Option traders moderately bearish in MicroStrategy with shares down 2.69%

Option traders moderately bearish in MicroStrategy (MSTR), with shares down $8.89 near $321.91. Options volume roughly in line with average with 318k contracts traded and calls leading puts for a put/call ratio of 0.45, compared to a typical level near 0.6. Implied volatility (IV30) is higher by 0.8 points near 63.37,and below the 52wk median, suggesting an expected daily move of $12.85. Put-call skew steepened, indicating increased demand for downside protection.