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MSTR

Strategy IncClose $129.37EOD only

Max Pain

$140.00

Next expiry Jun 5, 2026

Expected Move

±$5.17

4.0% from close

Price Gap

+10.63

Distance to max pain

IV Rank

High premium

P/C OI

1.02

Balanced positioning

Consensus

6.0/10

Bullish tilt

Published snapshot: Jun 4, 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

Jun 4, 2026 close

MSTR Flow Report

Analysis based on market close June 5, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 13.4% from MP; +0.5 VIX 22

Watch next session: Spot vs. gamma flip level ~$100; Put/call volume ratio

Flow Summary

Net premium: -$406.8M bearish

P/C volume ratio: 1.78

P/C OI ratio: 0.96

Bearish flow with -$406.8M net premium and put volume 1.78x calls. Negative gamma (-$72.4M) pressures dealers to hedge lower. DEX +55.4M shares offers some offset. Unusual call prints on June 12 strikes suggest speculative positioning, but dominant bias remains bearish given high VIX and spot below moving average.

Notable Prints

MSTR 2026-06-12 $125.00 Call

Vol: 20,654

OI: 168

Vol/OI: 122.9x

IV: 88.3%

Notional: ~$9.0M

Intent: Call sale

Dual read: Spec buy

Read-through: Capped upside

MSTR 2026-06-12 $132.00 Call

Vol: 27,264

OI: 251

Vol/OI: 108.6x

IV: 87.9%

Notional: ~$6.3M

Intent: Call sale

Dual read: Spec buy

Read-through: Capped upside

MSTR 2026-06-05 $120.00 Call

Vol: 30,013

OI: 403

Vol/OI: 74.5x

IV: 17.8%

Notional: ~$2.4M

Intent: Close

Read-through: Expiry

MSTR 2026-06-12 $30.00 Put

Vol: 10,629

OI: 154

Vol/OI: 69.0x

IV: 325.0%

Notional: ~$21K

Intent: Put hedge

Read-through: Tail risk

MSTR 2026-06-12 $128.00 Call

Vol: 8,544

OI: 173

Vol/OI: 49.4x

IV: 87.4%

Notional: ~$2.7M

Intent: Call sale

Dual read: Spec buy

Read-through: Capped upside

Institutional Positioning

Call additions: Heavy OTM call buying for 6/12 expiry: $125C (20.7k vol), $132C (27.3k), $128C (8.5k). Today's $120C (30k) likely closing.

Put additions: High put volume for today: $116P (22.7k), $118P (15k). Also deep OTM puts: $30P (10.6k), $60P (6.8k).

GEX/DEX consistency: GEX negative (-$72.4M, put-heavy), DEX positive (+55.4M shares call delta) — divergent; flow bearish but dealers long delta.

OI clusters: Largest OI concentrations: Not explicitly observed; but high OI in $116P (722), $118P (510) for today.

Hedging evidence: Significant put buying at 116 and 118 suggests downside hedging ahead of expiration.

Max pain context: Spot ($115 approx) below Max Pain; pinning pressure upward but bearish flow.

Signal vs Noise

~High vol/oi ratios in $125C (122.9x), $132C (108.6x) signal institutional call accumulation for next week.

~Put volume at $116P and $118P indicates hedging vs spot decline.

~Deep OTM put volume ($30P, $60P) with high IV likely speculative noise.

Key Conclusions

⚠️Heavy call buying for next week vs. bearish spot suggests hedging or bullish conviction; monitor 128C OI growth.

🔻Put volume at 116/118 for today expiration signals near-term downside protection; spot below MP adds risk.

📉GEX/DEX divergence indicates dealer gamma short but delta long; potential for sharp moves if spot breaks key levels.

How to Use These Reports

This flow reflects the market close on June 5, 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.