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MSTR

Strategy IncClose $166.52EOD only

Max Pain

$140.00

Next expiry Apr 24, 2026

Expected Move

±$14.83

8.9% from close

Price Gap

-26.52

Distance to max pain

IV Rank

100

High premium

P/C OI

0.87

Slightly call-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: Apr 17, 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

Apr 17, 2026 close

MSTR Flow Report

Analysis based on market close April 10, 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 10, 2026. A newer flow report is available for April 17, 2026.

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Flow Verdict

Confidence:

5.5 / 10

base 4.5; +1 aligned GEX pinning and heavy near-term call flow at 130-135; -0.0 mixed net premium skew from deep OTM put flows

Watch next session: Follow premium and OI change at $135 call cluster (58,674 OI) and any further GEX build at $135; Look for uptick in put flow or protective put buys around $120–$125 that would blunt bullish thesis

Flow Summary

Net premium: -$165.4M net premium (mixed; large negative due to outsized put premium at distant strikes, but near-term call premium concentrated at 130/135)

P/C volume ratio: 0.41 — strong call-dominant volume today

P/C OI ratio: 0.87 — moderate call OI lean but not extreme; positioning still holds sizeable put OI at lower strikes

Flow is mixed overall but skewing bullish in the near term. Heavy call activity clustered at $130–$135 (and concentrated OI at $135, $142) combined with positive dealer GEX (+$47.4M) creates a pinning environment toward the $135 area. Offsetting the bullish read is large premium attributable to deep or distant puts (see negative net premium driven by non-standard strikes), leaving the regime mixed but with a short-term call bias.

Notable Prints

MSTR 2026-06-18 $130.00 Call

Vol: 30,705

OI: 1,084

Vol/OI: 28.3x

IV: 72.0%

Notional: ~$46.7M

Intent: Directional multi-month call accumulation (bullish exposure or LEAP vertical synthetic)

Dual read: Aggressive long-call accumulation (bullish) OR a large structured trade (call leg of a diagonal/roll or overwrite) sold into short-dated strikes

Read-through: Significant notional and concentration into $130 Jun calls — institutional-sized directional positioning or roll into longer-dated bullish exposure. This is the largest single-ticket signal and supports a medium-term bias toward $130–$135.

MSTR 2026-04-17 $133.00 Call

Vol: 17,456

OI: 1,042

Vol/OI: 16.8x

IV: 61.0%

Notional: ~$4.38M

Intent: Near-term directional call buying ahead of next week (expiration 4/17) or aggressive pinning trade

Dual read: Bought calls (bullish) OR dealers building short-call inventory to hedge other exposures

Read-through: High relative turnover into the $133 Apr17 strikes reinforces near-term push toward the $133–$135 pin region and magnifies dealer hedging flows.

MSTR 2026-04-17 $139.00 Call

Vol: 14,729

OI: 857

Vol/OI: 17.2x

IV: 60.4%

Notional: ~$1.59M

Intent: Short-dated speculative call buys betting on continued upside into the 7d window

Dual read: Directional picks (bullish) OR short-dated spread leg for dealers/offload on other structures

Read-through: Activity extends call buying beyond immediate pin levels — suggests participants willing to pay for upside into Apr17, reinforcing short-term upside skew.

MSTR 2026-04-17 $132.00 Call

Vol: 12,725

OI: 922

Vol/OI: 13.8x

IV: 60.3%

Notional: ~$3.65M

Intent: Near-term directional call accumulation toward the $132–$135 band

Dual read: Bullish buys OR dealer-managed hedging/rolls

Read-through: Reinforces concentrated call demand in the $130–$135 neighborhood across short expirations; complements the larger June $130 accumulation.

Institutional Positioning

Call additions: Concentrated at $130–$136 (heavy flow and premium at $130 and enormous OI cluster at $135, plus visible OI at $140/$142). Large Jun $130 call build signals medium-term call accumulation.

Put additions: Significant put OI remains at $100, $105, $120 and $90 — evidence of tail/defensive hedges; however most active premium today favors calls near spot rather than fresh near-term put buys.

GEX/DEX consistency: Yes — positive Total GEX $47.4M and DEX +41.2K shares align with pinning dynamics toward call-cluster region ($135). Dealers are net long gamma-ish near spot, which supports a pinning magnet.

OI clusters: Largest concentrated OI is $135 CALL 58,674 (creates a near-term price magnet), $142 CALL 37,114 (secondary wall just above weekly EM), and put clusters at $100 (26,918 OI) and $75 (15,670 OI) forming a lower structural floor.

Hedging evidence: Clear evidence of large-scale hedging: put OI concentration at lower strikes shows protective interest; dealer GEX positive suggests dealers are short options and delta-hedging in a way that supports pinning near $135. Minimal clear collar flow in the near-term chain, though long-dated calls plus put OI indicate asymmetric hedges.

Max pain context: Max pain progression is toward $133–$135 in the next two expirations (MP 4/17 $133, 4/24 $135). Spot is above today's MP ($124) and flow plus GEX points to short-term pinning up near $133–$135.

Signal vs Noise

~Large negative net premium numbers driven by outsized put premium at non-standard/distant strikes (e.g., strikes like $315, $420, $950 in Top Premium Flow) — these distort the net premium metric and are not indicative of near-term directional hedging.

~$130 Jun (6/18) activity may be part of a diagonal or longer-dated structure/roll rather than pure directional buying — check for offsetting short-dated sales in the chain (some evidence of Apr17 call flow).

~High volume in Apr17 strikes is likely a combination of near-term spec and dealer re-hedging tied to the $135 pin; some high vol/low-OI prints are dealers adjusting inventory rather than pure directional signal.

~No strong dividend or earnings expiration today that would explain concentrated expiry hedges — upcoming earnings are 2026-04-30, so some flow could be positioning ahead but not direct expiration hedging for tomorrow.

Key Conclusions

🐂Near-term call dominance and large OI at $135 create a bullish pin magnet into the next two expirations (4/17–4/24). Watch for further buildup at $130–$135.

📌Dealer positioning (GEX +$47.4M) supports pinning pressure — spot is more likely to be gravitating toward the $133–$135 max pain area than falling quickly.

⚖️Flow is mixed overall because net premium is heavily influenced by distant/high-strike put premium; focus on near-term strikes for actionable directional signals.

🛡️Meaningful put OI at $100/$105/$120 shows institutional defensive hedging exists — a sudden risk-off could trigger put-driven downside despite current call concentration.

👀Top unusual prints (especially the 6/18 $130 calls) are large enough to move positioning — monitor whether these are matched by short-dated call sales (rolls) or stand-alone buys.

How to Use These Reports

This flow reflects the market close on April 10, 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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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.