MSTR

Watch next session: Follow 4/17 short-dated put prints around $136–$139 (continuation would confirm bearish/hedge flow); Watch changes in OI/volume at $135/$140/$142 calls — heavy call buying that moves spot above $142 would invalidate bearish tilt

Net premium: -$175.3M bearish

P/C volume ratio: 0.82 — call-volume dominant (more call contracts traded today vs puts)

P/C OI ratio: 0.82 — OI leans toward calls but not extreme

Call additions: Heavy call OI clusters at $135 (47,050), $142 (37,999) and $140 (31,869) — institutions/flow are concentrated on calls in the $135–$142 corridor (near-term expiries).

Put additions: Burst of short-dated puts at $137/$139/$138 and elevated volume at $131 indicates institutions adding short-dated downside protection (4/17 expiries). Longer-dated put OI remains concentrated much lower ($100, $75, $90).

GEX/DEX consistency: Yes: positive Total GEX +$155.6M aligns with the large call OI clusters and explains pinning pressure around $135–$142 even while net premium indicates sizable paid protection.

OI clusters: $135 call wall (47,050 OI) and $142 call cluster (37,999 OI) are the dominant call concentration; put clusters are deeper ($100: 26,029 OI, $75: 17,923 OI) with a meaningful short-dated put build at $130 ($8,670 OI across expiries) — these create a near-term pin between $130–$142.

Hedging evidence: Clear evidence of short-dated protective put buying into 4/17 expiries (137/139/138) — consistent with large holders protecting long equity exposure or directional put purchases. Little sign of wide collar activity; flows look like paid puts and long-dated call accumulation rather than systematic collars.

Max pain context: Max pain short-dated is $130 (4/17) and $135 (4/24). Dealers' positive GEX and large calls at $135–$142 create a pinning force toward those levels; short-dated puts cluster just above spot which could pull price toward the $130–$135 MP band if sellers step in.