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MSTR

Strategy IncClose $94.13EOD only

Max Pain

$115.00

Next expiry Jun 26, 2026

Expected Move

±$6.43

6.8% from close

Price Gap

+20.87

Distance to max pain

IV Rank

Low premium

P/C OI

0.96

Balanced positioning

Consensus

7.0/10

Bearish tilt

Published snapshot: Jun 24, 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 24, 2026 close

MSTR Flow Report

Analysis based on market close June 25, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 23.1% from MP; +0.5 VIX 19; override: Strong bearish flow alignment with heavy put volume, negative GEX, and spot below MP.

Watch next session: Put volume evolution; Spot price action relative to gamma flip

Flow Summary

Net premium: -$657.7M bearish

P/C volume ratio: 2.54

P/C OI ratio: 1.00

Heavy put buying dominates with 2.5:1 P/C volume ratio and net premium -$657M. Negative gamma ($-54.1M) and spot below MP (23.1%) reinforce bearish stance. Unusual prints show concentrated put accumulation at $86, $83, and out-month $65 puts. Regime is high vol, trending, bearish flow.

Notable Prints

MSTR 2026-06-26 $86.00 Put

Vol: 13,590

OI: 267

Vol/OI: 50.9x

IV: 96.9%

Notional: ~$3.9M

Intent: Bearish speculation

Read-through: High vol/OI new bearish positions

MSTR 2026-06-26 $90.00 Call

Vol: 14,237

OI: 335

Vol/OI: 42.5x

IV: 97.7%

Notional: ~$1.2M

Intent: Speculative call buying

Dual read: Hedging short puts

Read-through: New bullish bets

MSTR 2026-06-26 $92.00 Call

Vol: 2,980

OI: 135

Vol/OI: 22.1x

IV: 100.4%

Notional: ~$158K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

MSTR 2026-06-26 $83.00 Put

Vol: 16,819

OI: 830

Vol/OI: 20.3x

IV: 104.9%

Notional: ~$2.7M

Intent: Bearish bet below $83

Read-through: Aggressive put buying

MSTR 2026-06-26 $93.00 Call

Vol: 4,353

OI: 238

Vol/OI: 18.3x

IV: 101.2%

Notional: ~$174K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Call buying at $90-$95 for 6/26 expiry, low volume vs puts

Put additions: Large put accumulation at $86, $83 (6/26), and long-dated $65 (10/16), $50 (7/10)

GEX/DEX consistency: GEX negative (-$54M) matches bearish flow; DEX positive (+61M shares) reflects dealer hedging long underlying

OI clusters: Largest OI: puts at $86 (2,400), calls at $95 (1,067); gamma flip at $75

Hedging evidence: Long-dated puts at $65 and $50 indicate hedging to Oct/Jul for downside protection

Max pain context: Max pain near $90-$95; spot at ~$75 well below MP, low probability of pin

Signal vs Noise

~Signal: Heavy put accumulation and negative GEX confirm bearish institutional bias

~Noise: Low-volume call OI at $90-$95 may be speculative, not institutional

Key Conclusions

💀Bearish bias: heavy put flow and negative GEX imply further downside risk

🛡️Hedging evident via long-dated puts; tail risk to $50-65

📉Spot 23% below max pain; gamma flip at $75 suggests potential for more selling

How to Use These Reports

This flow reflects the market close on June 25, 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.