Strategy Inc (MSTR)
Overview · Option chain · Volatility · Expected-move history · Earnings
Cboe delayed options data · as of 09:40 UTC · Figures derived from the full chain (2,802 contracts, 17 expirations) · IV own-history percentile appears after 60 recorded days (28 so far)
Expected move · Nov 20, 2026 (32 days)
Methodology →Read from option prices: the at-the-money straddle costs this much, so the market is pricing a move of about that size in either direction by this date. It is an estimate of movement, not a prediction of direction.
Options are pricing a move of about ±17.6% (range 115.02–164.16) by Nov 20, 2026. ATM straddle: 24.57 @ strike 140 · ATM IV: 71.7%.
Probability distribution
Model & assumptions →The curve shows where a lognormal model, fed with current implied volatility, puts the range of outcomes at this expiration. Shaded: the expected-move band.
| Level | vs price | P(above)Model-estimated chance the stock finishes above a level at expiration, derived from current IV under a lognormal model with stated assumptions — an estimate, not a prediction. | P(below) |
|---|---|---|---|
| 125.63 | -10% | 65.2% | 34.8% |
| 132.61 | -5% | 55.4% | 44.6% |
| 139.59 | +0% | 45.8% | 54.2% |
| 146.57 | +5% | 36.8% | 63.2% |
| 153.55 | +10% | 28.9% | 71.1% |
Model-estimated probabilities of finishing above/below each level at expiration: estimates under stated assumptions, not predictions.
Probability explorer
Drag the slider to any level and see the model-estimated chance the stock finishes above or below it at the selected expiration.
Horizon: Nov 20, 2026 · lognormal model with zero drift: an estimate, not a prediction. Assumptions
Expirations
Open the chain →| Expires | DTEDays to expiration, in calendar days. | Implied move | ATM IV | Open int. |
|---|---|---|---|---|
| Oct 23, 2026 | 4 | ±7.9% | 70.0% | 379.4K |
| Oct 30, 2026 | 11 | ±11.5% | 74.4% | 114.5K |
| Nov 06, 2026 | 18 | ±14.1% | 72.9% | 38.1K |
| Nov 13, 2026 | 25 | ±16.2% | 73.7% | 29.9K |
| Nov 20, 2026 | 32 | ±17.6% | 71.7% | 218.6K |
| Nov 27, 2026 | 39 | ±18.9% | 70.3% | 6,337 |
| Dec 18, 2026 | 60 | ±22.9% | 69.9% | 333.8K |
| Jan 15, 2027 | 88 | ±27.1% | 69.2% | 434.9K |
| Mar 19, 2027 | 151 | ±35.3% | 69.5% | 94.5K |
| Apr 16, 2027 | 179 | ±38.1% | 69.0% | 8,823 |
Open interest by strike · Nov 20
Where option positions are concentrated. Teal bars are calls, red bars are puts; the dashed line is the current price.
Largest open-interest concentrations (all expirations ≤ 60 days): 135 C · 44.9K100 P · 40.8K155 C · 32.6K160 C · 31.0K160 P · 30.4K
IV term structure
Volatility page →At-the-money implied volatility for each expiration. A hump around a date often marks a scheduled event the market is pricing.
When does open interest expire?
Implied vs realized volatility
HV from our stored daily closes (annualized); IV30 interpolated from the chain. Method
Price, last 60 sessions
Daily closes; Financial Modeling Prep.
Track record
Full history →Of 93 recorded snapshot-versus-outcome comparisons so far, the close landed inside the expected range 48.4% of the time.
Past earnings reactions
Avg |reaction| 5.4% · median 5.3% (20 reports). Two-session close-to-close window; definition
About Strategy Inc
Strategy Inc, together with its subsidiaries, operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally. It offers investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed income instruments. The company also provides AI-powered enterprise analytics software, including Strategy One, which provides non-technical users with the ability to directly access novel and actionable insights for decision-making. In addition, the company provides Strategy Mosaic, a universal intelligence layer that offers enterprises with consistent definitions and governance across data sources, regardless of where that data resides or which tools access it. The company was formerly known as MicroStrategy Incorporated and changed its name to Strategy Inc in August 2025. The company was incorporated in 1989 and is headquartered in Tysons Corner, Virginia.
Technology · Software - Application · NASDAQ · Profile: Financial Modeling Prep
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