MicroStrategy Incorporated ended the session at USD 132.70, a decline of 2.80%.

Large options trades signaled a clearly bullish tone, led by a $22.42 million bull call spread and a $946 thousand short put. The call spread combined a deep in-the-money long call with an out-of-the-money short call, while the put sale reflected constructive downside tolerance. Overall flow leaned toward further gains or sustained price strength, expressed through defined-risk and premium-collecting structures rather than aggressive naked upside speculation.

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Options Indicators

MSTR’s implied volatility is 80.55%, while its IV percentile stands at 35.06%, which places current volatility conditions in a broadly neutral zone rather than an extreme one. Although the absolute IV level is high, the IV/HV ratio of 0.78 suggests implied volatility is running below realized volatility, indicating options are not especially rich relative to the stock’s recent actual movement and appear fairly priced to slightly inexpensive on a relative basis.

The Call/Put volume ratio is 1.74.

Large Trades

A bullish call spread with a net debit of $22.42 million was the standout large trade, expressing a clear upside view on MSTR. The structure involved buying the September 18, 2026 $100.00 call, which was in the money versus the $132.70 reference stock price, and selling the November 20, 2026 $135.00 call, which was out of the money at the time of execution. As a bull call spread, this was a net-debit directional trade that caps upside in exchange for lower entry cost, signaling a moderately bullish stance rather than an unlimited-upside speculation. The use of a deep in-the-money long call paired against an out-of-the-money short call suggests the trader was positioning for continued upside while controlling premium outlay and shaping the payoff profile more efficiently than a naked call purchase.

A single-leg short put worth $0.95 million added another bullish signal. The trade sold the October 16, 2026 $120.00 put, which was out of the money relative to the $132.70 reference price, indicating a willingness to collect premium while betting that MSTR will remain above that strike into expiration. This kind of position is typically used either as a premium-income strategy or as a way to express constructive downside tolerance, since the seller benefits if the stock stays firm and only faces assignment risk on a pullback below $120.00. Taken together, the large-trade flow points to a clearly bullish overall tone in MSTR options, with the dominant capital concentrated in upside call-spread exposure and supplemented by out-of-the-money put selling. The pattern suggests traders are leaning for further gains or at least sustained price strength, while expressing that view in defined-risk and premium-collecting structures rather than outright aggressive naked upside chasing.

Strategy Reference

For a low assignment probability sell, an out-of-the-money put strike near $100.00 or below may offer a wider buffer against a pullback, while a bull call spread using the $135.00 short call can cap margin requirements relative to a naked long call.