Option traders moderately bearish in MicroStrategy with shares down 2.76%

Option traders moderately bearish in MicroStrategy (MSTR), with shares down $6.21 near $218.40. Options volume roughly in line with average with 291k contracts traded and calls leading puts for a put/call ratio of 0.42, compared to a typical level near 0.7. Implied volatility (IV30) is higher by 1.5 points near 73.41,and above the 52wk median, suggesting an expected daily move of $10.10. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Neutral at Monness Crespi.