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MSTR

Strategy IncClose $85.33EOD only

Max Pain

$111.00

Next expiry Jun 26, 2026

Expected Move

±$5.08

6.0% from close

Price Gap

+25.67

Distance to max pain

IV Rank

Low premium

P/C OI

1.00

Balanced positioning

Consensus

8.0/10

Bearish tilt

Published snapshot: Jun 25, 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 25, 2026 close

MSTR Flow Report

Analysis based on market close June 26, 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 19.3% from MP; +0.5 VIX 18

Watch next session: $80 gamma flip; Put volume

Flow Summary

Net premium: -$470.8M bearish

P/C volume ratio: 2.23

P/C OI ratio: 0.99

Bearish flow: net put premium $470.8M, put/call vol ratio 2.23, GEX -$78.9M. Unusual prints show concentrated put buying at $84 and OTM call sales. Regime bearish, spot below MP.

Notable Prints

MSTR 2026-06-26 $85.00 Call

Vol: 21,097

OI: 723

Vol/OI: 29.2x

IV: 29.7%

Notional: ~$21K

Intent: Speculative bounce bet

Dual read: Gamma squeeze attempt

Read-through: Bearish sentiment, contrarian buyer

MSTR 2026-07-02 $85.00 Call

Vol: 5,769

OI: 350

Vol/OI: 16.5x

IV: 98.4%

Notional: ~$1.9M

Intent: Bullish directional

Dual read: Volatility play

Read-through: Expectation of move

MSTR 2026-06-26 $84.00 Put

Vol: 16,148

OI: 1,042

Vol/OI: 15.5x

IV: 51.0%

Notional: ~$2.8M

Intent: Downside hedge

Dual read: Bearish speculation

Read-through: Market prices downside risk

MSTR 2026-07-02 $90.00 Call

Vol: 16,228

OI: 1,344

Vol/OI: 12.1x

IV: 99.0%

Notional: ~$2.9M

Intent: Bullish speculation

Dual read: Call spread leg

Read-through: Optimistic bounce

MSTR 2026-07-02 $200.00 Call

Vol: 6,496

OI: 554

Vol/OI: 11.7x

IV: 193.8%

Notional: ~$6K

Intent: Lottery spec

Dual read: Tail risk

Read-through: Extreme bullish outlier

Institutional Positioning

Call additions: Modest call buying at $85 (6/26, vol/oi 29:1 but premium $0.01) and $90 (7/2, vol/oi 12:1); $200 call noise.

Put additions: Heavy put buying at $84 (15.5x OI), $81 (5.7x), plus tail puts at $30/$35 (vol/oi 9.4x/7.6x) and $40 (5.7x).

GEX/DEX consistency: GEX negative (-$78.9M) aligns with bearish flow; DEX positive (+59.9M shares) partly conflicting, likely dealer hedging of short puts.

OI clusters: Largest OI: $90 call (1344), $95 call (1541), $84 put (1042), $81 put (874).

Hedging evidence: Tail puts at $30-$40 indicate downside protection; high IV (125-295%) suggests hedged positioning.

Max pain context: MP unknown but spot below MP; gamma flip ~$80, pinning likely near $80-85.

Signal vs Noise

~Heavy put volume at $84 and $81 is real bearish signal.

~Deep OTM puts ($30-$40) are tail risk hedging, not noise.

~$85 call with $0.01 premium is noise; $90/$95 calls are speculative but not strong.

~$200 call is high IV lottery, noise.

~Net premium strongly negative confirms bearish bias.

Key Conclusions

🛡️Institutions adding protection via $84/$81 puts and tail hedges at $30-$40.

📉Spot below max pain, GEX negative, put/call vol ratio 2.23: persistent selling pressure.

⚠️Speculative call buying at $85/$90 may create gamma squeeze but low confidence given low premiums.

How to Use These Reports

This flow reflects the market close on June 26, 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.