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MSTR

Strategy IncClose $164.85EOD only

Max Pain

$170.00

Next expiry May 22, 2026

Expected Move

±$4.73

2.9% from close

Price Gap

+5.15

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.90

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: May 21, 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 21, 2026 close

MSTR Flow Report

Analysis based on market close May 21, 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 3.0% from MP; +1 VIX 17

Watch next session: Pinning action around 170-177.5; put flow at 146

Flow Summary

Net premium: -$59.8M bearish

P/C volume ratio: 0.40

P/C OI ratio: 0.90

Mixed flow: heavy call buying for 5/29 at 170 and 177.5 suggests bullish bets, but net put premium and spot below max pain keep sentiment cautious. Unusual put at 146 adds downside hedge. High GEX hints at pinning. Volume ratio favors calls, OI split near parity.

Notable Prints

MSTR 2026-05-29 $146.00 Put

Vol: 2,186

OI: 118

Vol/OI: 18.5x

IV: 60.4%

Notional: ~$146K

Intent: Bearish speculation or hedge

Read-through: Expects decline

MSTR 2026-05-29 $177.50 Call

Vol: 42,197

OI: 3,184

Vol/OI: 13.2x

IV: 57.3%

Notional: ~$7.6M

Intent: Bullish speculation

Read-through: Expects rise

MSTR 2026-05-29 $170.00 Call

Vol: 47,221

OI: 5,398

Vol/OI: 8.8x

IV: 56.0%

Notional: ~$17.2M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

MSTR 2026-05-29 $167.50 Call

Vol: 5,752

OI: 872

Vol/OI: 6.6x

IV: 55.5%

Notional: ~$2.6M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

MSTR 2026-06-05 $95.00 Put

Vol: 3,676

OI: 628

Vol/OI: 5.8x

IV: 108.2%

Notional: ~$33K

Intent: Tail risk hedge

Read-through: Fear of crash

Institutional Positioning

Call additions: 5/29 $170-$177.5 calls, 5/22 $167.5-$172.5 calls active

Put additions: 5/22 $162.5 put (11.5k vol), 5/29 $146 put, 6/5 $95 put

GEX/DEX consistency: yes; GEX +8.5M, DEX +44M, net call flow supports positive gamma

OI clusters: OI concentration near $170 call (5.4k) and $162.5 put (3.1k)

Hedging evidence: put buying at $162.5 and $146 suggests downside hedging ahead of 5/29

Max pain context: spot below MP, pinning higher; likely pin around $170-$175

Signal vs Noise

~signal: large call volume on $170, $177.5, $172.5; put volume on $162.5

~noise: low vol $95 and $310 puts are tail hedges, not directional

Key Conclusions

📈Bulk call buying 5/29 $170-177.5 signals bullish expectations

🛡️$162.5 put surge (11.5k vol) shows active downside hedging

⚖️Positive GEX +8.5M and low VIX (16.8) support pinning to MP

How to Use These Reports

This flow reflects the market close on May 21, 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.