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: Sep 17, 2027
Days to expiration: 341
Share price: $154.34
Put/call ratio (OI): 1.00
Put/call ratio (volume): 0.95
ATM implied volatility: 68.4%
Expected move: ±$102.00
Open interest (C / P): 30.92K / 30.93K

MSTR options summary

The MSTR options chain for the September 17, 2027 expiration lists 83 call and 84 put contracts, with 341 days until expiration. Open interest stands at 30,920 calls and 30,928 puts, a put/call ratio of 1.00, which is fairly balanced between calls and puts. At-the-money implied volatility near the $155.00 strike is 68.4%, which implies the market expects a move of about ±$102.00 (66.1%) in Strategy stock by expiration.

The most open interest sits at the $170.00 call (2.76K contracts) and the $10.00 put (7.00K contracts).

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

MSTR options chain · September 17, 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
728	1	196.7%	140.25	145.90	153.85	5.00	0.00	0.17	0.06	146.9%	13	2,667
—	—	—	—	—	—	10.00	0.01	0.44	0.21	130.3%	19	7,004
1	1	—	85.95	105.35	113.35	15.00	0.00	0.64	0.40	115.5%	1	3,390
0	1	—	75.25	0.00	0.00	20.00	0.00	0.83	0.48	104.8%	10	203
0	1	—	90.00	0.00	0.00	25.00	0.00	1.92	0.78	107.8%	10	32
2	2	—	64.95	92.65	100.40	30.00	0.47	1.11	1.20	93.4%	33	670
54	2	113.6%	101.04	118.40	126.25	35.00	0.87	1.46	1.07	91.4%	1	165
0	2	—	59.00	0.00	0.00	40.00	1.12	1.73	1.76	87.0%	10	812
195	12	106.7%	103.70	107.80	112.50	50.00	1.38	3.65	1.85	83.7%	1	758
2	1	96.4%	94.65	100.90	108.65	55.00	2.39	2.88	2.82	78.2%	20	170
60	5	93.3%	101.12	96.70	104.40	60.00	3.00	3.40	3.26	76.1%	2	204
17	1	92.7%	91.25	93.45	100.30	65.00	3.65	4.10	4.10	74.5%	3	154
23	2	88.1%	92.78	88.45	96.25	70.00	4.45	4.85	4.85	73.0%	3	298
15	2	86.3%	100.00	84.80	92.20	75.00	5.30	5.75	5.45	71.6%	71	360
64	17	84.6%	80.00	80.85	88.60	80.00	6.40	6.80	6.55	70.8%	1	772
55	1	82.9%	79.25	77.05	84.90	85.00	7.55	7.95	7.45	69.8%	19	265
120	3	85.0%	73.00	76.20	81.00	90.00	8.80	9.25	8.66	69.0%	21	429
127	1	83.1%	75.33	72.85	77.15	95.00	10.20	11.35	10.31	69.2%	70	860
395	33	79.6%	71.84	69.65	72.00	100.00	11.70	12.30	11.70	67.6%	15	1,705
249	1	81.3%	71.80	66.70	70.70	105.00	13.30	13.95	14.60	66.9%	3	566
157	9	80.4%	65.40	63.60	67.80	110.00	15.05	15.50	15.69	66.0%	1	492
70	1	79.3%	61.70	60.55	64.85	115.00	16.90	17.80	18.15	65.8%	3	740
240	1	77.2%	60.81	57.95	60.55	120.00	18.85	19.65	19.30	65.0%	11	702
1,150	3	77.9%	56.25	55.25	59.25	125.00	20.70	21.85	22.99	64.2%	1	698
474	1	75.4%	54.00	50.50	56.95	130.00	22.90	24.90	24.25	64.4%	1	675
199	2	74.8%	48.75	47.70	54.80	135.00	25.30	26.60	25.68	63.3%	1	546
399	1	74.5%	50.74	45.65	52.35	140.00	27.75	29.90	29.80	63.6%	2	483
313	1	74.0%	47.24	43.40	50.05	145.00	30.40	31.90	33.59	62.6%	1	342
767	4	75.0%	46.00	43.85	46.85	150.00	33.05	34.70	31.08	62.2%	4	549
MSTR $154.34
79	11	74.7%	44.78	42.05	44.60	155.00	36.05	37.65	36.90	62.1%	14	174
162	1	74.8%	42.00	40.00	43.30	160.00	39.30	40.65	42.25	62.0%	1	422
269	50	73.8%	40.00	38.30	40.50	165.00	41.85	43.75	45.58	61.3%	1	168
2,758	26	74.2%	37.65	36.90	39.15	170.00	45.70	46.90	43.67	61.6%	11	554
347	14	73.0%	33.85	32.05	39.65	175.00	48.30	50.25	45.35	60.8%	3	76
638	10	73.2%	34.72	33.55	35.45	180.00	51.70	53.60	55.07	60.6%	1	489
364	1	74.0%	29.40	32.05	35.15	185.00	55.05	57.15	55.51	60.3%	89	214
921	10	73.8%	29.52	30.75	33.50	190.00	58.60	60.75	62.14	60.2%	2	830
388	1	73.7%	28.73	29.50	32.10	195.00	61.90	64.40	79.19	59.7%	18	80
1,177	48	73.0%	29.45	28.45	29.90	200.00	65.60	68.05	66.65	59.5%	1	329
603	35	73.3%	25.20	26.25	28.05	210.00	73.95	75.90	74.65	60.0%	8	203
323	94	72.8%	25.24	24.05	25.55	220.00	81.75	83.80	101.13	59.6%	1	82
823	32	73.6%	22.02	22.25	24.50	230.00	87.00	94.55	93.71	59.1%	3	24
521	1	73.8%	21.29	20.80	22.70	240.00	95.25	102.80	95.45	58.7%	2	41
1,513	6	73.9%	20.00	19.35	21.10	250.00	105.00	111.45	100.89	59.8%	1	59
452	1	74.0%	23.75	17.95	19.70	260.00	0.00	0.00	169.13	—	7	0
209	15	74.2%	15.70	16.80	18.40	270.00	121.85	128.80	129.58	58.7%	5	43
331	2	72.9%	17.00	14.50	16.90	280.00	129.95	137.40	152.43	57.1%	2	21
413	1	74.2%	15.85	14.40	16.10	290.00	139.70	146.40	145.27	57.6%	1	50
1,521	9	74.6%	14.50	13.75	15.10	300.00	148.75	155.35	150.00	57.0%	1	67
574	3	74.8%	12.90	12.90	14.25	310.00	157.50	162.65	181.03	53.1%	8	33
279	1	74.9%	13.25	12.15	13.35	320.00	166.80	174.15	197.83	56.0%	2	16
246	1	75.2%	11.42	11.40	12.70	330.00	176.20	182.70	207.74	54.3%	2	28
238	1	75.5%	11.75	10.80	12.05	340.00	185.75	190.70	183.15	51.1%	37	87
268	3	75.8%	14.20	10.20	11.50	350.00	195.10	201.85	190.44	53.5%	1	33
136	1	75.9%	18.58	9.65	10.80	360.00	204.65	211.20	209.89	52.4%	1	44
167	1	76.1%	10.00	9.15	10.20	370.00	214.25	220.15	245.93	62.1%	2	1
86	7	76.4%	9.10	8.70	9.75	380.00	223.95	229.60	255.62	61.5%	2	1
284	5	76.8%	8.30	8.30	9.45	390.00	265.75	271.50	303.38	123.2%	1	0
540	4	76.2%	8.55	7.90	8.35	400.00	242.95	250.65	266.56	50.6%	2	3
484	6	76.6%	7.55	7.35	8.25	410.00	282.80	289.50	236.18	121.7%	1	14
141	9	77.2%	7.56	7.15	8.00	420.00	263.00	268.90	285.80	63.5%	2	1
52	1	77.3%	6.80	6.70	7.70	430.00	272.85	279.70	292.87	67.6%	4	2
141	7	77.6%	7.20	6.40	7.45	440.00	282.25	290.10	302.50	70.1%	25	14
501	7	77.8%	6.40	6.15	7.10	450.00	292.15	299.80	318.49	70.0%	1	10
39	5	78.2%	5.84	6.00	6.80	460.00	302.10	309.80	318.56	71.0%	2	0
19	1	77.9%	8.67	4.40	7.55	470.00	312.05	319.75	332.27	71.8%	4	0
347	13	78.7%	8.32	5.45	6.35	480.00	322.00	329.70	350.12	72.5%	20	1
118	4	79.1%	5.55	5.25	6.25	490.00	331.95	339.75	354.78	73.6%	4	0
256	33	79.3%	5.23	5.10	5.95	500.00	341.95	349.85	358.71	74.9%	2	0
74	1	80.0%	5.00	4.70	5.70	520.00	361.95	369.75	380.24	76.2%	2	0
283	1	80.5%	6.20	4.35	5.35	540.00	381.95	389.65	400.95	77.5%	2	0
215	1	80.5%	4.55	4.10	4.75	560.00	429.40	437.25	392.35	133.2%	2	3
80	20	81.4%	8.15	3.80	4.75	580.00	0.00	0.00	477.93	—	2	0
542	71	81.6%	3.35	3.60	4.30	600.00	441.95	449.85	463.47	55.6%	2	0
278	14	82.3%	6.15	2.87	4.70	620.00	461.95	469.85	477.28	56.7%	2	0
185	1	82.1%	7.01	2.80	4.10	640.00	481.95	489.80	501.16	57.3%	6	0
322	1	82.9%	3.10	3.00	3.70	660.00	501.95	509.80	520.18	58.3%	6	0
891	1	86.2%	2.11	1.78	2.48	850.00	691.85	699.80	713.48	65.6%	2	0
315	1	86.3%	2.10	1.76	2.38	860.00	701.85	709.80	699.95	66.0%	1	0
361	3	87.0%	1.84	1.77	2.45	870.00	711.85	719.80	731.53	66.4%	6	0
161	2	86.8%	1.83	1.68	2.36	880.00	698.00	718.00	593.35	—	2	0
565	4	87.3%	2.01	1.63	2.42	890.00	731.85	739.80	751.16	67.2%	2	0
843	4	87.4%	2.00	1.66	2.32	900.00	718.00	738.00	612.50	—	2	0
1,201	6	87.3%	1.79	1.60	2.21	910.00	751.85	759.80	771.38	67.9%	2	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 September 17, 2027 expiration, the MSTR put/call ratio based on open interest is 1.00 (30,928 puts vs 30,920 calls), and 0.95 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 September 17, 2027 is about 68.4%, 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.