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MSTR

Strategy IncClose $117.02EOD only

Max Pain

$125.00

Next expiry Jun 12, 2026

Expected Move

±$8.47

7.2% from close

Price Gap

+7.98

Distance to max pain

IV Rank

High premium

P/C OI

0.96

Balanced positioning

Consensus

7.0/10

Bearish tilt

Published snapshot: Jun 9, 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 9, 2026 close

MSTR Flow Report

Analysis based on market close June 9, 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 6.4% from MP; +0.5 VIX 20

Watch next session: Put flow continuity; Spot vs gamma flip $100

Flow Summary

Net premium: -$311.0M bearish

P/C volume ratio: 1.54

P/C OI ratio: 0.96

Heavy put buying across expiries with negative premium signals bearish positioning. Elevated VIX and below-MP spot confirm downside bias. Gamma pressure near $100.

Notable Prints

MSTR 2026-07-02 $115.00 Put

Vol: 5,385

OI: 349

Vol/OI: 15.4x

IV: 80.4%

Notional: ~$4.6M

Intent: Bearish directional bet

Dual read: Hedging long stock

Read-through: Targets $115 by July 2

MSTR 2026-06-12 $92.00 Put

Vol: 2,173

OI: 191

Vol/OI: 11.4x

IV: 113.9%

Notional: ~$30K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

MSTR 2026-08-21 $20.00 Put

Vol: 3,216

OI: 428

Vol/OI: 7.5x

IV: 164.1%

Notional: ~$48K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

MSTR 2026-06-12 $119.00 Put

Vol: 2,136

OI: 389

Vol/OI: 5.5x

IV: 85.5%

Notional: ~$1.1M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

MSTR 2026-07-02 $100.00 Put

Vol: 6,521

OI: 1,380

Vol/OI: 4.7x

IV: 87.5%

Notional: ~$2.3M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Minimal; small call buying at $115-$116

Put additions: Aggressive put buys at $115 (Jul), $92 (Jun), $20 (Aug), $119 (Jun), $100 (Jul)

GEX/DEX consistency: GEX negative, DEX positive; dealers long spot but short gamma

OI clusters: OI concentrated at $115 puts (23k) and $100-$119 puts

Hedging evidence: Heavy put flow suggests hedging long crypto exposure

Max pain context: Spot below MP; MP pins near $115 area

Signal vs Noise

~Signal: large put volume at $115 and $100 strikes with high vol/oi ratios

~Signal: negative net premium and bearish flow regime

~Noise: $20 put print likely a lotto trade

~Noise: low vol/oi ratio prints

Key Conclusions

🐻Institutions loading puts across strikes; strong bearish flow with negative gamma.

⚠️DEX positive suggests dealer hedging may buffer downside near MP.

How to Use These Reports

This flow reflects the market close on June 9, 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.