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Option traders moderately bearish in MicroStrategy with shares down 3.04%

Option traders moderately bearish in MicroStrategy (MSTR), with shares down $10.09 near $321.35. Options volume relatively light with 152k contracts traded and calls leading puts for a put/call ratio of 0.6, compared to a typical level near 0.84. Implied volatility (IV30) is higher by 3.9 points near 53.14,in the bottom quartile of the past year, suggesting an expected daily move of $10.76. Put-call skew steepened, indicating increased demand for downside protection.

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