Moderately bullish activity in MicroStrategy (MSTR), with shares up $15.88 (+4.05%) near $408.36.

Options volume is roughly in line with average, with 164k contracts traded and calls leading puts for a put/call ratio of 0.71, compared to a typical level near 0.72. Implied volatility (IV30) rose 1.83 to 66.18,in the lowest 10% of observations over the past year, suggesting an expected daily move of $17.02. Put-call skew steepened, indicating increased demand for downside protection.