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

After hours: 154.51 +0.11%

Expiration date

Expiration: Jan 21, 2028
Days to expiration: 469
Share price: $154.34
Put/call ratio (OI): 0.73
Put/call ratio (volume): 1.19
ATM implied volatility: 69.0%
Expected move: ±$120.65
Open interest (C / P): 87.84K / 63.95K

MSTR options summary

The MSTR options chain for the January 21, 2028 expiration lists 90 call and 90 put contracts, with 469 days until expiration. Open interest stands at 87,838 calls and 63,950 puts, a put/call ratio of 0.73, which is fairly balanced between calls and puts. At-the-money implied volatility near the $155.00 strike is 69.0%, which implies the market expects a move of about ±$120.65 (78.2%) in Strategy stock by expiration.

The most open interest sits at the $700.00 call (9.54K contracts) and the $5.00 put (11.09K contracts).

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

MSTR options chain · January 21, 2028

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
7,969	27	185.0%	150.32	146.20	154.15	5.00	0.00	0.19	0.10	127.3%	4	11,092
386	1	154.7%	141.75	141.70	149.65	10.00	0.10	0.34	0.32	110.7%	2	2,634
2	2	138.3%	157.18	137.20	145.15	15.00	0.27	0.54	0.52	102.3%	1	1,118
8	1	—	71.04	101.90	109.85	20.00	0.53	0.95	0.76	98.7%	1	885
26	2	119.7%	131.76	128.40	136.30	25.00	0.90	1.46	1.18	95.8%	1	5,574
25	5	115.1%	129.28	124.45	131.95	30.00	1.12	1.87	1.57	90.5%	1	576
17	3	108.0%	120.29	119.75	127.65	35.00	1.45	2.35	2.10	86.7%	6	2,500
27	2	109.0%	94.50	117.70	122.95	40.00	2.06	2.80	2.20	83.9%	1	3,154
196	2	105.2%	122.30	113.85	118.75	45.00	2.58	3.25	2.95	80.6%	1	1,029
469	1	102.1%	113.45	110.05	114.70	50.00	3.15	3.65	3.60	77.4%	1	2,940
16	2	92.6%	116.56	103.30	110.70	55.00	3.80	4.55	4.34	75.8%	85	166
246	1	91.3%	114.32	99.70	107.05	60.00	4.75	5.30	5.05	74.2%	7	1,851
88	46	89.0%	107.78	95.60	103.45	65.00	5.60	6.20	6.15	72.5%	2	463
135	32	91.1%	107.50	94.75	99.35	70.00	6.65	7.30	6.90	71.4%	8	746
99	9	85.5%	91.90	88.40	96.20	75.00	7.80	8.55	8.33	70.4%	47	1,216
187	2	87.3%	91.57	87.60	92.35	80.00	8.60	10.05	9.35	69.0%	46	1,610
53	8	86.4%	89.20	84.65	89.05	85.00	10.45	11.25	10.44	68.5%	8	58
287	13	83.6%	82.85	81.50	84.60	90.00	11.95	12.90	12.65	67.9%	4	1,083
315	4	83.6%	89.54	78.35	82.50	95.00	13.55	14.35	14.25	66.8%	1	499
2,271	14	82.6%	73.25	75.35	79.50	100.00	15.30	16.15	15.60	66.2%	2	4,954
93	1	78.6%	75.00	69.60	76.60	105.00	17.10	18.05	18.65	65.6%	18	325
434	1	78.0%	71.32	66.85	73.95	110.00	19.10	20.05	20.10	65.0%	2	396
150	4	80.3%	69.68	67.30	71.25	115.00	21.15	22.35	23.30	64.6%	6	273
636	341	78.5%	65.17	64.90	67.25	120.00	23.25	24.50	24.70	63.9%	16	1,212
337	4	78.4%	69.35	62.35	65.50	125.00	25.60	26.90	26.02	63.6%	1	293
572	4	77.7%	60.15	59.80	63.15	130.00	27.95	29.50	30.25	63.2%	9	657
378	3	77.4%	58.15	57.65	61.00	135.00	30.55	31.80	31.66	62.6%	1	555
418	2	76.6%	58.80	55.00	58.90	140.00	33.20	34.45	35.42	62.3%	11	506
162	4	76.7%	53.70	53.40	56.95	145.00	34.55	37.25	38.65	60.9%	36	440
1,566	22	75.3%	53.00	52.10	53.00	150.00	39.10	40.05	39.85	61.8%	32	1,050
MSTR $154.34
243	3	76.4%	51.55	49.90	53.20	155.00	41.95	43.10	42.65	61.5%	2	323
632	5	76.0%	50.50	48.15	51.15	160.00	44.40	46.20	47.78	60.8%	1	608
1,760	10	75.8%	43.90	46.45	49.50	165.00	47.65	49.35	48.24	60.6%	1	859
791	11	75.6%	48.00	44.85	47.80	170.00	50.20	52.55	54.16	59.9%	4	280
997	25	75.5%	43.30	43.30	46.40	175.00	53.95	55.75	56.60	59.9%	33	656
1,366	8	74.6%	44.07	41.80	43.90	180.00	57.30	59.25	61.42	59.8%	1	814
342	2	75.1%	39.75	40.40	43.30	185.00	60.35	62.65	64.05	59.2%	2	343
596	1	74.9%	37.50	38.90	41.95	190.00	64.05	67.75	62.50	60.3%	2	218
500	4	74.6%	35.97	37.45	40.50	195.00	67.20	69.65	64.22	58.5%	10	319
5,993	23	73.9%	37.32	36.40	38.25	200.00	71.30	73.30	71.58	58.6%	3	1,945
957	1	74.3%	32.96	34.20	36.45	210.00	78.30	80.75	80.05	57.9%	2	113
466	4	73.3%	30.00	31.85	33.35	220.00	84.20	88.95	88.15	56.5%	7	261
1,403	1	73.9%	29.50	30.15	31.95	230.00	93.60	96.35	90.70	56.9%	1	237
484	4	73.4%	27.30	28.20	29.60	240.00	101.65	104.45	102.00	56.4%	1	118
2,904	10	74.2%	27.25	27.00	28.60	250.00	108.30	115.50	109.50	57.0%	1	755
491	2	73.8%	25.16	25.35	26.60	260.00	117.25	124.20	118.58	57.3%	3	217
614	13	74.1%	22.88	23.80	25.80	270.00	125.80	130.25	123.68	54.8%	1	181
503	1	74.2%	23.50	22.55	24.40	280.00	133.85	139.15	136.95	54.0%	1	96
858	5	73.6%	22.00	21.50	22.25	290.00	142.85	149.85	144.77	55.5%	2	80
3,518	67	73.7%	20.84	20.45	21.00	300.00	151.30	158.05	156.07	54.0%	1	135
638	10	74.5%	20.50	19.25	21.05	310.00	160.70	167.70	162.50	54.6%	20	62
920	76	74.3%	21.40	18.45	19.60	320.00	169.55	176.75	166.97	53.9%	75	303
1,297	3	74.3%	16.85	17.45	18.70	330.00	178.45	185.90	176.31	53.2%	72	366
754	2	74.8%	16.05	16.70	18.30	340.00	187.95	194.90	187.55	52.8%	2	74
1,232	32	74.9%	16.41	15.90	17.40	350.00	197.25	202.00	202.37	55.4%	4	483
993	1	75.2%	14.80	15.25	16.90	360.00	206.60	213.55	202.01	51.7%	2	140
471	10	74.8%	14.05	14.65	15.50	370.00	216.05	223.00	227.45	51.2%	4	62
424	22	75.0%	15.05	13.60	15.35	380.00	225.55	232.45	227.65	50.6%	2	333
452	31	75.3%	14.11	13.30	14.70	390.00	235.10	240.95	237.62	57.3%	21	265
4,252	26	75.6%	14.20	12.90	14.10	400.00	244.65	251.40	249.48	59.5%	1	380
1,402	3	75.9%	11.90	12.35	13.75	410.00	254.30	260.85	254.99	59.1%	36	41
1,110	9	76.0%	15.30	11.85	13.20	420.00	263.95	269.75	269.31	56.9%	2	51
4,892	8	76.2%	11.30	11.55	12.70	430.00	273.70	280.10	273.35	58.9%	10	155
412	7	76.3%	10.65	10.95	12.30	440.00	283.45	290.55	283.45	61.1%	10	322
572	2	76.1%	10.46	10.60	11.50	450.00	293.20	298.70	296.07	56.1%	3	305
102	6	76.4%	10.95	10.15	11.30	460.00	303.05	309.85	305.93	60.8%	6	114
197	1	76.8%	9.59	9.80	11.15	470.00	312.70	319.60	308.21	60.8%	1	690
163	10	77.0%	9.62	9.50	10.80	480.00	322.45	329.50	323.40	61.3%	2	174
457	7	77.2%	8.90	9.15	10.55	490.00	332.40	339.50	340.46	62.0%	823	522
5,613	112	77.2%	9.42	9.00	9.95	500.00	342.30	349.40	348.45	62.5%	897	578
356	7	77.3%	8.35	8.55	9.75	510.00	352.00	359.95	355.85	65.0%	89	44
378	4	77.4%	8.05	8.25	9.45	520.00	362.15	369.55	365.40	64.4%	106	71
95	1	77.6%	10.84	7.20	10.05	530.00	372.00	379.60	377.06	65.3%	2	0
109	1	76.9%	8.25	6.85	9.10	540.00	382.00	389.80	377.41	66.6%	2	0
521	13	77.8%	7.20	7.55	8.60	550.00	392.00	399.85	394.00	67.5%	2	0
83	3	77.3%	9.99	5.60	9.50	560.00	401.90	409.85	393.90	68.1%	10	0
307	2	79.1%	9.76	6.90	9.15	570.00	411.90	419.85	402.20	68.8%	16	0
106	2	78.4%	9.66	6.90	8.00	580.00	421.90	429.85	409.80	69.4%	58	0
108	1	78.5%	7.03	6.70	7.80	590.00	431.90	439.85	425.86	70.0%	4	0
1,401	48	77.5%	6.75	6.05	7.20	600.00	441.90	449.85	442.16	70.7%	21	0
124	3	78.8%	7.95	6.30	7.45	610.00	451.90	459.85	450.97	71.2%	2	0
257	3	79.0%	7.75	6.00	7.45	620.00	461.85	469.85	465.00	71.8%	2	0
201	1	79.1%	7.65	6.00	7.05	630.00	471.85	479.85	474.48	72.4%	2	0
98	36	79.0%	6.28	5.80	6.80	640.00	481.85	489.85	484.83	73.0%	2	0
405	1	78.9%	6.61	5.60	6.50	650.00	491.85	499.80	494.27	73.3%	2	1
321	36	79.3%	5.95	5.55	6.40	660.00	501.85	509.80	500.64	73.9%	2	0
1,627	3	79.2%	8.08	5.35	6.15	670.00	511.85	519.80	502.47	74.4%	30	0
1,087	4	79.3%	5.45	5.15	6.05	680.00	521.85	529.80	527.01	50.1%	2	0
1,377	5	79.6%	5.50	5.00	6.05	690.00	531.85	539.80	523.16	50.5%	2	0
9,538	1,037	79.8%	5.43	5.10	5.75	700.00	541.85	549.80	540.74	50.9%	2	1

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 January 21, 2028 expiration, the MSTR put/call ratio based on open interest is 0.73 (63,950 puts vs 87,838 calls), and 1.19 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 January 21, 2028 is about 69.0%, an annualized estimate of how much the market expects Strategy stock to move.

How many MSTR option expiration dates are there?

MSTR has 18 listed expiration dates, from Oct 9, 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.