Option traders moderately bearish in MicroStrategy with shares down 3.33%

Option traders moderately bearish in MicroStrategy (MSTR), with shares down $5.89 near $171.24. Options volume running well above average with 445k contracts traded and calls leading puts for a put/call ratio of 0.61, compared to a typical level near 0.69. Implied volatility (IV30) is higher by 4.5 points near 95.19,in the top quartile of the past year, suggesting an expected daily move of $10.27. Put-call skew steepened, indicating increased demand for downside protection.