MSTR options — covered call & cash-secured put yields
MicroStrategy · Technology — Bitcoin Proxy
MSTR delayed-data snapshot
Top 5 covered-call strikes for MSTR
Annualized screen yield = (premium ÷ capital at risk) × (365 ÷ DTE). Comparison metric, not a projected annual return. Excludes strikes with OI below 1 or absent bid/ask.
| Strike | Expiration | Bid | Ask | Mid | |Δ| | Vol | OI | Spread% | Cycle yld | Ann screen yld | Data provider |
|---|---|---|---|---|---|---|---|---|---|---|---|
| No qualifying covered-call strikes in the current snapshot. | |||||||||||
Top 5 cash-secured put strikes for MSTR
Capital at risk for a CSP = strike × 100. Same screen-yield formula; same not-a-forecast caveat.
| Strike | Expiration | Bid | Ask | Mid | |Δ| | Vol | OI | Spread% | Cycle yld | Ann screen yld | Data provider |
|---|---|---|---|---|---|---|---|---|---|---|---|
| No qualifying cash-secured-put strikes in the current snapshot. | |||||||||||
Ranking factors, exclusions, and missing-data handling
- Ranking: contracts are ordered by annualized screen yield, descending. Ties broken by liquidity score.
- Minimum liquidity: strikes with open interest below 1 or absent bid/ask are excluded from the table.
- Pricing input: mid-of-bid-ask, falling back to last trade then day close when bid/ask are stale (after-hours / illiquid strikes).
- Excluded contracts: ITM strikes (we screen OTM only by default), spreads wider than 30% of mid, and strikes outside the 0.10–0.45 delta band.
- Missing-data handling: when Polygon returns no delta for a leg, we fall back to a Black-Scholes-Merton delta computed from spot, strike, DTE, and implied volatility. When IV is also missing, the strike is dropped.
- Why annualized screen yield is not a forecast: it assumes the same premium/strike combination repeats every cycle for a year, ignoring regime changes, IV crush, and post-assignment capital reallocation. Realized returns are typically materially lower. See annualized screen yield.
- Ticker-specific limitations for MSTR: see the limitations panel further down on this page.
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Top 5 covered-call strikes for MSTR
Ranked by annualized yield. Updated every 5 minutes during market hours.
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Top 5 cash-secured puts for MSTR
Sub-spot strikes ranked by annualized return on capital.
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About MSTR options
MicroStrategy (MSTR) is a Technology — Bitcoin Proxy listed company with very high implied volatility — premium income is rich but tail risk demands tight position sizing. MSTR does not currently pay a dividend, so ex-dividend early-assignment risk on short calls is not a concern.
For wheel-strategy traders, MSTR is a speculative wheel candidate. The very high implied volatility — premium income is rich but tail risk demands tight position sizing means cash-secured puts collect meaningful premium, and the underlying business profile (Technology — Bitcoin Proxy) makes it a name many income sellers would be comfortable being assigned at the right strike.
For income-strategy traders, the MSTR option chain typically supports both conservative (delta around 0.20) and aggressive (delta around 0.35) premium-selling setups. The Delayed Opportunities ranking above scans every active expiration and surfaces the highest-yielding contracts by annualized return.
Income strategies on MSTR
- Covered calls on MSTR — if you own MSTR shares. New to the strategy? Read the full covered-calls guide first.
- Cash-secured puts on MSTR — if you have cash to deploy and would be comfortable owning MSTR. See the cash-secured puts guide for mechanics.
- MSTR wheel strategy — for repeating CSP → assignment → covered call → called-away cycles. The complete wheel-strategy guide covers stock selection and cycle math.
Related tickers
Other Technology names with similar liquidity profile:
Frequently asked questions
What are the best covered-call strikes for MSTR right now?
The Top 5 list above ranks every covered-call strike across every upcoming expiration on MSTR by annualized yield, refreshed every 5 minutes. Click any strike to open the calculator pre-filled with that contract.
Is MSTR a good wheel-strategy stock?
For wheel-strategy traders, MSTR is a speculative wheel candidate. The very high implied volatility — premium income is rich but tail risk demands tight position sizing means cash-secured puts collect meaningful premium, and the underlying business profile (Technology — Bitcoin Proxy) makes it a name many income sellers would be comfortable being assigned at the right strike.
What delta should I sell on MSTR?
Most income sellers target a 0.20 to 0.35 delta strike. Conservative sellers stay near 0.20 (lower yield, lower assignment risk). Aggressive sellers go to 0.35 (higher yield, higher assignment risk). With very high implied volatility — premium income is rich but tail risk demands tight position sizing, MSTR works well across this range.
Does MSTR pay a dividend, and does it affect my covered call?
MSTR does not currently pay a dividend, so ex-dividend early-assignment risk on short calls is not a concern.