Mixed options sentiment in MicroStrategy with shares down 0.6%

Mixed options sentiment in MicroStrategy (MSTR), with shares down $1.00 near $164.81. Options volume roughly in line with average with 507k contracts traded and calls leading puts for a put/call ratio of 0.37, compared to a typical level near 0.57. Implied volatility (IV30) dropped 1.99 near 63.5,and below the 52wk median, suggesting an expected daily move of $6.59. Put-call skew steepened, indicating increased demand for downside protection.