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: Jun 16, 2028
Days to expiration: 614
Share price: $154.34
Put/call ratio (OI): 0.78
Put/call ratio (volume): 0.79
ATM implied volatility: 68.9%
Expected move: ±$137.93
Open interest (C / P): 24.86K / 19.49K

MSTR options summary

The MSTR options chain for the June 16, 2028 expiration lists 61 call and 63 put contracts, with 614 days until expiration. Open interest stands at 24,858 calls and 19,493 puts, a put/call ratio of 0.78, which is fairly balanced between calls and puts. At-the-money implied volatility near the $155.00 strike is 68.9%, which implies the market expects a move of about ±$137.93 (89.4%) in Strategy stock by expiration.

The most open interest sits at the $300.00 call (5.10K contracts) and the $125.00 put (2.30K contracts).

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

MSTR options chain · June 16, 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
367	5	—	82.03	114.00	124.00	5.00	0.00	0.30	0.25	118.4%	3	217
—	—	—	—	—	—	10.00	0.03	0.70	0.55	104.7%	65	58
—	—	—	—	—	—	15.00	0.46	0.95	0.78	98.4%	10	91
—	—	—	—	—	—	20.00	0.93	1.45	1.40	94.7%	1	319
3	6	119.3%	130.80	129.00	139.00	25.00	1.50	3.05	1.78	97.3%	5	516
18	3	113.7%	120.00	125.00	135.00	30.00	0.01	7.00	3.05	97.9%	5	352
4	6	113.4%	124.20	122.65	131.00	35.00	2.39	3.20	2.90	83.3%	2	740
26	1	102.2%	123.20	118.95	124.35	40.00	3.10	3.85	3.80	80.6%	9	222
8	2	104.0%	116.40	115.90	122.00	45.00	3.75	4.60	4.21	77.9%	12	557
33	2	97.9%	128.35	110.00	119.00	50.00	4.65	5.50	5.13	76.2%	2	987
34	3	98.9%	123.00	108.75	115.00	55.00	5.70	6.40	7.20	74.5%	1	236
72	4	92.0%	124.00	102.00	112.00	60.00	6.85	7.50	7.00	73.2%	13	62
13	2	94.2%	116.00	101.80	108.00	65.00	7.90	8.50	11.76	71.4%	28	80
25	10	91.8%	95.52	98.50	104.35	70.00	9.20	10.00	10.20	70.6%	4	333
41	1	86.4%	96.76	92.00	101.45	75.00	8.25	13.65	10.82	69.4%	2	69
66	1	89.0%	110.10	91.45	99.00	80.00	11.75	13.10	12.20	68.4%	1	479
60	10	88.2%	92.20	88.85	96.00	85.00	13.65	14.70	14.00	67.8%	77	667
136	18	83.7%	89.02	83.00	93.00	90.00	15.40	16.50	15.80	67.1%	1	325
206	4	85.2%	97.30	83.80	88.95	95.00	17.25	18.35	18.20	66.4%	1	148
736	2	81.6%	82.10	81.05	83.50	100.00	19.40	20.15	20.21	65.8%	2	2,048
186	20	81.5%	80.10	78.60	81.50	105.00	21.45	22.30	22.10	65.3%	20	1,005
408	1	80.3%	77.51	75.20	79.20	110.00	23.60	24.55	24.50	64.7%	15	138
172	6	81.5%	89.50	73.75	77.95	115.00	25.50	26.85	27.55	63.9%	1	341
213	1	80.7%	76.53	71.40	75.45	120.00	27.55	29.25	29.04	63.2%	5	239
170	2	80.1%	72.08	68.45	73.85	125.00	30.45	31.75	30.90	63.1%	7	2,300
166	2	78.8%	66.33	66.85	70.10	130.00	32.80	34.35	34.60	62.5%	1	136
152	2	78.3%	73.90	65.10	67.65	135.00	35.50	36.90	38.10	62.1%	5	351
325	1	77.8%	68.10	63.15	65.45	140.00	38.10	39.70	40.65	61.7%	19	129
537	8	77.6%	59.75	61.25	63.75	145.00	40.95	42.60	43.46	61.4%	4	139
1,008	6	77.7%	61.70	59.45	62.40	150.00	43.65	45.65	45.64	61.0%	2	615
MSTR $154.34
468	2	77.3%	60.14	57.75	60.45	155.00	46.60	48.50	49.17	60.5%	3	352
348	2	77.8%	58.02	56.05	59.80	160.00	50.20	51.60	50.61	60.5%	1	263
369	9	76.2%	57.20	54.45	56.25	165.00	53.30	54.85	55.85	60.3%	2	582
1,078	8	76.2%	53.70	51.15	56.65	170.00	55.85	58.15	55.05	59.6%	1	112
346	102	77.0%	53.00	51.80	54.45	175.00	59.10	61.35	58.94	59.2%	2	33
978	8	77.1%	47.00	50.20	53.65	180.00	62.45	64.65	65.90	58.9%	8	236
257	2	77.5%	46.62	48.75	53.15	185.00	65.70	68.35	69.99	58.7%	6	79
269	2	77.7%	47.40	47.40	52.40	190.00	68.80	71.60	75.10	58.1%	13	706
98	36	74.9%	43.80	44.00	49.20	195.00	72.60	75.20	75.34	58.0%	1	70
2,923	1	75.8%	45.81	45.05	47.15	200.00	76.20	78.80	79.00	57.8%	2	511
340	2	76.1%	51.60	42.45	45.95	210.00	83.20	86.15	94.40	57.1%	14	68
317	34	75.9%	39.52	40.40	43.60	220.00	88.00	95.40	109.90	55.9%	2	174
77	4	75.9%	47.14	38.45	41.70	230.00	98.05	102.15	114.60	56.3%	6	176
167	1	75.5%	37.00	36.75	39.20	240.00	106.05	109.10	120.79	55.3%	10	60
881	3	75.3%	33.55	34.85	37.45	250.00	114.05	117.45	117.41	55.0%	2	267
103	7	74.6%	41.12	30.30	39.30	255.00	118.15	121.80	144.29	54.9%	10	9
261	1	75.0%	42.50	32.75	35.95	260.00	120.70	129.00	127.00	55.7%	1	48
120	5	75.0%	44.35	31.90	35.25	265.00	126.05	131.00	129.29	54.8%	1	61
162	20	75.3%	33.01	28.35	37.85	270.00	130.05	134.85	141.80	54.3%	2	43
128	1	75.1%	39.00	30.95	33.50	275.00	133.95	142.00	158.16	55.8%	2	0
308	2	75.1%	37.25	30.25	32.75	280.00	138.05	142.95	142.42	53.2%	5	79
95	1	75.0%	34.69	29.05	32.40	285.00	—	—	—	—	—	—
988	12	75.0%	35.12	28.75	31.50	290.00	145.00	154.95	151.62	54.0%	3	77
32	1	74.8%	35.70	28.00	30.70	295.00	149.00	159.00	150.85	53.3%	2	14
5,102	22	75.0%	28.00	27.70	30.05	300.00	154.00	161.80	177.77	52.4%	5	430
64	1	74.9%	35.85	27.15	29.25	305.00	159.15	165.20	188.10	52.0%	2	3
111	9	74.8%	27.58	23.00	32.00	310.00	162.00	172.00	163.60	52.4%	2	12
125	96	74.8%	41.05	25.95	27.90	315.00	0.00	0.00	210.24	—	—	0
302	1	75.0%	25.65	25.35	27.80	320.00	172.25	178.40	196.04	51.0%	2	9
237	6	74.4%	25.80	24.75	26.40	325.00	0.00	0.00	219.68	—	2	0
76	2	74.5%	24.65	24.45	25.85	330.00	181.00	187.40	178.95	50.3%	2	199
144	35	75.0%	29.95	23.85	26.15	335.00	185.00	192.80	211.47	50.4%	17	49
822	9	75.1%	23.50	23.55	25.60	340.00	190.00	198.00	214.80	51.1%	2	492
1,577	4	75.1%	23.70	23.00	25.20	345.00	194.00	203.00	197.37	50.8%	2	380

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 June 16, 2028 expiration, the MSTR put/call ratio based on open interest is 0.78 (19,493 puts vs 24,858 calls), and 0.79 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 June 16, 2028 is about 68.9%, 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.