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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 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.5% from MP; +1 VIX 17

Watch next session: Monitor $165 call gamma pin

Flow Summary

Net premium: -$104.3M bearish

P/C volume ratio: 0.59

P/C OI ratio: 0.89

Aggressive OTM call buying, but net premium negative and dealers short gamma. Bullish DEX offsets bearish GEX, resulting in mixed signals.

Notable Prints

MSTR 2026-05-22 $162.50 Call

Vol: 21,424

OI: 629

Vol/OI: 34.1x

IV: 17.2%

Notional: ~$21K

Intent: Short-term bullish speculation or gamma scalping

Dual read: Market maker hedging

Read-through: Bullish bias on near-term expiry

MSTR 2026-05-22 $167.50 Call

Vol: 31,643

OI: 1,861

Vol/OI: 17.0x

IV: 37.5%

Notional: ~$32K

Intent: Lottery ticket bullish bet

Read-through: High conviction upside speculation

MSTR 2026-05-29 $345.00 Call

Vol: 3,000

OI: 177

Vol/OI: 16.9x

IV: 153.1%

Notional: ~$3K

Intent: Extreme long shot or hedge

Read-through: Extreme bullish sentiment on longer expiry

MSTR 2026-05-29 $165.00 Call

Vol: 17,769

OI: 1,570

Vol/OI: 11.3x

IV: 53.2%

Notional: ~$5.2M

Intent: Directional bullish positioning

Dual read: Closing short calls

Read-through: Significant new bullish bets for next week

MSTR 2026-05-29 $162.50 Call

Vol: 1,413

OI: 170

Vol/OI: 8.3x

IV: 53.3%

Notional: ~$558K

Intent: Bullish speculation

Read-through: Continued bullish interest near the money

Institutional Positioning

Call additions: Heavy OTM call buying but net premium negative; likely speculative noise.

Put additions: Minimal put activity; only small put at $144 June.

GEX/DEX consistency: DEX positive (+46.5M shares) but GEX negative (-$11.8M); flow bullish yet dealers short gamma, inconsistent.

OI clusters: No significant OI clusters; call volume dominates near zero strikes.

Hedging evidence: No clear hedging; puts negligible.

Max pain context: Spot below Max Pain; dealers may push price downward to pin.

Signal vs Noise

~Heavy OTM call volume with high vol/OI ratios is likely speculative noise, not institutional.

~Sustained call buying across multiple expirations is real signal of bullish positioning.

~Negative GEX amid positive DEX signals potential for sharp moves if spot moves.

Key Conclusions

📊Heavy call buying but net premium negative suggests speculative noise, not clear accumulation.

⚠️Negative gamma setup amplifies moves; high VIX 17 indicates stress.

📉Spot below MP suggests pin risk; dealers may cap rallies.

How to Use These Reports

This flow reflects the market close on May 22, 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.