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MSTR

Strategy IncClose $164.63EOD only

Max Pain

$170.00

Next expiry May 22, 2026

Expected Move

±$9.28

5.6% from close

Price Gap

+5.37

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.90

Slightly call-heavy

Consensus

4.0/10

Bearish tilt

Published snapshot: May 19, 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 19, 2026 close

MSTR Flow Report

Analysis based on market close May 15, 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 May 15, 2026. A newer flow report is available for May 19, 2026.

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Flow Verdict

Confidence:

4 / 10

base 5; -1 GEX/flow contradict; -0.5 spot 4.4% from MP; +0.5 VIX 18

Watch next session: $175; $180; call OI changes

Flow Summary

Net premium: +$33.3M bullish

P/C volume ratio: 0.41

P/C OI ratio: 0.90

Heavy call buying with net premium +$33M, low put/call ratio 0.41. Negative gamma $-19.8M suggests risk of acceleration if spot drops, but bullish flow dominates. Market down but VIX elevated.

Notable Prints

MSTR 2026-05-22 $187.50 Call

Vol: 33,094

OI: 540

Vol/OI: 61.3x

IV: 62.1%

Notional: ~$9.3M

Intent: Aggressive bullish bet targeting further upside by May 22.

Dual read: Could be hedging short shares.

Read-through: Trader expects MSTR to rally above $187.5.

MSTR 2026-05-22 $182.50 Call

Vol: 31,749

OI: 994

Vol/OI: 31.9x

IV: 58.5%

Notional: ~$13.3M

Intent: Bullish speculation on price reaching $182.5.

Dual read: Covering short calls.

Read-through: Sentiment bullish near-term.

MSTR 2026-05-15 $177.50 Call

Vol: 16,411

OI: 661

Vol/OI: 24.8x

IV: 15.9%

Notional: ~$410K

Intent: Closing positions on expiration day.

Read-through: Low premium indicates unwinding.

MSTR 2026-05-22 $180.00 Call

Vol: 38,359

OI: 2,015

Vol/OI: 19.0x

IV: 60.0%

Notional: ~$19.6M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

MSTR 2026-05-22 $177.50 Call

Vol: 2,935

OI: 414

Vol/OI: 7.1x

IV: 59.3%

Notional: ~$1.8M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Heavy call buys on 5/22 exp, strikes 177.5-192.5; most volume at 180, 187.5, 190.

Put additions: Minimal; only notable $139 put with low OI.

GEX/DEX consistency: Negative gamma vs positive DEX and bullish flow suggest hedging but directional bias up.

OI clusters: Largest OI: 5/15 $180C (7885), 5/22 $190C (6646), 5/22 $192.5C (3232) above spot.

Hedging evidence: Small put buys at $139 possible hedge; no collar evidence.

Max pain context: Spot above MP; likely pinning near 180-190 area.

Signal vs Noise

~Signal: high volume/OI ratio on 5/22 calls, net premium positive, low put/call ratio.

~Noise: some prints have low OI relative to volume, but overall flow is consistent.

Key Conclusions

📈Institutions heavily buying upside calls for 5/22, signaling bullish conviction despite negative gamma.

⚠️Negative gamma (-$19.8M) could amplify moves; watch for dealer hedging.

How to Use These Reports

This flow reflects the market close on May 15, 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.