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Option traders moderately bearish in MicroStrategy with shares down 4.4%

Option traders moderately bearish in MicroStrategy (MSTR), with shares down $6.12 near $133.01. Options volume roughly in line with average with 482k contracts traded and calls leading puts for a put/call ratio of 0.39, compared to a typical level near 0.84. Implied volatility (IV30) is higher by 2.5 points near 71.1,and above the 52wk median, suggesting an expected daily move of $5.96. Put-call skew steepened, indicating increased demand for downside protection.

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