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MSTR

Strategy IncClose $82.31EOD only

Max Pain

$104.00

Next expiry Jul 2, 2026

Expected Move

±$9.28

11.3% from close

Price Gap

+21.69

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.99

Balanced positioning

Consensus

6.5/10

Bearish tilt

Published snapshot: Jun 26, 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 26, 2026 close

MSTR Flow Report

Analysis based on market close June 29, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 4.1% from MP; +1 VIX 18

Watch next session: $80 gamma flip; put volume persistence

Flow Summary

Net premium: -$240.9M bearish

P/C volume ratio: 1.28

P/C OI ratio: 0.92

Flow heavily bearish: net negative premium, high put/call volume ratio, deep OTM put buying. Gamma pinning at $80 but spot above MP. VIX moderate. Confirmation: break below $80. Invalidation: close above $97. Watch $80 pin and put flow.

Notable Prints

MSTR 2026-07-10 $35.00 Put

Vol: 3,082

OI: 253

Vol/OI: 12.2x

IV: 218.0%

Notional: ~$22K

Intent: Tail hedge

Read-through: Extreme downside

MSTR 2026-07-02 $83.00 Put

Vol: 7,079

OI: 669

Vol/OI: 10.6x

IV: 103.8%

Notional: ~$545K

Intent: Bearish bet

Read-through: Near-term drop

MSTR 2026-11-20 $120.00 Call

Vol: 1,095

OI: 108

Vol/OI: 10.1x

IV: 91.5%

Notional: ~$1.4M

Intent: Bullish call

Read-through: Long-term upside

MSTR 2026-07-02 $97.00 Call

Vol: 5,150

OI: 729

Vol/OI: 7.1x

IV: 102.5%

Notional: ~$1.2M

Intent: Bullish call

Read-through: Rise above 97

MSTR 2026-07-02 $91.00 Put

Vol: 1,114

OI: 180

Vol/OI: 6.2x

IV: 95.8%

Notional: ~$323K

Intent: Bearish put

Read-through: Dip below 91

Institutional Positioning

Call additions: Modest call buys at Nov $120, Jul $97, Jul $112

Put additions: Heavy put volume at Jul $83, $82, $91, $35, $60, $45

GEX/DEX consistency: No – GEX bullish ($21.7M) but flow bearish; DEX long 56.5M shares adds nuance

OI clusters: Gamma flip near $80; large put OI at $82/$83

Hedging evidence: Multiple far OTM puts suggest hedging vs. directional bearishness

Max pain context: Spot ($~96) above MP ($~85); pinning toward MP plausible

Signal vs Noise

~Bearish flow (put volume ratio 1.28) is signal

~Positive GEX and DEX long may mitigate downside

~High vol (VIX 18) supports option demand

~Unusual put prints with high vol/OI ratios are real hedging

Key Conclusions

⚠️Bearish flow with positive GEX creates mixed signals

🐻Institutions adding puts; hedging or directional?

📌Gamma pin near $80/$85 may slow descent

How to Use These Reports

This flow reflects the market close on June 29, 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.