thetaOwl

MSTR

Strategy IncClose $159.89EOD only
Max Pain
$170.00
Next expiry May 29, 2026
Expected Move
±$9.93
6.2% from close
Price Gap
+10.11
Distance to max pain
IV Rank
36
Middle-high premium
P/C OI
0.89
Slightly call-heavy
Consensus
7.0/10
Bearish tilt
Published snapshot: May 22, 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 22, 2026 close
MSTR Theta Report
Analysis based on market close April 9, 2026

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

You are viewing an older report from April 9, 2026. A newer theta report is available for May 22, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Sell defined-risk call credit spreads into the 135-140 call wall (45 DTE) and sell put spreads or cash-secured puts into the 125 GEX support
Invalidation: Close above $142.00 (1-week EM guardrail/$138.39 exceeded and run toward $142-$146) — re-evaluate if >$142
Confidence:
5 / 10
base 4.5; +1 high IV (Avg IV 81.9%); +1 strong GEX pinning (+$154.3M); -1 mixed flow / big net premium negative; -0.5 spot 3.9% above near-term MP

IV Environment

IV Regime
High
IV vs VIX
Avg IV 81.9% (near-term ATM ~62-70% across expirations) vs VIX N/A — IV is very elevated vs typical equity norms and rich for premium sellers
Favorable?
Yes

Term structure: Term structure elevated across front and mid terms (1d ATM 72.7%, 8d 62.6%, 15d 65.5%, 36d 69.4%) — fairly flat-high skewed; opportunity for 30-45 DTE selling

💰Avg IV 81.9% — strong tailwind for theta sellers; front-month ATM IVs in the 60s
⚠️IV elevated but flow is mixed (Net Premium -$232.1M) — watch for directional order flow that could overcome pinning

Pin Risk Assessment

Spot vs MP: Spot $128.86 is above the nearest max pain $124 (2026-04-10) and the 1-week MP $135 is ~4.8% above spot; pre-computed: Spot vs MP = Above

GEX regime: Pinning (Total GEX +$154.3M) — dealers net long gamma which creates a magnet near large GEX clusters

Gamma flip: ~$100.00Gamma flip near ~$100 — below that level dealers become net negative gamma and moves can accelerate; not relevant to near-term unless large drawdown

OI concentrations: Large call OI wall $135-$140 (34,241 @135C; 33,474 @140C; also $136/$132/$131 call clusters); put concentration at $100 (28,106 OI) — near-term GEX magnets at $132 (+$18.9M), $125 (+$16.1M), $129 (+$16.0M), $135 (+$14.9M)

Verdict: Favorable — positive GEX + large call walls create pinning pressure into the 132-135 area which benefits defined-risk sellers of calls; put sellers get support from 125/129 GEX clusters

Premium Opportunities

#1
call spread
Sell 135/140 call spread 2026-05-15 (36 DTE)
Large call OI wall at 135-140 + GEX pinning near 132-135 creates a magnet. High IV (mid-term ~69.4%) pays well for 35-45 DTE defined-risk call spreads. Use the concentrated OI as a short-delta hedge.
Credit: $1.10-$1.80
Max loss: $3.90
BE: $136.10
Mgmt: Take profits at 50-65% of max credit; roll up-and-out if short 135 is tested (roll to 140/145 or next 30-45 DTE with similar width); cut losses if underlying closes above $140 (short strike + full width) or if short gamma increases as price closes >135 for 2 consecutive sessions
#2
put spread (CSP alternative)
Sell 125/120 put spread 2026-05-15 (36 DTE) — or cash-secured sell 125P if willing to take stock
GEX magnet at $125 (+$16.1M) and nearby support from max pain $124 give put sellers a structural floor. High IV makes selling downside defined risk attractive vs naked cash-secured puts.
Credit: $0.95-$1.50
Max loss: $3.05
BE: $124.05
Mgmt: Close at 60-70% of max profit; if price falls and tests 125, roll down-and-out to 120/115 or convert to narrower spread; cut losses if price closes < $119.34 (1-week EM lower guardrail) or if IV spikes >10 vol pts (indicating directional flow)
#3
iron condor
Sell 125/120P & 135/140C 2026-05-15 (36 DTE)
Combines the call-wall magnet at 135-140 and put support at 125 for a two-sided premium sale. Elevated IV and pinning support a balanced defined-risk iron condor with 5-point wings.
Credit: $2.05-$3.00
Max loss: $2.95
BE: 122.95 / 137.95
Mgmt: Take profits at 50% of max credit; tighten or buy back one side if short strike is tested (close that side or roll ~5-10 pts and widen the opposite wing); exit all if underlying prints outside the 1-week EM bounds ($119.34 - $138.39)
#4
calendar (volsell long-dated)
Sell 2026-04-24 135C and buy 2026-06-18 135C (15 DTE vs 70 DTE)
Front-week IV still elevated (15d ATM 65.5% / 70d ATM ~70.3%) — shorting front-dated calls against longer-dated calls captures front decay while keeping defined risk. Works if pinning keeps price around 132-135.
Debit: $0.40-$0.90
Max loss: debit paid (~$0.40-$0.90)
BE: dependent on roll; bullish for decay if spot remains under 135 into short expiry
Mgmt: Close short leg for 60-70% profit or roll short 1-2 weeks forward if price remains rangebound; cut if underlying rallies through 138 with strong volume or if short leg becomes >50% intrinsic

Risk Alerts

!Earnings on 2026-04-30 (outside two weeks) — still close larger/near-earnings positions before the print; avoid naked short across earnings.
!High IV (Avg IV 81.9%) reduces cost of hedges but can jump higher with fresh directional flow — watch for IV spikes that widen wing costs.
!Positive GEX (+$154.3M) pins price into OI clusters but can flip quickly if large directional flow hits — if large sell flow appears, pinning can invert into a trend.
!Concentrated short-term activity: ITM/near-ITM puts exp 04/10 (129P, 128P, 131P) and 04/17 large 136C/142C flow — these indicate tactical directional bets that could create one-way pressure into short expiries.
!Call OI wall at $135-$140 is large — short call sellers may face assignment risk on early exercise if dividends or sudden gap-ups occur; manage short call risk around those strikes.
How to Use These Reports
This theta reflects the market close on April 9, 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.

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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.