thetaOwl

MSTR

Strategy IncClose $165.81EOD only
Max Pain
$170.00
Next expiry May 22, 2026
Expected Move
±$7.35
4.4% from close
Price Gap
+4.19
Distance to max pain
IV Rank
33
Middle-high premium
P/C OI
0.90
Balanced positioning
Consensus
6.5/10
Bullish tilt
Published snapshot: May 20, 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
May 20, 2026 close
MSTR Theta Report
Analysis based on market close April 2, 2026

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

You are viewing an older report from April 2, 2026. A newer theta report is available for May 20, 2026.

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Theta Verdict

Attractiveness8.5 / 10
Sizing: Moderate (size for extreme volatility)
Primary: Sell defined-risk put spreads below major OI support
Invalidation: Close all positions if spot breaks below $100 OI wall
Confidence:
7 / 10
base 5; +2 high IV; +1 strong pinning; -1 extreme volatility; +0 earnings distant

IV Environment

IV Regime
Extremely High
IV vs VIX
IV 85% — extremely elevated
Favorable?
Yes

Term structure: Steep upward slope from 65.7% (8d) to 85% (351d). Hump around 77-79% in mid-2026.

💰Extreme IV (>80%) provides massive premium for sellers
IV term structure is steep — prefer 30-45 DTE to capture high vol without excessive tail risk

Pin Risk Assessment

Spot vs MP: Below max pain by 12.5% (spot $119.83 vs MP $137)

GEX regime: Pinning (GEX +$24.9M — mean-reverting)

Gamma flip: ~$5.00Extremely low gamma flip at ~$5 due to massive $5 put OI (26K+) — pinning force is strong above this level.

OI concentrations: Major call walls: $135 (33K OI), $140 (33K OI). Major put walls: $5 (26K OI), $100 (25K OI).

Verdict: Highly favorable — massive positive GEX and OI concentrations create strong magnetic pinning, ideal for credit strategies.

Premium Opportunities

#1
put credit spread
Sell $100/$95 put spread 2026-04-24 (22 DTE)
Defined risk below major $100 put OI wall (25K+). Strong pinning regime supports staying above support. High IV provides excellent credit for 22 DTE. 16.5% OTM provides >2x the expected move buffer ($16.73). Spot has moved down from prior report, increasing margin of safety.
Credit: $1.10-$1.40
Max loss: $3.60
BE: $98.60
Mgmt: Close at 65% max profit. Exit if spot closes below $105. Roll down/out if $100 tested but not breached.
#2
iron condor
Sell $105/$100P x $140/$145C 2026-05-01 (29 DTE)
Capitalizes on pinning between major OI levels ($100P wall, $140C wall). Wide $35 wings provide 12.4% buffer down and 16.8% buffer up. High IV yields >1:1 credit/risk ratio. 29 DTE optimal for theta decay with elevated IV.
Credit: $2.20-$2.80
Max loss: $2.20
BE: 102.80/142.20
Mgmt: Close at 50% max profit. Manage wings independently — roll tested side out 2 weeks. Exit entire position if spot breaches $108 or $142.
#3
cash-secured put
Sell $110 put 2026-05-15 (43 DTE)
For capital-secure sellers willing to own MSTR. 8.2% below spot, below gamma flip, and above major $100 support. Extreme IV provides ~12% premium for 43 DTE (>100% annualized). High credit significantly lowers cost basis.
Credit: $12.50-$15.50
Max loss: $95.00
BE: $97.50
Mgmt: Roll down/out at 21 DTE if ITM. Close at 70% profit. Accept assignment below $110 only if bullish long-term.
#4
call credit spread
Sell $140/$145 call spread 2026-04-17 (15 DTE)
Targets major call wall at $140 (33K OI). Spot 16.8% below strike. High IV in short expiry provides accelerated decay. Defined risk with positive GEX pinning upward moves. Shorter DTE capitalizes on faster theta decay.
Credit: $0.90-$1.20
Max loss: $4.10
BE: $140.90
Mgmt: Close at 80% profit (fast decay). Exit if spot closes above $135. Do not hold through 4/17 expiration if near strike.

Risk Alerts

!Extreme volatility (IV 85%) — position size must account for larger-than-normal price swings (±$19.73 for 29 DTE).
!Massive negative premium flow (-$287M net) suggests institutional put buying — monitor for continued directional pressure.
!Unusual activity in 4/10 $125 Calls (26,381 vol, 5.7x OI) and $5 Puts (1,511 vol, 8.4x OI) indicates speculative/hedging flows — respect near-term volatility.
!Earnings estimated 4/30/2026 (~28 days out) — avoid selling naked options beyond 4/24 expiration. Close all positions before announcement.
!Gamma flip at ~$5 is extremely low — pinning force is strong but breakdown below $100 could be violent given negative flow.
!Spot has declined ~$5 since prior report, moving closer to put support. Monitor $115 and $110 levels for near-term stability.
How to Use These Reports
This theta reflects the market close on April 2, 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.