Option traders moderately bearish in MicroStrategy with shares down 5.64%

Option traders moderately bearish in MicroStrategy (MSTR), with shares down $14.37 near $240.63. Options volume roughly in line with average with 191k contracts traded and calls leading puts for a put/call ratio of 0.56, compared to a typical level near 0.66. Implied volatility (IV30) is higher by 4.2 points near 71.11,and above the 52wk median, suggesting an expected daily move of $10.78. Put-call skew steepened, indicating increased demand for downside protection.