MSTR (MSTR) options memo

The Read

MSTR is down 4.56% today at $93.28.

Options traders lean neutral into 2026-07-31, and neutral further out.

A move through $102.12 would change how dealers hedge this stock.

Key numbers

• Spot: $93.28
• Lean: neutral
• Nearest expiry: Fri 9/4
• Implied move: 3.7%
• ATM implied volatility: 71.3%
• Max pain: $125.00
• Pin strike: $140.00
• Gamma flip: $139.35
• Dealer positioning: SHORT GAMMA
• Call wall: $140.00
• Put wall: $115.00
• Put/call open interest: 0.958