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Option traders moderately bearish in MicroStrategy with shares down 1.59%

Option traders moderately bearish in MicroStrategy (MSTR), with shares down $5.34 near $329.75. Options volume relatively light with 371k contracts traded and calls leading puts for a put/call ratio of 0.57, compared to a typical level near 0.83. Implied volatility (IV30) is higher by 0.7 points near 50.19,in the lowest 10% of observations over the past year, suggesting an expected daily move of $10.43. Put-call skew steepened, indicating increased demand for downside protection.

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