Strategy (MSTR) Options Chain

NASDAQ: MSTRTechnologyComputer Software: Prepackaged SoftwareUSD

154.34+2.87 (+1.89%)

At close: Oct 9, 4:00 PM ET · Delayed 15 min

Expiration date

Expiration: Oct 16, 2026
Days to expiration: 5
Share price: $154.34
Put/call ratio (OI): 0.91
Put/call ratio (volume): 0.28
ATM implied volatility: 62.8%
Expected move: ±$11.35
Open interest (C / P): 221.47K / 201.78K

MSTR options summary

The MSTR options chain for the October 16, 2026 expiration lists 72 call and 69 put contracts, with 5 days until expiration. Open interest stands at 221,473 calls and 201,782 puts, a put/call ratio of 0.91, which is fairly balanced between calls and puts. At-the-money implied volatility near the $155.00 strike is 62.8%, which implies the market expects a move of about ±$11.35 (7.4%) in Strategy stock by expiration.

The most open interest sits at the $95.00 call (25.50K contracts) and the $90.00 put (12.50K contracts).

Summary generated from market data by MetaCap's automated system. Methodology

MSTR options chain · October 16, 2026

MSTR calls and puts by strike price. Shaded cells are in the money.
Calls							Puts
OI	Vol	IV	Last	Bid	Ask	Strike	Bid	Ask	Last	IV	Vol	OI
1,073	8	877.1%	127.30	121.95	126.55	30.00	0.00	0.01	0.03	387.5%	1	7,290
20	2	794.8%	109.65	116.95	121.55	35.00	0.00	0.01	0.01	356.3%	9	907
15	5	725.4%	84.60	111.95	116.55	40.00	0.00	0.01	0.01	325.0%	4	3,500
30	28	—	51.50	76.05	80.30	45.00	0.00	0.01	0.01	300.0%	7	1,807
29	6,669	287.5%	104.35	103.25	105.45	50.00	0.00	0.01	0.01	275.0%	9	4,440
27	5	480.1%	101.58	98.00	100.40	55.00	0.00	0.01	0.01	250.0%	1,451	4,869
17	9	513.0%	94.00	92.10	96.40	60.00	0.00	0.01	0.01	231.3%	943	4,430
20	1	340.6%	101.00	87.85	91.60	65.00	0.00	0.14	0.01	270.3%	6,494	4,759
54	9	449.0%	87.73	81.95	86.60	70.00	0.01	0.03	0.02	218.8%	267	9,735
88	9	187.5%	80.93	77.85	80.85	75.00	0.01	0.14	0.02	230.5%	425	5,995
165	1	214.4%	70.27	72.75	76.10	80.00	0.03	0.04	0.04	193.8%	2,352	9,092
172	2	225.4%	73.00	68.00	71.15	85.00	0.03	0.05	0.03	179.7%	131	11,014
259	3	185.2%	61.95	63.25	65.65	90.00	0.02	0.04	0.04	159.4%	43	12,498
25,497	16	168.4%	61.60	58.60	60.30	95.00	0.03	0.05	0.03	148.4%	330	6,815
1,263	51	175.4%	54.51	53.85	55.40	100.00	0.02	0.05	0.04	132.0%	4,331	8,551
634	42	162.7%	49.35	48.85	50.50	105.00	0.02	0.08	0.03	123.4%	8	4,360
1,458	65	137.1%	44.75	43.90	45.25	110.00	0.02	0.09	0.04	111.3%	262	3,693
1,234	22	121.5%	39.63	38.90	40.25	115.00	0.04	0.06	0.06	96.9%	2,842	5,943
1,769	43	132.7%	34.33	33.50	35.05	120.00	0.06	0.08	0.08	88.3%	3,319	10,467
1,412	48	85.6%	29.41	28.95	30.05	125.00	0.08	0.11	0.10	78.9%	5,309	6,251
12,620	57	71.9%	24.60	23.40	25.60	130.00	0.14	0.16	0.15	71.1%	1,440	6,983
47	81	64.4%	21.12	19.20	21.90	134.00	0.22	0.43	0.26	70.3%	1,490	1,835
3,926	224	52.5%	19.40	18.85	20.00	135.00	0.30	0.31	0.31	66.4%	1,352	4,192
42	243	57.3%	18.47	17.60	19.45	136.00	0.35	0.37	0.34	65.9%	163	336
60	322	53.1%	17.52	16.45	18.55	137.00	0.40	0.43	0.42	65.0%	129	1,835
64	207	59.8%	16.67	16.30	17.10	138.00	0.48	0.50	0.49	64.5%	282	1,951
33	71	56.8%	15.68	15.30	16.10	139.00	0.56	0.59	0.61	64.0%	350	1,850
3,106	517	66.4%	15.00	15.05	15.20	140.00	0.66	0.69	0.68	63.5%	2,932	5,585
19	33	64.8%	14.20	14.10	14.30	141.00	0.77	0.80	0.84	62.9%	910	651
88	39	53.0%	13.25	12.30	13.45	142.00	0.90	0.94	0.91	62.6%	514	7,039
104	31	60.4%	12.50	12.10	12.55	143.00	1.06	1.10	1.06	62.4%	1,070	627
195	63	64.1%	11.67	11.65	11.75	144.00	1.24	1.28	1.28	62.2%	354	857
7,253	518	63.2%	11.08	10.80	10.95	145.00	1.45	1.48	1.46	62.0%	2,514	3,950
244	161	63.3%	10.00	10.05	10.20	146.00	1.67	1.71	1.69	61.7%	2,384	1,004
130	235	63.3%	9.68	9.35	9.45	147.00	1.93	1.99	1.95	61.7%	1,756	1,018
208	162	63.3%	8.66	8.65	8.75	148.00	2.24	2.27	2.27	61.7%	1,742	1,938
371	327	62.8%	7.95	7.95	8.05	149.00	2.57	2.59	2.58	61.7%	986	711
6,174	1,945	63.0%	7.40	7.30	7.45	150.00	2.91	2.96	2.93	61.6%	4,248	5,977
5,465	4,583	62.8%	5.93	5.85	5.95	152.50	3.90	4.05	4.00	61.7%	3,464	1,586
MSTR $154.34
17,067	9,479	63.5%	4.64	4.65	4.75	155.00	5.20	5.30	5.27	62.1%	4,158	3,995
8,841	33,974	63.6%	3.65	3.60	3.70	157.50	6.65	6.80	6.82	62.5%	1,115	832
14,722	32,825	64.3%	2.81	2.80	2.84	160.00	8.35	8.50	8.44	63.5%	1,112	5,102
6,948	19,703	64.1%	2.18	2.01	2.19	162.50	10.20	10.30	10.25	64.0%	387	6,462
10,350	56,233	66.1%	1.67	1.64	1.68	165.00	12.20	12.35	12.50	65.4%	394	3,229
4,117	26,674	65.9%	1.30	1.11	1.29	167.50	13.70	14.40	14.45	59.6%	75	527
10,876	15,442	68.7%	1.00	0.97	1.00	170.00	16.50	16.65	16.65	67.2%	328	1,932
1,877	869	70.7%	0.79	0.76	0.81	172.50	17.90	18.90	18.50	53.2%	75	277
5,662	2,463	72.1%	0.61	0.60	0.62	175.00	20.85	21.75	21.38	73.0%	322	900
1,005	426	74.4%	0.49	0.48	0.52	177.50	22.05	25.35	21.85	75.8%	29	60
8,818	2,349	75.9%	0.40	0.39	0.40	180.00	25.45	26.50	25.82	72.5%	292	1,009
518	364	78.2%	0.33	0.32	0.34	182.50	27.00	30.60	33.66	90.3%	10	40
3,984	733	79.5%	0.27	0.24	0.28	185.00	30.10	32.25	30.73	91.2%	2	255
1,329	257	83.3%	0.24	0.18	0.31	187.50	31.60	35.40	31.55	88.6%	3	1
3,714	1,847	83.4%	0.20	0.16	0.20	190.00	34.85	36.60	33.95	71.9%	16	363
1,606	1,402	87.9%	0.14	0.13	0.14	195.00	39.80	42.05	33.26	98.0%	14	117
12,230	6,678	91.8%	0.10	0.09	0.11	200.00	44.95	46.50	46.42	86.7%	18	339
1,632	1,479	94.5%	0.08	0.05	0.09	205.00	48.70	51.85	40.27	154.3%	2	0
1,374	281	100.4%	0.05	0.05	0.08	210.00	53.45	58.10	58.75	108.2%	59	0
1,179	1,856	105.1%	0.05	0.04	0.07	215.00	58.45	63.10	48.05	115.2%	22	0
3,694	1,007	108.6%	0.04	0.03	0.06	220.00	63.65	68.00	51.00	128.1%	1	0
1,044	21	116.0%	0.03	0.01	0.09	225.00	68.65	72.15	101.65	200.0%	2	1
1,790	19	118.8%	0.05	0.01	0.07	230.00	73.95	78.10	63.65	159.1%	1	0
515	24	126.2%	0.03	0.00	0.09	235.00	110.55	114.65	149.91	676.8%	60	0
1,177	30	128.1%	0.01	0.01	0.06	240.00	83.45	88.10	111.15	146.9%	1	0
2,006	49	131.3%	0.03	0.01	0.05	245.00	102.15	103.20	147.80	433.6%	2	0
3,401	135	138.3%	0.03	0.01	0.06	250.00	94.85	97.05	88.65	179.1%	5	0
560	23	139.1%	0.02	0.00	0.05	255.00	—	—	—	—	—	—
482	2	143.8%	0.05	0.00	0.05	260.00	135.30	139.55	165.10	727.0%	10	0
166	108	174.2%	0.01	0.00	0.23	265.00	—	—	—	—	—	—
2,086	21	174.2%	0.01	0.00	0.18	270.00	126.80	127.95	176.15	474.8%	2	0
682	30	176.6%	0.01	0.00	0.16	275.00	—	—	—	—	—	—
10,636	17	140.6%	0.01	0.00	0.01	280.00	155.30	159.50	184.50	763.4%	1	0

In-the-money callsIn-the-money puts. IV = implied volatility, OI = open interest (contracts). Each contract covers 100 shares. Quotes delayed at least 15 minutes.

Frequently asked questions

What is the MSTR put/call ratio?

For the October 16, 2026 expiration, the MSTR put/call ratio based on open interest is 0.91 (201,782 puts vs 221,473 calls), and 0.28 based on today's volume. A ratio above 1 means more puts than calls.

What is MSTR's implied volatility?

At-the-money implied volatility for MSTR options expiring October 16, 2026 is about 62.8%, an annualized estimate of how much the market expects Strategy stock to move.

How many MSTR option expiration dates are there?

MSTR has 17 listed expiration dates, from Oct 16, 2026 to Jan 19, 2029.

What does "in the money" mean?

A call is in the money when the strike price is below the current share price; a put is in the money when the strike is above it. In-the-money contracts have intrinsic value and are shaded in the table.