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MSTR

Strategy IncClose $103.84EOD only

Max Pain

$115.00

Next expiry Jun 26, 2026

Expected Move

±$6.93

6.7% from close

Price Gap

+11.16

Distance to max pain

IV Rank

Low premium

P/C OI

0.98

Balanced positioning

Consensus

6.5/10

Bearish tilt

Published snapshot: Jun 23, 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 23, 2026 close

MSTR Flow Report

Analysis based on market close June 24, 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 18.1% from MP; +0.5 VIX 19

Watch next session: $92 put activity; gamma flip level $75

Flow Summary

Net premium: -$680.2M bearish

P/C volume ratio: 1.28

P/C OI ratio: 0.96

Aggressive put buying dominates, notably at $92 strike, driving net premium deeply negative. GEX short gamma amplifies downside; bearish bias as long as volume ratio stays elevated and spot remains below $100.

Notable Prints

MSTR 2026-06-26 $92.00 Put

Vol: 9,445

OI: 176

Vol/OI: 53.7x

IV: 92.3%

Notional: ~$2.1M

Intent: Put buy

Read-through: Bearish

MSTR 2026-07-02 $108.00 Call

Vol: 6,375

OI: 129

Vol/OI: 49.4x

IV: 93.3%

Notional: ~$861K

Intent: Call buy

Read-through: Bullish

MSTR 2026-06-26 $100.00 Call

Vol: 13,798

OI: 293

Vol/OI: 47.1x

IV: 93.4%

Notional: ~$1.6M

Intent: Call buy

Read-through: Bullish

MSTR 2026-06-26 $88.00 Put

Vol: 3,987

OI: 129

Vol/OI: 30.9x

IV: 99.2%

Notional: ~$439K

Intent: Put buy

Read-through: Bearish

MSTR 2026-07-02 $111.00 Call

Vol: 3,239

OI: 119

Vol/OI: 27.2x

IV: 92.1%

Notional: ~$311K

Intent: Call buy

Read-through: Bullish

Institutional Positioning

Call additions: Bullish call flow at $100/$105/$107, weekly expiries with high vol/OI ratios (47x, 23x, 27x).

Put additions: Heavy put buying at $92 (53.7x OI) and $94 (25.9x OI), with 9445 and 7418 volume respectively.

GEX/DEX consistency: Consistent: bearish flow leads to dealers long delta (+54.2M DEX) and short gamma (-$45.9M GEX).

OI clusters: Largest OI at $105C (310), $100C (293), $94P (287), $96P (243), $107C (237).

Hedging evidence: Bearish put flow may hedge long BTC exposure; no explicit collars observed.

Max pain context: Spot ~18% below MP; regime 'Below' suggests potential upward pinning toward max pain.

Signal vs Noise

~Strong signal: $92 put volume 53.7x OI indicates aggressive bearish positioning.

~Strong signal: Negative net premium (-$680M) and put/call volume ratio 1.28 confirm bearish flow.

~Noise: Many prints with small OI (<300) reduce significance of individual high vol/OI ratios.

~Signal: Dealer short gamma (-$45.9M) warns of potential volatility amplification.

Key Conclusions

🐻Put accumulation at $92 (53.7x OI) but small OI limits conviction.

🔴Call buying at $100/$105 shows tactical long interest, but may be hedged against BTC risk.

⚠️Dealers short gamma (-$45.9M) could amplify sharp moves; spot stretched 18% below MP.

How to Use These Reports

This flow reflects the market close on June 24, 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.