiguity; -0.5 spot 3.9% above near MP

Watch next session: $132 call / OI / GEX concentration — dealers defending pin at $132; Any follow-through in 4/17 $136/$142 calls (repeat prints) or closing of large 4/10 ITM puts ($131/$129) ahead of expiry

Flow Summary

Net premium: -$232.1M (net premium negative, large put premium by notional but mixed by volume)

P/C volume ratio: 0.48 — call-dominant intraday volume

P/C OI ratio: 0.86 — mild call skew in open interest but not extreme

Intraday flow shows heavy call activity (low P/C vol) against a large negative net premium figure, producing a mixed picture. Dealers are long gamma (GEX +$154.3M) and positioned to pin the stock between $125–$135, while some sizable put notional and expiry hedging near 4/10 increases downside risk into expiry.

Notable Prints

MSTR 2026-04-17 $142.00 Call

Vol: 37,224

OI: 3,785

Vol/OI: 9.8x

IV: 61.7%

Notional: ~$3.39M

Intent: Aggressive directional call buying or call sweep accumulation into next-week expiry

Dual read: Bought calls (bullish directional) OR dealer selling/laying off into flow (neutral); size + vol/OI favors fresh buys

Read-through: Demand for upside exposure out to $142 (10% from spot) — pick-up in bullish positioning; likely contributes to dealer hedging short stock and thus positive GEX/pinning above spot.

MSTR 2026-04-17 $136.00 Call

Vol: 9,474

OI: 917

Vol/OI: 10.3x

IV: 61.2%

Notional: ~$1.90M

Intent: Directional call buys or call-heavy spread leg (vertical/ratio) into 4/17

Dual read: Fresh bullish exposure OR part of a structured spread (seller leg elsewhere); high vol/OI points to new position

Read-through: Reinforces bullish flow concentrated in the $132–$140 area; this print sits near a large call OI cluster and likely increases dealer short-delta/gamma hedging in that band.

MSTR 2026-04-17 $135.00 Call (block OI & volume)

Vol: 33,591

OI: 34,241

Vol/OI: 1.0x

IV: 61.6%

Notional: ~$7.86M

Intent: High-liquidity call accumulation and/or heavy positioning at key expiration; both directional buys and roll/maintenance of existing positions

Dual read: Could be fresh call buys (bullish) or rolling/adding to existing call exposure (neutral-to-bullish)

Read-through: This strike is the dominant call OI anchor (34,241 OI). Activity here materially shapes dealer hedging and creates a near-term resistance/pin target around $135.

MSTR 2026-04-10 $131.00 Put (ITM near-term expiry)

Vol: 3,035

OI: 152

Vol/OI: 20.0x

IV: 71.7%

Notional: ~$0.94M

Intent: Expiry-driven protective puts / short-covering ahead of 4/10

Dual read: Mostly defensive/roll/expiry behavior (buyers of protection) though could be directional put accumulation by a speculator

Read-through: High vol/OI and ITM status with 4/10 expiry points to near-term downside hedging — increases chance of pin-pressure or put unwind on expiry.

MSTR 2026-04-10 $129.00 Put (ITM near-term expiry)

Vol: 4,537

OI: 796

Vol/OI: 5.7x

IV: 70.9%

Notional: ~$0.91M

Intent: Short-term downside protection / expiry hedging

Dual read: Protective buying into expiry (likely) vs. short-spec put selling earlier being closed

Read-through: Adds to the picture of concentrated short-dated put demand around the current price — dealers may be long puts/short stock gamma-rehedging into expiry, boosting pin dynamics.

Institutional Positioning

Call additions: $125-$142 calls (notably heavy activity at $125, $132, $135, $136, and large unusual flow at $142) — roll/accumulation into 4/17

Put additions: Near-term protective/expiry puts concentrated at $128-$131 for 4/10 and structural longer-dated put OI clustered at $100 (28,106 OI) indicating tail protection held by institutions

GEX/DEX consistency: Yes — positive GEX (+$154.3M) aligns with heavy call volume and OI clusters in the $125–$135 band producing pinning behavior; DEX +49.4M shares consistent with dealer delta exposure

OI clusters: Largest call OI cluster: $135 (34,241 OI) with adjacent $136/$140 clusters; largest put cluster: $100 (28,106 OI) — creates a near-term magnet around $125–$135 and a structural floor influence near $100 for long-tail risk

Hedging evidence: Clear short-dated protective put buying into the 4/10 expiry (131,129,128 puts) and persistent deep-tail put OI at $100 suggests institutions maintain downside hedges; limited evidence of broad collar structures in near-term chains.

Max pain context: Near-term MP at $124 (4/10) shifts to $135 (4/17 & 4/24). Current spot ($128.86) sits between these pins; flows are consistent with dealers trying to squeeze spot toward the $132–$135 band for next-week expiries.

Signal vs Noise

~Multiple ITM/near-ITM 4/10 puts (e.g., $131, $129, $128) — likely expiry-driven hedging/rolls rather than fresh directional conviction.

~Very large notional entries in Top Premium Flow (e.g., $315, $210, $420, $950 listed) are far outside near-spot strikes and likely reflect institutional tail hedges, account-of-record reallocation, or data artifacts — treat as noise for short-term directional reads.

~High-volume at $135 call OI (33k vol / 34k OI) can be routine liquidity/position maintenance in a highly concentrated strike — interpret alongside vol/OI and adjacent sweep behavior before assigning pure directional bias.

Key Conclusions

🔁Mixed flow: call-dominant volume but large net negative premium (-$232.1M) — read as buying interest offset by heavy put notional and hedging.

📌Pinning dynamics: GEX concentration at $132, $129, $125 and large call OI at $135 make $125–$135 the active pin/resistance band into expiries.

🐂Bullish signs: concentrated unusual buying in 4/17 $136 and $142 calls suggests institutional upside exposure that will force dealer short-delta hedging (supports spot).

⚠️Watch expiries: heavy 4/10 ITM put activity ($131, $129, $128) is likely protective and can create intraday volatility around expiry; not necessarily a new bearish regime.

🧭Key levels to monitor — Support: $125.00, $129.00, $132.00. Resistance: $135.00, $136.00, $140.00 — all within ±10% of spot and tied to OI/GEX clusters.

How to Use These Reports

This flow reflects the market close on April 9, 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.