MSTR
Strategy IncClose $136.08EOD onlyThis page reflects MSTR options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from April 15, 2026. A newer flow report is available for May 26, 2026.
View latest reportFlow Verdict
Watch next session: Repeat/block prints in the $145 and $150 calls (MSTR260424C00145000 and MSTR260417C00150000) to confirm dealer hedging buys; Any clustering of prints at $142 put (MSTR260424P00142000) or additional 4/17 puts that push price toward $136.86
Flow Summary
Net premium: -$86.0M bearish
P/C volume ratio: 0.50
P/C OI ratio: 0.83
Notable Prints
Read-through: Increases short-term upside exposure and dealer gamma hedging toward the $150 area, reinforcing pinning pressure and potentially supporting price if follow-up prints continue.
Read-through: Supports near-term upside and increases dealer demand to buy stock on deltas, strengthening the pin around 140–145.
Read-through: Concentrated short-dated downside protection that would force dealer gamma buys of stock on cracks and could accelerate downside if more prints cluster.
Read-through: Makes the short-dated put cohort significant; a band of protection at $136–$138 increases the chance of dealer gamma activity in the event of a move lower.
Read-through: Flag as a potential inflection: clustered activity at $142 put would reduce dealers' ability/desire to pin above $140 and could precipitate a short-term move toward the 2d EM floor.
Institutional Positioning
Call additions: Concentrated additions at $140–$150 (heavy prints at $140, $142, $145 and the very large $150 call trade) indicate institutions are layering upside exposure in near-term expiries; the $150 activity materially increases short-term call exposure versus earlier read.
Put additions: Active short-dated protective buying at $136–$138 (4/17) and a near-spot $142 put (4/24) show institutions are simultaneously hedging immediate downside; structural put OI remains concentrated far below (100/90/75), but the short-dated put cohort is now non-trivial.
GEX/DEX consistency: Flow still aligns with positive GEX (+$146.1M) but the $150 call print increases dealer hedging demands at higher strikes (reinforcing GEX pinning upward pressure toward $150), while concentrated short-dated puts create localized gamma friction that makes the pin more fragile to put clustering.
OI clusters: Largest call OI clusters remain at $135 (45,893), $142 (38,567) and $140 (25,596) forming a near-term magnet; the $150 call print pushes incremental attention to the $150 node (17,121 OI), which can act as a secondary resistance-turned-target if calls continue to print.
Hedging evidence: Yes : simultaneous fresh call buys (including the $150 block-size trade) and short-dated puts indicate institutions are adding upside exposure while buying near-term protection (collar-like behavior). Dealers will need to buy stock on gamma and deltas for the call flow but may sell into strength if put clustering forces rebalancing.
Max pain context: Max pain for the next two expiries ($131 on 4/17 and $135 on 4/24) sits well below spot; combined with current call OI concentration near 135–142 it suggests dealers will be incentivized to pin/defend the 135–142 band into these expiries unless large directional flow forces break it.
Signal vs Noise
Key Conclusions
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