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: Dec 15, 2028
Days to expiration: 796
Share price: $154.34
Put/call ratio (OI): 0.38
Put/call ratio (volume): 0.35
ATM implied volatility: 68.9%
Expected move: ±$157.10
Open interest (C / P): 110.06K / 41.36K

MSTR options summary

The MSTR options chain for the December 15, 2028 expiration lists 69 call and 69 put contracts, with 796 days until expiration. Open interest stands at 110,055 calls and 41,358 puts, a put/call ratio of 0.38, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $155.00 strike is 68.9%, which implies the market expects a move of about ±$157.10 (101.8%) in Strategy stock by expiration.

The most open interest sits at the $100.00 call (22.21K contracts) and the $90.00 put (4.80K contracts).

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

MSTR options chain · December 15, 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
9,502	2	171.8%	153.09	146.00	156.00	5.00	0.20	0.26	0.20	110.9%	10	2,324
36	1	143.8%	135.00	142.00	152.00	10.00	0.10	0.70	0.50	93.4%	1	912
8	4	123.5%	120.30	138.00	147.00	15.00	0.79	1.20	1.08	92.5%	1	224
37	5	119.6%	125.31	134.00	144.00	20.00	1.26	5.85	1.79	109.6%	4	357
5	2	112.0%	111.43	130.00	140.00	25.00	1.94	3.05	2.35	87.5%	1	177
32	1	105.8%	108.12	126.00	136.00	30.00	2.36	7.30	3.20	94.8%	15	211
8	5	100.2%	129.00	123.00	130.90	35.00	3.30	8.00	4.00	90.1%	8	155
288	2	105.0%	133.53	122.30	128.00	40.00	2.58	7.45	4.73	79.0%	12	278
54	2	101.9%	122.58	118.40	125.00	45.00	3.45	7.30	6.50	74.0%	2	291
138	1	99.4%	120.00	115.20	121.60	50.00	6.55	7.00	6.70	73.7%	2	1,068
51	2	93.5%	117.02	109.00	119.00	55.00	7.60	8.25	8.90	72.0%	11	189
233	2	94.5%	108.45	108.60	115.00	60.00	8.90	9.70	9.72	71.0%	3	525
66	21	93.2%	89.45	105.85	112.00	65.00	10.30	10.95	10.95	69.6%	3	112
105	3	89.9%	105.00	102.75	107.70	70.00	11.65	12.60	12.25	68.5%	5	367
113	4	88.8%	108.64	99.90	105.00	75.00	13.40	14.25	14.29	67.7%	1	335
315	6	87.7%	93.72	97.15	102.20	80.00	14.55	16.20	16.33	66.5%	3	456
669	133	85.6%	94.22	94.45	98.50	85.00	17.00	17.80	17.55	66.1%	2	529
1,572	8	85.6%	89.67	92.00	96.65	90.00	18.95	20.05	19.20	65.7%	4	4,797
3,759	2	84.1%	92.70	89.90	93.05	95.00	20.85	22.00	22.30	64.8%	1	4,767
22,215	203	82.7%	88.60	87.25	90.05	100.00	23.15	23.85	23.60	64.1%	11	1,208
3,113	1	82.8%	87.60	83.70	89.80	105.00	25.25	26.40	27.00	63.7%	10	232
19,920	3	84.2%	86.55	82.50	89.00	110.00	27.45	28.70	27.57	63.1%	8	219
1,593	5	80.1%	79.90	77.20	85.55	115.00	29.85	31.30	30.74	62.7%	15	174
1,512	151	81.4%	80.12	78.35	82.50	120.00	32.30	33.70	32.66	62.1%	8	1,252
731	201	80.1%	79.55	76.55	79.10	125.00	34.45	36.80	36.68	61.7%	13	176
879	100	80.1%	76.20	74.35	78.05	130.00	37.55	39.20	39.41	61.4%	29	3,739
721	50	79.9%	74.60	73.00	75.90	135.00	40.15	41.90	42.00	60.8%	8	3,609
1,733	7	79.5%	70.50	70.70	74.45	140.00	42.90	44.60	44.78	60.3%	4	508
615	3	78.4%	65.85	69.00	71.55	145.00	45.80	47.65	48.70	60.0%	4	457
2,738	5	79.2%	70.50	67.60	71.15	150.00	49.20	50.45	49.85	59.9%	7	475
MSTR $154.34
178	2	78.6%	66.44	65.70	69.35	155.00	51.65	53.65	54.73	59.2%	6	192
1,079	1	78.7%	67.00	64.35	68.10	160.00	54.85	56.75	57.41	59.0%	5	203
355	1	77.7%	64.69	62.70	65.45	165.00	57.70	59.90	59.73	58.4%	11	830
2,337	101	77.1%	59.20	61.05	63.60	170.00	61.25	63.10	61.80	58.3%	3	192
1,208	1	77.8%	60.04	59.95	63.25	175.00	64.40	66.35	64.05	57.9%	1	391
1,195	2	77.4%	55.70	58.40	61.80	180.00	68.65	70.15	68.50	58.4%	1	323
792	4	77.6%	54.99	57.30	60.85	185.00	71.60	73.25	70.43	57.6%	1	961
672	10	77.2%	54.60	56.00	59.20	190.00	74.00	76.75	77.65	56.8%	2	333
201	4	77.1%	52.11	54.80	57.95	195.00	76.10	80.35	98.65	55.8%	2	347
6,282	300	76.4%	55.01	53.45	56.00	200.00	82.00	83.85	83.00	56.7%	3	905
431	14	76.6%	57.40	52.25	55.35	205.00	85.05	87.75	90.86	56.3%	7	28
931	34	76.7%	49.65	51.25	54.45	210.00	87.95	92.05	94.16	56.0%	36	264
263	1	76.5%	54.10	50.00	53.50	215.00	91.70	96.15	97.53	56.0%	24	56
701	1	75.6%	47.13	49.00	50.95	220.00	95.30	99.60	93.55	55.5%	1	96
484	3	76.0%	53.35	47.80	51.05	225.00	98.05	103.70	102.00	54.8%	1	15
707	3	76.4%	44.89	47.30	50.35	230.00	102.25	107.50	103.15	54.8%	3	58
64	3	74.3%	55.60	42.00	50.20	235.00	106.45	111.35	120.89	54.7%	3	12
631	1	76.6%	54.50	45.40	49.15	240.00	109.55	118.00	110.27	55.5%	8	97
982	1	76.0%	44.15	44.45	47.30	245.00	114.10	118.20	116.17	53.5%	3	172
2,215	2	75.9%	45.25	43.65	46.25	250.00	118.65	122.20	121.50	53.6%	71	214
403	1	75.7%	43.30	42.45	45.60	255.00	122.90	126.25	144.94	53.5%	1	20
431	1	75.8%	42.40	42.15	44.45	260.00	125.85	130.25	124.80	52.6%	9	61
159	1	75.4%	43.00	41.35	43.05	265.00	130.70	134.35	136.65	52.9%	2	49
471	2	75.1%	41.50	40.40	42.00	270.00	134.55	138.70	139.95	52.6%	46	180
1,862	11	75.6%	40.82	39.55	42.30	275.00	137.95	145.00	144.65	53.2%	10	130
261	4	75.5%	36.79	38.70	41.60	280.00	142.50	148.10	148.80	52.6%	8	144
189	3	75.3%	46.51	34.55	44.00	285.00	146.25	150.80	153.40	51.2%	2	98
344	123	75.4%	35.00	37.40	40.05	290.00	149.55	157.15	156.13	51.7%	3	261
104	5	75.4%	36.30	36.85	39.35	295.00	154.90	159.50	161.42	50.9%	8	123
1,897	11	75.1%	37.00	36.30	38.00	300.00	160.05	163.40	161.28	51.0%	2	318
140	5	75.5%	34.43	35.60	38.20	305.00	163.25	167.80	185.72	50.1%	2	62
88	19	75.1%	37.00	35.00	36.95	310.00	167.80	172.15	169.28	50.0%	2	15
169	5	75.4%	33.00	34.35	36.95	315.00	172.50	176.40	176.17	52.5%	2	21
175	6	75.4%	31.70	34.00	36.15	320.00	177.20	180.95	180.80	50.1%	2	193
52	2	75.3%	34.20	33.25	35.60	325.00	180.20	185.05	185.65	51.9%	2	149
217	8	75.3%	34.60	32.75	34.95	330.00	186.55	192.40	208.65	51.7%	2	119
146	1	75.3%	29.95	32.15	34.60	335.00	188.85	194.20	193.14	51.9%	4	871
1,842	61	75.2%	33.39	31.60	33.80	340.00	195.65	198.60	196.70	51.6%	91	230
6,636	110	75.0%	31.96	31.15	33.00	345.00	200.30	202.70	201.07	50.9%	30	2,502

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 December 15, 2028 expiration, the MSTR put/call ratio based on open interest is 0.38 (41,358 puts vs 110,055 calls), and 0.35 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 December 15, 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.