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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 10, 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; +2 GEX/flow strongly aligned; -1 spot 7.7% from MP

Watch next session: $100 put wall; $120 call concentration

Flow Summary

Net premium: -$315.3M bearish

P/C volume ratio: 0.81

P/C OI ratio: 0.98

Heavy call buying at $120 and $122 contrasts with strong negative net premium. Spot below MP, high vol, mixed flow but net premium bearish. Unusual prints show aggressive call accumulation and put protection.

Notable Prints

MSTR 2026-06-12 $119.00 Call

Vol: 2,316

OI: 254

Vol/OI: 9.1x

IV: 76.4%

Notional: ~$428K

Intent: Short-term bullish speculation

Read-through: Aggressive near-term bet on rally

MSTR 2026-06-18 $122.00 Call

Vol: 4,434

OI: 584

Vol/OI: 7.6x

IV: 76.6%

Notional: ~$1.4M

Intent: Bullish speculation on weekly expiry

Read-through: Market sees potential upside

MSTR 2026-06-18 $102.00 Put

Vol: 3,091

OI: 433

Vol/OI: 7.1x

IV: 86.4%

Notional: ~$454K

Intent: Bearish hedge or speculation

Dual read: Could be protective put

Read-through: Concern about downside

MSTR 2026-07-10 $80.00 Put

Vol: 1,237

OI: 194

Vol/OI: 6.4x

IV: 96.3%

Notional: ~$140K

Intent: Tail-risk hedge

Read-through: Deep OTM put for crash protection

MSTR 2026-06-18 $124.00 Call

Vol: 1,779

OI: 315

Vol/OI: 5.7x

IV: 76.4%

Notional: ~$445K

Intent: Bullish speculation

Read-through: Bet on continued upside

Institutional Positioning

Call additions: Short-dated calls at $119-$124 (vol/oi 4-9x)

Put additions: Long-dated puts at $80, $90, $102 (vol/oi 4-7x)

GEX/DEX consistency: Negative gamma & positive delta: dealers positioned for downside hedging

OI clusters: Put OI heavy at $100 (23.5k); call OI building at $120 (1.4k)

Hedging evidence: Elevated put activity at $80/90 suggests bearish hedging; net premium -$315M confirms put bias

Max pain context: Spot below MP; gamma flip at $100 acts as downside magnet; put wall may pin price

Signal vs Noise

~Large put buys at $90 (4.8x OI) and $102 (7.1x OI) are real bearish signals

~High put IV (86-96% vs 75-78% calls) indicates fear premium

~Weekly call buying at $119-$124 is speculative noise without sustained follow-through

~Negative gamma regime amplifies downside moves - real structural risk

Key Conclusions

📉Institutions adding bearish puts at $80-$90 for downside protection

⚠️Short gamma setup makes MSTR vulnerable to sharp declines below $100

📊Call buying persists at $119-$124 but lacks conviction amid mixed flow

How to Use These Reports

This flow reflects the market close on June 10, 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.