Bearish options flow identified in MicroStrategy with shares down 2.07%

Bearish options flow identified in MicroStrategy (MSTR), with shares down $2.85 near $134.80. Options volume relatively light with 185k contracts traded and puts leading calls for a put/call ratio of 1.07, compared to a typical level near 1.03. Implied volatility (IV30) is higher by 3.3 points near 80.76,in the top quartile of the past year, suggesting an expected daily move of $6.86. Put-call skew steepened, indicating increased demand for downside protection.