MSTR Options Chain Analysis

As of previous close (2026-10-01) · OPRA historical data

Spot $160.4 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.78

1.2M P / 1.5M C

Put/Call (Volume)

0.55

153k P / 281k C that session

30d ATM IV

66%

annualized implied move

Call wall

$200

83k contracts

Put wall

$100

82k contracts

Tail hedging

1.1×

deep-OTM puts vs calls

What the positioning says

●Call wall at $200 (83k contracts), 25% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $100 (82k contracts), 38% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 66% — the market prices very large moves; option premium is expensive.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-10-30. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-10-02	251k	188k	0.75	240k
2026-10-09	52k	64k	1.24	66k
2026-10-16	175k	146k	0.83	51k
2026-10-23	21k	27k	1.32	21k
2026-10-30	15k	21k	1.37	7k
2026-11-06	3k	5k	1.65	3k
2026-11-13	0	0	—	2k
2026-11-20	94k	64k	0.68	14k
2026-12-18	164k	153k	0.93	10k
2027-01-15	250k	155k	0.62	7k
2027-03-19	38k	47k	1.23	6k
2027-04-16	5k	3k	0.56	86
2027-06-17	84k	64k	0.76	3k
2027-09-17	29k	31k	1.04	417
2027-12-17	87k	62k	0.72	282
2028-01-21	86k	64k	0.74	1k
2028-06-16	24k	20k	0.82	276
2028-12-15	110k	41k	0.37	1k
2029-01-19	3k	4k	1.20	341

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.