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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 19, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.2% from MP; +0.5 VIX 18

Watch next session: 167.5; 160

Flow Summary

Net premium: -$81.8M bearish

P/C volume ratio: 0.97

P/C OI ratio: 0.90

Mixed signals: net premium negative and spot below MP lean bearish, but positive GEX and unusual long-dated call buying suggest bullish tilt. VIX at 18, high vol regime. Dealers long gamma, pinning. Watch 167.5 and 160.

Notable Prints

MSTR 2026-10-16 $245.00 Call

Vol: 2,002

OI: 123

Vol/OI: 16.3x

IV: 77.5%

Notional: ~$2.3M

Intent: Bullish speculation on upside

Dual read: Could be part of a spread

Read-through: Trader expects significant rally by Oct 2026

MSTR 2026-05-22 $167.50 Call

Vol: 3,910

OI: 870

Vol/OI: 4.5x

IV: 68.8%

Notional: ~$1.3M

Intent: Short-term bullish bet

Dual read: May be a short call if bearish, but volume suggests bullish

Read-through: Expects rally by May 22

MSTR 2026-05-29 $167.50 Call

Vol: 711

OI: 196

Vol/OI: 3.6x

IV: 63.7%

Notional: ~$427K

Intent: Bullish position for next week

Read-through: Momentum continuation expected

MSTR 2026-06-18 $31.00 Put

Vol: 1,385

OI: 423

Vol/OI: 3.3x

IV: 236.7%

Notional: ~$17K

Intent: Tail-risk hedge or lottery

Dual read: Could be part of a bear put spread

Read-through: Trader hedging against extreme downside

MSTR 2026-10-16 $240.00 Call

Vol: 573

OI: 180

Vol/OI: 3.2x

IV: 77.5%

Notional: ~$711K

Intent: Bullish speculation on upside

Read-through: Trader expects rally above $240 by Oct

Institutional Positioning

Call additions: Institutions adding calls at 245C, 167.5C, 230C with high vol/oi ratios.

Put additions: Deep OTM puts (31P, 39P, 33P) with extreme IV, likely tail hedges.

GEX/DEX consistency: GEX +$28.1M, DEX +44.6M, consistent with pinning and dealer long gamma.

OI clusters: Largest OI: 245C, 230C calls; 31P, 33P puts. Key levels $230-$245 and $30-$40.

Hedging evidence: Deep OTM puts suggest tail hedging, no collars detected.

Max pain context: Spot below MP; gamma pinning near high gamma zones.

Signal vs Noise

~High vol/oi on 245C and 167.5C calls is signal.

~Deep OTM puts (31P) with >200% IV are noise, negligible premium.

~Unusual prints with low OI but high volume are likely retail, not institutional.

Key Conclusions

🚀Bullish call accumulation at 245C and 230C indicates upside bets.

⚠️Deep OTM puts signal tail risk hedging, not bearish conviction.

📊Dealer gamma positive supports price stability near current levels.

How to Use These Reports

This flow reflects the market close on May 19, 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.