Options Income Strategy | Countdown to the CLARITY Act Vote! Volatility Surges for Crypto-Linked Stock MSTR

1. MSTR: CLARITY Act Races Through the Senate; Pre-Market Gains Erased After Yesterday's Spike

$Strategy (MSTR.US)$ Closed up 4.56% on Monday (September 14) at $136.94, with an intraday high of $137.51 and a low of $130.73. Trading volume reached $2.535 billion, and the turnover rate was 5.15%. In pre-market trading on Tuesday, $Strategy (MSTR.US)$ it pulled back, nearly erasing all of Monday's gains.

Technical Analysis:

$Strategy (MSTR.US)$ After surging 17.56% in a single day to a high of $144.92 on September 3, the stock entered a consolidation range between $127 and $145. It dipped to a low of $126.91 on September 10, followed by consecutive rebounds on the 11th and 14th, closing at $136.94 on Monday, approaching the upper-middle part of the range. In the short term, it is oscillating and rebounding within the box, having not yet broken through the September 3 high of $144.92. Upward momentum is constrained by the resistance zone of $140–$145. Support lies at the $130 integer level and near $126.9; a breakdown here would open up room for further correction.

News Analysis:

The core catalyst is the CLARITY Act.The Senate released a revised draft on Monday, paving the way for a procedural vote on Tuesday afternoon. The market bet on the passage of the crypto market structure bill, with Bitcoin briefly reclaiming the $78,000 level. COIN rose over 9% in a single day, driving counter-trend gains in crypto-related stocks like MSTR. This is a typical policy expectation impulse; the rally reflects the increased probability of the bill's passage rather than changes in company fundamentals.

During Asian trading hours on Tuesday, the predicted probability of the bill passing within the year dropped from above 30% to 18%.， $Bitcoin (BTC.CC)$ Followed by a pullback, $Strategy (MSTR.US)$ down 4.36% in pre-market trading, with its high-beta attribute amplifying the give-back.

At the corporate level, $Strategy (MSTR.US)$ the company did not buy or sell Bitcoin last week, maintaining a holding of 845,050 BTC with an average purchase price of approximately $75,412. During the same period, it spent $139.3 million to repurchase 1.4205 million shares of STRC preferred stock.

Key variables to watch: the result of the Senate's procedural vote on Tuesday afternoon, whether Bitcoin can recover, and the pace of the formal vote on the bill.

Major Bank Views:

100% of the 13 analysts issued a Buy rating, with an average target price of $222.62, a high of $435, and a low of $125.

2. Short Option Strategies

IV Analysis:

Currently, $Strategy (MSTR.US)$ Options implied volatility is approximately 79.79%, sitting at the 42.06th historical percentile, up from 76.84% on the previous trading day. The approaching vote on the bill has amplified near-term pricing, resulting in relatively rich premiums for sellers.

Cash-Secured Put

Sell 1 contract of MSTR Oct 2, 2026 $120 Put, and reserve sufficient cash to cover potential assignment.

Opportunity screening logic:

$Strategy (MSTR.US)$ Supported by expectations of Bitcoin reserves, but subject to sharp short-term fluctuations driven by bill passage probabilities; chasing highs carries the risk of pullbacks. Sell the $120 Put to collect premium: if the stock consolidates or rises, the premium is kept as profit; if it dips to $120, shares are acquired at a lower effective price.

Covered Call

Hold 100 shares of MSTR while selling 1 contract of MSTR Oct 2, 2026 $160 Call.

Opportunity screening logic:

For those already holding 100 shares of the underlying stock, $Strategy (MSTR.US)$ Facing short-term uncertainty from the bill vote and pre-market pullbacks, selling outright might mean missing a rebound. Sell the $160 Call to collect premium and reduce cost basis; this hedges against drawdowns during consolidation, and if assigned above $160, it effectively locks in profits near the target price.

3. Risk Control Notes

Although short-option strategies generally have a high probability of profit, investors must still implement sound risk management:

- Position management is core. The biggest risk for sellers lies in black swan events. It is recommended that margin usage for a single underlying asset does not exceed 20% of total capital, and do not sell options beyond your capacity to absorb losses just to chase premiums.

- Pay attention to rolling positions for Covered Calls. When a Covered Call is deep in-the-money, if you remain bullish on the underlying stock, consider buying back the current option to close the position while simultaneously selling options with a further expiration date and a higher strike price. This avoids having the underlying stock forced to be sold at a low price.

- Cash-Secured Puts require vigilance against left-tail risks. If the stock price drops significantly due to deteriorating fundamentals, do not mechanically hold on. Instead, cut losses or roll down positions based on your risk tolerance.

Make good use of the Option Seller Zone to understand income strategies for selling options,and earn option premiums!

Investors can openFutubull >> Market >> Options >> Seller Zone >> Filter, to filter for option underlyings that suit their risk appetite and investment needs.

The screening criteria for the option cases provided in this article are:

Stock Screening: Market Cap > $10 billion; IV > 70%; Total Option Volume > 60,000 contracts

Option Screening: Days to Expiration (DTE) 0-45 days; Probability of OTM > 70%; Return > 2%; Annualized Return > 30%; Volume > 100 contracts

Underlying Selection Rule: Sorted by probability, prioritizing underlying assets with higher probabilities. Probability refers to the likelihood that the sold option contract will not be exercised, i.e., the Out-of-the-Money (OTM) probability. A higher probability indicates a lower chance of being assigned, and thus a greater likelihood of securely collecting the option premium.

All data and information in the Option Seller Zone are for reference only and do not constitute any investment advice.

This content is for reference only and should not be regarded as an offer, solicitation, invitation, recommendation to trade any investment product, or basis for investment decisions, nor should it be interpreted as professional advice. Option contracts are derivative products and are not suitable for all investors. You should carefully assess whether you are suitable to participate in such trading based on your investment experience, investment objectives, financial resources, and other relevant conditions.

The risk of loss in trading option contracts can be substantial. In certain circumstances, the losses you incur may exceed the initial margin deposited. Even if you have set contingency instructions, such as "stop-loss" or "limit" orders, they may not prevent losses. Market conditions may render such instructions unexecutable. You may be required to deposit additional margin within a short period. If you fail to provide the required amount within the specified time, your open positions may be liquidated. However, you will still be liable for any deficit in your account resulting from this. Therefore, before trading, you should research and understand options, and carefully consider whether such trading is suitable for you based on your financial situation and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and upon option expiration, as well as your rights and obligations when exercising options and upon expiration. "Futubull" is a one-stop financial investment and trading platform, with securities services provided by Futu Securities International (Hong Kong) Limited.

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