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Option traders moderately bearish in MicroStrategy with shares down 5.1%

Option traders moderately bearish in MicroStrategy (MSTR), with shares down $19.88 near $370.02. Options volume running well above average with 517k contracts traded and calls leading puts for a put/call ratio of 1.0, compared to a typical level near 0.67. Implied volatility (IV30) is higher by 2.8 points near 55.94,in the bottom quartile of the past year, suggesting an expected daily move of $13.04. Put-call skew steepened, indicating increased demand for downside protection.

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