MSTR
Strategy IncClose $132.36EOD onlyMax Pain
$130.00
Next expiry Apr 17, 2026
Expected Move
±$7.40
5.6% from close
Price Gap
-2.36
Distance to max pain
IV Rank
30
Middle-high premium
P/C OI
0.82
Slightly call-heavy
Consensus
6.0/10
Consensus signal
Published snapshot: Apr 13, 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
Apr 13, 2026 close
MSTR Theta Report
Analysis based on market close April 13, 2026
Historical consensus-supported lens with full content, report chain context, and metric rail.
Theta Verdict
Attractiveness8 / 10
Sizing: Moderate
Primary: Sell put credit spreads (CSP/defined-risk put spreads) near the $125–$130 put OI support
Invalidation: Close below $120 (breach of put OI clusters and inside expected move lower bound)
Confidence:
6.5 / 10
base 6.0; +1.0 Vol High (Avg IV 77.6%); +0.5 Gamma Pinning (GEX +111.5M); -0.5 Flow Mixed/Net premium -$201.8M
IV Environment
IV Regime
High
IV vs VIX
ATM IV 65.8%–68.7% in the 18–66d term vs VIX 19.12 — extremely rich on name-level IV (Avg IV 77.6%)
Favorable?
Yes
Term structure: Steep, elevated curve with ATMs: 4d 59.9% → 32d 68.2% → 66d 68.7%. Slightly higher mid-term vols favor selling time premium in 30–45 DTE band.
💰Avg IV 77.6% with 32–66d ATM in the high 60s — rich premium to collect
📌GEX +$111.5M concentrated around 133–142 strikes creates pin magnets near $135
Pin Risk Assessment
Spot vs MP: Spot $132.36 is above near-term max pain $130 (4/17) and $135 (4/24) — 1.8% above MP per Confidence Base
GEX regime: Pinning (GEX +$111.5M) — dealers long gamma net which acts as a magnet around concentrated call strikes
Gamma flip: ~$100.00 — Gamma flip ~100 — well below spot; dealer short-gamma behavior only amplifies below that level, but not relevant near current spot
OI concentrations: Large call OI walls at $135 (45,499), $142 (37,474), $140 (28,301). Put OI concentration at $100 (27,194) acts as deep floor.
Verdict: Favorable — positive GEX and call OI magnets near $135–$142 increase likelihood of pinning; supports selling downside premium (put spreads) and wings outside the $120–140 corridor.
Premium Opportunities
#1
put spread
Sell $125 / Buy $120 put spread 2026-05-15 (32 DTE)
High name IV (ATM ~68.2% at 32d) and pinning GEX concentrated above favors defined-risk short puts. $125 is ~5.6% below spot and sits inside range where dealers are likely to pin toward $130–$135 rather than down to $120.
Credit: $1.10-$1.40
Max loss: $3.90
BE: $123.90
Mgmt: Take 60–70% of max profit (target credit capture) when available; roll down-and-out or roll to further OTM spread if underlying closes <$123 on 3 consecutive sessions; cut to defined loss if price < $120 on close (max loss trigger).
#2
iron condor
Sell 135/140 call spread + Sell 120/115 put spread 2026-05-15 (32 DTE)
Wide defined-risk iron condor collects rich vols on both wings; call side aligns with heavy call OI/GEX magnets at 135–142, while put side sits outside near-term put clusters. High IV + pinning increases probability price remains inside wings.
Credit: $2.10-$3.00
Max loss: $3.90
BE: 121.10 / 137.10
Mgmt: Take 50% profit on the total credit; tighten or buy back if either short strike is touched intra-day; roll the tested side 1–2 strikes out for a debit if short strike breaches and put roll would cost >50% remaining credit.
#3
cash-secured put (naked put) / covered conversion
Sell $130 put 2026-05-15 (32 DTE) (CSP) — collect put premium while holding cash
130 put mid for near weekly (4/17) shows mid $4.65 on 4/17; for 32d elevated IV yields higher credit (~$3.00–$3.60). With spot $132.36 and max pain at $130, selling an OTM/near-spot CSP is attractive for conservative theta collectors who can take assignment.
Credit: $3.00-$3.60
Max loss: $127.00
BE: $127.00
Mgmt: Close at 50–65% of max profit; if price < $128.00 consider rolling down to 125/120 put spread to define risk; avoid naked puts through earnings (see Risk Alerts) if within your risk tolerance.
#4
covered call
Buy shares and sell $140 call 2026-05-15 (32 DTE)
$140 call OI and GEX magnets at 140–142 reduce upside tail; selling calls against stock in a high-IV environment collects elevated premium (May15 ATM ~68%). Use if willing to own/hold stock; capped upside to $140.
Credit: $2.79-$3.20
Max loss: Stock - premium collected (unlimited downside)
BE: $129.16
Mgmt: Aim to close at 50–60% of premium; buy back early if stock rallies and $140 short-call delta >0.40; consider rolling out-and-up if holding position and assignment undesirable.
#5
calendar (debit)
Sell 2026-04-24 135 call / Buy 2026-05-15 135 call (calendar) — short near-week, long month
Weekly front-week decay is strong (4/24 max pain 135) and front-week IV (11d ATM ~60.9%) is slightly cheaper than 32d (~68.2%), so selling the weekly against the month captures theta while maintaining longer exposure. Works if spot remains near $133–$136 over the week.
Debit: $1.20-$1.80
Max loss: $1.80
BE: Calendar P/L depends on front-week decay and vol changes (approx debit paid)
Mgmt: If front-week short 135 is ITM by mid-week, buy back and restart with next weekly; close calendar for credit if 60–70% of debit decays; widen to different strikes only if front-week vol collapses or underlying trends strongly.
Risk Alerts
!Earnings scheduled 2026-04-30 (17 days) — avoid naked short premium across earnings; prefer defined-risk spreads or close positions before announcement.
!Gamma flip ~100 — a sustained break under $100 would flip dealer behavior (unlikely given current expected moves but a tail risk).
!Heavy call OI walls at $135/$140/$142 create pin risk — if price gaps through those strikes intraday it can accelerate moves and hurt short calls/wings.
!IV already very high (Avg IV 77.6%) — while favorable to sellers, sudden IV spikes (bid re-pricing) can widen spreads and increase mark-to-market losses on wings.
!Unusual activity in Apr17 $128 put and $129 call (elevated OI/flow) — short-dated directional flow could increase intraday pin volatility into 4/17.
Read the Theta analysis for MSTR for 2026-04-13. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.