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MSTR

Strategy IncClose $164.85EOD only

Max Pain

$170.00

Next expiry May 22, 2026

Expected Move

±$4.73

2.9% from close

Price Gap

+5.15

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.90

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: May 21, 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 21, 2026 close

MSTR Theta Report

Analysis based on market close May 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.5% from MP; +1 VIX 17

IV Environment

IV Regime

High

IV vs VIX

Avg IV 85.5% vs VIX 16.7 (5x) - very elevated

Favorable?

Yes

Term structure: Steep contango from 0 DTE (11%) to 7 DTE (52%), then flat; long-dated elevated

📈IV/VIX ratio 5x signals rich premiums

⚠️Term structure steep near term; favor short-dated

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-11.8M)

OI concentrations: Call OI wall $170-$200, put floor $100-$100; max pain $168

Verdict: Pin risk elevated near $168; limited put support below

Premium Opportunities

Iron condor

Sell 2026-06-18 $150.00/$148.00 put wing and $170.00/$172.00 call wing

Sell put/call wings near $150/$170 for theta decay

Credit: $1.17-$1.43

Max loss: $0.57

BE: 148.57 / 171.43

Mgmt: Exit at 50% max gain or before earnings

Put credit spread

Sell 2026-06-12 $150.00/$148.00 put spread

Sell $150/$148 put spread for credit

Credit: $0.72-$0.88

Max loss: $1.12

BE: $149.12

Mgmt: Exit at 50% max gain or if spot nears $145 support

Risk Alerts

!Negative gamma ($-11.8M) amplifies spot moves

!Spot below max pain; upside risk if rally to $168

How to Use These Reports

This theta reflects the market close on May 22, 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.