MSTR Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $97.95.

Put/Call (OI)

0.79

1.2M P / 1.5M C

Put/Call (Volume)

0.68

115k P / 168k C today

30d ATM IV

69%

annualized implied move

Call wall

$100

144k contracts

Put wall

$50

122k contracts

Tail hedging

0.7×

deep-OTM puts vs calls

What the positioning says

●Call wall at $100 (144k contracts), 2% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $50 (122k contracts), 49% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 69% — 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 2026-09-18. 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 today
2026-08-21	369k	277k	0.75	164k
2026-08-28	27k	71k	2.60	32k
2026-09-04	19k	45k	2.38	11k
2026-09-11	7k	21k	2.85	8k
2026-09-18	224k	153k	0.68	23k
2026-09-25	4k	5k	1.23	5k
2026-10-02	401	2k	4.40	3k
2026-10-16	104k	81k	0.78	12k
2026-11-20	24k	39k	1.62	5k
2026-12-18	118k	136k	1.15	4k
2027-01-15	232k	138k	0.60	9k
2027-03-19	24k	25k	1.01	695
2027-06-17	62k	61k	1.00	1k
2027-09-17	21k	26k	1.27	653
2027-12-17	61k	55k	0.89	1k
2028-01-21	72k	54k	0.75	1k
2028-06-16	19k	11k	0.60	1k
2028-12-15	153k	16k	0.10	3k

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.