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: Mar 19, 2027
Days to expiration: 160
Share price: $154.34
Put/call ratio (OI): 1.27
Put/call ratio (volume): 1.36
ATM implied volatility: 66.1%
Expected move: ±$67.56
Open interest (C / P): 40.35K / 51.20K

MSTR options summary

The MSTR options chain for the March 19, 2027 expiration lists 61 call and 62 put contracts, with 160 days until expiration. Open interest stands at 40,346 calls and 51,205 puts, a put/call ratio of 1.27, which is more bearish, with puts outnumbering calls. At-the-money implied volatility near the $155.00 strike is 66.1%, which implies the market expects a move of about ±$67.56 (43.8%) in Strategy stock by expiration.

The most open interest sits at the $180.00 call (4.56K contracts) and the $85.00 put (10.33K contracts).

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

MSTR options chain · March 19, 2027

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
—	—	—	—	—	—	5.00	0.01	0.03	0.02	182.8%	100	382
3	2	199.4%	159.40	142.05	147.25	10.00	0.05	0.10	0.07	164.4%	7	103
—	—	—	—	—	—	15.00	0.00	0.45	0.06	159.8%	3	85
—	—	—	—	—	—	20.00	0.10	0.30	0.15	137.1%	16	611
6	3	153.0%	108.75	127.70	132.65	25.00	0.03	0.64	0.25	131.3%	1	1,154
1	1	—	70.01	110.80	118.15	30.00	0.00	0.59	0.19	115.8%	2	896
0	—	—	102.57	0.00	0.00	35.00	0.00	0.75	0.41	109.0%	2	281
2	1	125.9%	93.00	113.25	118.20	40.00	0.30	0.65	0.46	103.3%	28	396
4	—	363.5%	88.66	133.15	140.40	45.00	0.03	0.88	0.57	94.0%	16	541
39	1	113.1%	114.20	103.70	108.65	50.00	0.54	0.84	0.68	92.7%	2	1,278
11	1	108.7%	83.05	99.15	103.90	55.00	0.55	0.93	0.74	86.5%	1	636
16	1	103.5%	101.05	95.10	98.50	60.00	0.71	1.13	0.97	83.2%	1	1,110
45	1	100.0%	101.38	90.70	93.80	65.00	1.00	1.46	1.22	81.5%	3	759
47	1	93.7%	87.00	84.90	89.85	70.00	1.06	1.75	1.01	77.5%	2	492
27	3	90.6%	98.17	80.50	85.25	75.00	1.57	1.96	1.76	75.4%	1	3,510
138	15	87.9%	92.40	76.80	80.10	80.00	1.83	2.31	2.21	72.4%	1	3,253
73	10	85.1%	76.00	72.45	75.70	85.00	2.49	2.90	2.65	71.7%	10	10,328
336	1	82.6%	66.18	68.15	71.40	90.00	3.00	3.40	3.25	69.5%	23	1,414
220	1	80.8%	66.00	64.10	67.25	95.00	3.75	4.15	3.90	68.4%	20	653
515	1	79.2%	63.50	60.15	63.25	100.00	4.60	5.05	4.85	67.4%	1	1,566
141	6	76.9%	51.50	55.95	59.35	105.00	5.50	6.10	6.75	66.3%	5	909
1,787	10	76.2%	55.50	52.55	55.65	110.00	6.85	7.30	6.95	65.9%	13	2,260
238	6	74.6%	46.05	48.70	52.10	115.00	7.95	9.05	8.10	65.5%	5	595
1,064	3	74.0%	47.11	45.80	48.45	120.00	9.60	10.10	9.94	64.3%	12	1,132
235	9	70.8%	43.28	41.70	44.60	125.00	11.15	11.80	11.50	63.6%	2	820
921	41	71.3%	40.50	39.70	41.25	130.00	13.05	13.70	14.75	63.2%	33	6,533
221	25	71.2%	34.15	36.60	38.95	135.00	15.00	16.20	15.75	63.3%	9	301
1,470	1	71.3%	36.83	34.10	36.50	140.00	17.35	18.55	17.25	63.2%	10	999
1,226	13	70.8%	34.80	31.50	34.00	145.00	19.95	20.60	20.22	62.7%	3	890
1,621	11	70.2%	30.35	29.50	31.05	150.00	22.55	23.25	22.75	62.5%	19	597
MSTR $154.34
449	19	70.0%	28.65	27.50	28.70	155.00	25.25	26.05	26.05	62.2%	15	425
1,604	20	70.1%	26.18	25.60	26.75	160.00	28.15	28.95	28.90	62.0%	392	1,546
552	2	69.7%	25.33	23.25	25.10	165.00	31.00	32.40	31.70	62.0%	11	724
1,589	49	69.4%	22.40	21.85	22.90	170.00	34.35	35.60	35.05	62.0%	372	684
713	19	69.5%	21.15	20.25	21.35	175.00	37.85	39.20	40.00	62.3%	2	527
4,564	45	69.7%	19.40	19.00	19.85	180.00	40.90	42.70	41.10	61.6%	61	473
362	20	70.1%	18.10	17.70	18.70	185.00	44.35	46.60	48.15	61.7%	7	496
700	35	70.2%	16.82	16.45	17.40	190.00	47.30	51.25	49.35	61.8%	3	494
739	22	70.0%	15.95	15.10	16.25	195.00	50.90	55.10	53.20	61.5%	4	61
3,867	158	70.3%	14.50	14.20	15.15	200.00	55.90	58.10	56.93	61.6%	11	358
3,025	107	70.4%	12.60	12.40	13.00	210.00	64.20	67.10	57.58	63.0%	2	260
1,048	6	70.8%	11.05	10.45	11.80	220.00	71.70	75.80	70.65	62.1%	2	209
328	10	70.5%	10.00	9.05	10.00	230.00	80.45	83.65	78.87	60.8%	1	178
743	22	70.8%	9.20	7.70	8.90	240.00	89.35	92.25	111.64	60.1%	297	137
2,165	125	73.0%	7.70	7.45	8.30	250.00	98.05	101.70	95.40	59.9%	2	67
230	2	73.3%	7.74	7.00	7.85	255.00	132.80	138.50	96.15	146.4%	—	1
683	14	73.6%	6.19	6.60	7.45	260.00	107.90	110.65	101.72	60.5%	7	11
111	3	73.9%	6.10	6.20	7.10	265.00	112.85	115.55	112.60	61.6%	1	25
708	204	73.8%	6.45	5.70	6.70	270.00	0.00	0.00	167.05	—	1	0
242	26	74.5%	6.15	5.55	6.45	275.00	120.65	124.95	116.50	57.1%	6	2
505	17	74.7%	5.65	5.25	6.05	280.00	126.00	129.75	158.50	58.9%	1	9
217	5	75.0%	5.54	5.00	5.75	285.00	130.75	134.50	140.31	58.6%	15	15
505	7	75.1%	5.15	4.55	5.60	290.00	135.55	139.30	128.05	58.5%	1	2
200	1	75.8%	4.97	4.50	5.35	295.00	140.35	143.95	132.33	57.6%	2	6
1,818	11	75.6%	4.35	4.30	4.85	300.00	145.15	148.75	146.10	57.2%	1	7
216	3	76.1%	4.66	3.90	4.90	305.00	149.30	154.25	183.52	56.7%	2	1
91	2	76.4%	4.45	3.70	4.70	310.00	187.35	190.75	224.86	160.8%	4	0
133	4	75.3%	4.30	2.98	4.50	315.00	190.55	195.75	228.85	160.0%	4	0
91	4	76.5%	3.75	3.55	3.95	320.00	194.90	202.40	225.76	162.7%	1	0
639	11	77.1%	3.60	3.20	4.10	325.00	199.85	207.20	229.55	163.7%	4	0
124	1	77.6%	2.90	3.25	3.80	330.00	204.95	210.75	246.15	163.4%	1	0
26	13	78.3%	3.45	3.10	3.80	335.00	—	—	—	—	—	—
136	2	77.7%	3.31	2.80	3.50	340.00	—	—	—	—	—	—
816	10	78.3%	3.15	2.85	3.30	345.00	189.15	192.85	184.89	54.0%	2	3

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 March 19, 2027 expiration, the MSTR put/call ratio based on open interest is 1.27 (51,205 puts vs 40,346 calls), and 1.36 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 March 19, 2027 is about 66.1%, 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.