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MSTR

Strategy IncClose $165.81EOD only

Max Pain

$170.00

Next expiry May 22, 2026

Expected Move

±$7.35

4.4% from close

Price Gap

+4.19

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.90

Balanced positioning

Consensus

6.5/10

Bullish tilt

Published snapshot: May 20, 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 20, 2026 close

MSTR Flow Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 VIX 17

Watch next session: Monitor $180 call OI and $160 support

Flow Summary

Net premium: -$68.1M bearish

P/C volume ratio: 0.73

P/C OI ratio: 0.90

Heavy call buying especially May 29 strikes $167.5-$180 drives negative net premium and positive GEX ($22.7M). High VIX and volume but put/call OI balanced. Spot below MP suggests potential mean reversion upside if call conviction persists.

Notable Prints

MSTR 2026-05-29 $177.50 Call

Vol: 3,498

OI: 433

Vol/OI: 8.1x

IV: 61.3%

Notional: ~$885K

Intent: Speculative call buying

Dual read: Pinning hedge

Read-through: Bullish

MSTR 2026-05-29 $172.50 Call

Vol: 5,828

OI: 725

Vol/OI: 8.0x

IV: 60.7%

Notional: ~$2.3M

Intent: Speculative call buying

Dual read: Pinning hedge

Read-through: Bullish

MSTR 2026-05-29 $180.00 Call

Vol: 7,820

OI: 1,694

Vol/OI: 4.6x

IV: 61.4%

Notional: ~$1.6M

Intent: Speculative call buying

Dual read: Pinning hedge

Read-through: Bullish

MSTR 2026-06-18 $36.00 Put

Vol: 1,924

OI: 539

Vol/OI: 3.6x

IV: 205.5%

Notional: ~$23K

Intent: Speculative put buying

Dual read: Tail hedge

Read-through: Bearish

MSTR 2026-06-18 $34.00 Put

Vol: 2,368

OI: 868

Vol/OI: 2.7x

IV: 219.1%

Notional: ~$7K

Intent: Speculative put buying

Dual read: Tail hedge

Read-through: Bearish

Institutional Positioning

Call additions: May 29 calls 172.5-180 vol/oi 4-8x; May 22 167.5C vol/oi 2.4x

Put additions: June 18 puts 31-46 strikes IV 179-221%, vol/oi 2.3-3.6x

GEX/DEX consistency: GEX +22.7M, DEX +44.2M shares, consistent with pinning

OI clusters: Largest OI: 167.5C May 22, 172.5-177.5-180C May 29

Hedging evidence: June 18 puts at deep OTM strikes suggest tail hedge

Max pain context: Spot below MP; positive gamma may pin price upward

Signal vs Noise

~High vol/oi calls on May 29/22 signal bullish positioning

~Speculative June 18 puts with small OI are noise/hedges

~Net premium negative misleading; call flow strong

Key Conclusions

📈Call accumulation 172.5-180 May 29 with 4-8x volume indicates institutional bullish positioning

⚠️June 18 puts at strikes 31-46 with high IV 205%+ suggest tail hedging, not bearish conviction

How to Use These Reports

This flow reflects the market close on May 20, 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.