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MSTR

Strategy IncClose $184.42EOD only

Max Pain

$170.00

Next expiry May 15, 2026

Expected Move

±$10.10

5.5% from close

Price Gap

-14.42

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.87

Slightly call-heavy

Consensus

5.5/10

Consensus signal

Published snapshot: May 12, 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 12, 2026 close

MSTR Flow Report

Analysis based on market close May 13, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Flow Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 4.7% from MP; +1 VIX 18

Watch next session: 177.5 Call volume; 133 Put activity; GEX changes

Flow Summary

Net premium: -$112.4M bearish

P/C volume ratio: 0.83

P/C OI ratio: 0.89

Mixed flow with negative net premium offset by positive gamma pinning. Calls dominate volume but puts add at deep strikes. Spot above MP, high vol. Watch for directional cues from key strikes.

Notable Prints

MSTR 2026-05-22 $157.50 Put

Vol: 1,208

OI: 273

Vol/OI: 4.4x

IV: 67.8%

Notional: ~$145K

Intent: Bearish hedge or speculative put buying

Dual read: Could be profit-taking or protective put

Read-through: Expects downside below $157.50 by May 22

MSTR 2026-06-18 $115.00 Call

Vol: 532

OI: 167

Vol/OI: 3.2x

IV: 109.4%

Notional: ~$3.6M

Intent: Bullish long call, deep ITM

Dual read: Maybe replacing shares or leveraged upside

Read-through: Strong bullish view on MSTR by June

MSTR 2026-05-22 $133.00 Put

Vol: 349

OI: 147

Vol/OI: 2.4x

IV: 97.1%

Notional: ~$10K

Intent: Bearish put buying

Dual read: Possible hedge against sharp drop

Read-through: Expects decline toward $133

MSTR 2026-06-18 $46.00 Put

Vol: 728

OI: 333

Vol/OI: 2.2x

IV: 175.6%

Notional: ~$17K

Intent: Bearish, deep OTM put

Dual read: Cheap tail hedge

Read-through: Speculative crash protection

MSTR 2026-05-15 $177.50 Call

Vol: 1,758

OI: 853

Vol/OI: 2.1x

IV: 65.4%

Notional: ~$817K

Intent: Bullish call buying near short-dated

Dual read: Positioning for earnings or breakout

Read-through: Expects immediate upside above $177.50

Institutional Positioning

Call additions: Aggressive call buying: $115C (3.2x, +200 OI), $177.5C (907 OI, +150), $180C (853 OI, +120), $222.5C, $235C

Put additions: Notable puts: $157.5P (4.4x, +100 OI), $133P, $46P, $48P, $100P

GEX/DEX consistency: Consistent: $+65.4M GEX, +51.6M DEX, positive pinning

OI clusters: High OI at $177.5C (907), $180C (853), $157.5P (273)

Hedging evidence: Deep OTM puts ($46, $48) suggest tail hedges

Max pain context: Spot above MP; VIX 18; regime pins to high gamma

Signal vs Noise

~Signal: High vol/oi ratio prints (e.g., $157.5P 4.4x, $115C 3.2x) indicate institutional flow

~Noise: Low volume prints (e.g., $46P 728 vol but deep OTM) may be retail

~Signal: Net -$112M premium with 0.83 p/c vol ratio shows high call volume at low premium vs high put premium, consistent bearish bias

Key Conclusions

📈Bullish calls at $115-$235 with strong OI increases signal upside confidence

🛡️Deep OTM puts ($46, $48) suggest hedging despite bullish calls

⚠️Negative net premium and above-MP spot caution; bias nuanced

How to Use These Reports

This flow reflects the market close on May 13, 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.

How traders use them

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.