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: Apr 16, 2027
Days to expiration: 187
Share price: $154.34
Put/call ratio (OI): 0.57
Put/call ratio (volume): 0.80
ATM implied volatility: 67.4%
Expected move: ±$74.45
Open interest (C / P): 5.38K / 3.06K

MSTR options summary

The MSTR options chain for the April 16, 2027 expiration lists 44 call and 49 put contracts, with 187 days until expiration. Open interest stands at 5,377 calls and 3,059 puts, a put/call ratio of 0.57, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $155.00 strike is 67.4%, which implies the market expects a move of about ±$74.45 (48.2%) in Strategy stock by expiration.

The most open interest sits at the $275.00 call (881 contracts) and the $10.00 put (629 contracts).

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

MSTR options chain · April 16, 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
—	—	—	—	—	—	10.00	0.05	0.15	0.10	157.8%	5	629
—	—	—	—	—	—	17.50	0.00	0.65	0.17	145.3%	2	1
—	—	—	—	—	—	22.50	0.01	1.36	0.42	144.6%	1	2
—	—	—	—	—	—	25.00	0.00	0.30	0.60	108.6%	1	1
4	1	137.4%	102.60	123.10	128.05	30.00	0.00	0.82	0.54	112.7%	10	60
—	—	—	—	—	—	35.00	0.12	0.76	0.48	103.4%	3	213
—	—	—	—	—	—	40.00	0.40	0.70	0.52	97.9%	5	56
—	—	—	—	—	—	45.00	0.17	1.05	1.02	91.4%	5	31
—	—	—	—	—	—	50.00	0.52	1.13	0.92	88.7%	7	47
—	—	—	—	—	—	55.00	0.78	1.55	2.57	87.4%	4	5
4	4	98.9%	72.00	95.25	99.00	60.00	1.07	1.47	1.31	82.2%	1	14
24	30	95.7%	106.03	90.15	95.10	65.00	1.19	1.89	1.47	79.2%	8	120
17	18	90.7%	76.40	85.60	90.20	70.00	1.60	2.20	1.80	76.9%	1	50
—	—	—	—	—	—	75.00	1.99	2.50	2.35	74.1%	13	142
5	6	87.5%	70.60	77.95	81.05	80.00	2.46	3.20	2.60	72.8%	9	47
3	2	84.9%	81.41	73.65	76.80	85.00	3.20	3.60	3.21	71.0%	2	40
9	10	81.9%	72.64	68.50	73.30	90.00	3.90	4.30	4.35	69.5%	1	144
1	—	80.9%	50.64	65.50	68.65	95.00	4.65	5.20	5.16	68.2%	60	95
17	1	79.2%	60.74	61.55	64.80	100.00	5.65	6.45	6.10	67.8%	1	44
5	3	77.9%	63.47	57.90	61.05	105.00	6.70	8.25	7.27	68.0%	5	25
153	6	77.0%	51.75	54.50	57.50	110.00	8.05	8.75	8.62	65.8%	1	74
81	30	75.9%	61.68	51.05	54.10	115.00	9.45	10.30	10.00	65.2%	1	88
117	2	75.1%	50.62	47.85	50.85	120.00	10.90	11.95	12.85	64.4%	4	49
85	1	74.3%	41.70	44.70	47.80	125.00	12.70	13.85	14.77	64.0%	24	124
466	2	73.9%	46.00	41.95	44.90	130.00	14.60	15.85	14.92	63.5%	1	93
98	20	73.2%	48.23	39.00	42.15	135.00	16.70	18.00	18.55	63.1%	1	37
45	10	72.1%	39.10	36.60	38.85	140.00	18.85	20.40	21.86	62.7%	10	147
39	5	72.6%	37.35	34.10	37.20	145.00	21.30	22.90	22.38	62.4%	2	370
154	11	70.4%	33.00	31.80	33.30	150.00	24.45	25.70	24.70	63.0%	2	30
MSTR $154.34
48	2	72.8%	30.77	30.25	32.85	155.00	26.70	28.40	27.90	62.0%	1	25
234	3	71.4%	30.30	28.30	29.80	160.00	29.55	31.55	30.58	61.9%	3	40
95	5	71.8%	27.90	26.10	28.75	165.00	32.60	34.60	36.40	61.7%	1	29
175	1	72.1%	26.60	24.55	27.15	170.00	35.95	37.90	37.00	61.8%	10	24
78	30	71.8%	21.50	22.85	25.40	175.00	39.20	41.15	35.08	61.4%	3	30
714	26	70.8%	20.10	21.30	23.05	180.00	42.35	44.85	40.10	61.2%	3	8
105	1	71.8%	19.03	20.05	22.40	185.00	45.80	48.55	50.64	61.0%	7	12
86	1	71.7%	20.55	18.70	21.05	190.00	49.40	52.25	51.17	60.9%	19	19
269	3	71.5%	19.15	17.70	19.40	195.00	53.05	56.00	52.72	60.5%	5	33
557	8	71.6%	18.00	16.60	18.30	200.00	56.90	59.95	52.70	60.5%	1	5
69	1	71.8%	23.53	15.40	17.50	205.00	60.80	64.05	59.10	60.5%	1	1
32	2	70.8%	15.00	14.55	15.50	210.00	—	—	—	—	—	—
14	2	70.9%	17.05	12.75	15.50	215.00	68.95	72.25	90.50	60.4%	1	2
41	11	71.3%	11.80	12.10	14.65	220.00	73.10	77.35	76.59	61.5%	3	4
22	2	70.1%	11.00	10.25	13.90	225.00	76.75	81.60	74.08	60.6%	1	1
26	1	71.5%	11.06	10.60	13.15	230.00	81.60	84.95	108.65	59.9%	—	1
9	2	71.7%	10.20	9.95	12.45	235.00	85.95	89.35	105.90	59.9%	—	1
23	1	71.2%	9.70	8.85	11.80	240.00	—	—	—	—	—	—
108	2	70.6%	14.09	8.05	10.95	245.00	94.75	98.30	93.10	59.7%	—	1
343	80	72.7%	9.50	9.15	10.15	250.00	—	—	—	—	—	—
16	4	72.6%	9.50	8.10	9.95	255.00	103.75	107.10	126.20	59.0%	—	1
20	1	72.8%	7.50	8.10	9.05	260.00	—	—	—	—	—	—
10	3	72.2%	7.55	6.75	8.95	265.00	112.80	117.05	113.33	60.0%	22	22
75	1	73.8%	7.91	7.25	8.55	270.00	—	—	—	—	—	—
881	11	72.8%	6.89	6.15	8.15	275.00	122.15	124.90	122.61	56.6%	22	22

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 April 16, 2027 expiration, the MSTR put/call ratio based on open interest is 0.57 (3,059 puts vs 5,377 calls), and 0.80 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 April 16, 2027 is about 67.4%, 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.