MSTR Options History — September 2008

In September 2008, MSTR traded between $5.60 and $6.50. ATM implied volatility averaged 45.5%, placing in the 18.7% IV rank vs the trailing year. The 30-day expected move averaged 13.1%. IV traded above realized volatility by 13.0% (HV 20d: 32.6%). Max pain ranged from $6.50 to $7.50. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 20 of 21 days. Put/call ratio averaged 2.14.

Notable Days

  • 2008-09-30: Highest Volume — 13,210 contracts
  • 2008-09-17: Largest IV spike — 12.5% change
  • 2008-09-29: Highest IV Rank — 37.0%
  • 2008-09-29: Largest Expected Move — 16.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$6.16$5.60$6.50$6.42$5.95
Max Pain$7.24$6.50$7.50$6.50$7.00
ATM IV45.5%38.6%56.9%40.4%54.4%
Expected Move13.1%11.4%16.3%11.6%15.6%
HV 20d32.6%24.6%43.4%34.7%43.4%
HV 60d34.9%33.3%37.3%33.5%37.3%
IV Rank18.7%7.5%37.0%10.4%33.0%
IV Percentile40.9%7.5%77.0%16.7%73.8%
Term Structure4.6%-0.3%13.2%0.8%9.2%
VWIV46.2%37.8%61.1%42.6%56.1%
Skew 25d6.9%4.3%12.7%5.6%11.3%
Skew 10d13.2%5.1%32.1%19.1%20.6%
Call IV 25d43.3%37.9%53.5%38.9%51.3%
Put IV 25d50.2%43.4%66.2%44.5%62.6%
Bid-Ask Spread %22.3212.4951.0715.6924.98
Gamma HHI0.200.130.310.150.23
Net GEX-236.0K-617.2K-36.7K-172.0K-219.9K
Net DEX17.0M11.2M30.6M14.2M17.5M
Net VEX-152.9K-172.9K-123.7K-172.9K-145.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.140.0611.350.0711.35
Total Volume4,722.38184013,2105,70013,210
Total OI242,089.048217,140250,830245,460233,270

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-09-02$6.42$6.5040.4%11.6%34.7%10.4%42.6%5.6%0.8%-172.0K14.2M-172.9K0.0715.69N/AN/A5,350350132,800112,660
2008-09-03$6.47$6.5039.7%11.4%33.2%9.3%38.8%6.4%0.7%-158.6K13.5M-171.1K0.8018.05N/AN/A1,3401,070132,380112,420
2008-09-04$6.41$6.5039.6%11.4%28.0%9.2%39.9%5.3%1.6%-159.5K13.7M-169.3K0.2622.28N/AN/A3,710970132,930112,870
2008-09-05$6.42$7.5039.1%11.8%27.9%8.3%41.1%5.8%3.9%-105.8K13.1M-171.3K0.0618.48N/AN/A2,650170135,120113,040
2008-09-08$6.50$7.5040.4%11.9%28.0%10.4%39.2%7.1%3.1%-61.0K11.8M-168.4K0.9517.62N/AN/A1,4801,410135,260113,050
2008-09-09$6.37$7.5040.3%11.9%24.6%10.3%42.9%5.4%3.5%-118.3K13.7M-164.2K1.2416.46N/AN/A2,3502,910135,990113,570
2008-09-10$6.45$7.5038.6%11.8%25.0%7.5%42.8%6.2%3.7%-68.5K12.3M-165.8K1.3119.51N/AN/A1,3101,710136,110113,030
2008-09-11$6.50$7.5041.2%11.8%25.1%11.7%42.7%6.4%3.2%-36.7K11.2M-165.6K3.2022.44N/AN/A200640136,400113,730
2008-09-12$6.46$7.5040.6%11.6%25.1%10.8%41.1%6.2%4.0%-70.6K12.5M-161.5K0.6519.53N/AN/A520340136,500113,960
2008-09-15$6.26$7.5042.5%12.2%26.2%13.8%43.4%5.5%3.0%-227.0K17.0M-150.3K1.0621.50N/AN/A1,0901,160136,690113,640
2008-09-16$6.04$7.5045.1%12.9%28.7%18.0%43.6%7.3%1.6%-457.0K22.7M-138.4K0.4723.87N/AN/A3,7201,750136,750113,590
2008-09-17$5.73$7.5050.8%14.6%33.5%27.1%37.8%4.3%-0.3%-563.5K27.5M-134.5K4.0022.76N/AN/A1,0904,360137,420113,410
2008-09-18$5.60$7.5049.9%14.3%34.1%25.7%49.4%4.9%0.4%-617.2K30.6M-123.7K2.2246.25N/AN/A1,2202,710137,640113,050
2008-09-19$5.89$7.5045.2%13.0%39.8%18.1%46.8%7.3%3.5%-577.3K23.9M-134.7K0.7525.69N/AN/A5,5704,170138,120112,020
2008-09-22$5.96$7.5049.8%14.3%36.6%25.6%50.4%8.3%6.6%-252.2K17.8M-140.2K1.3019.70N/AN/A4,2705,530122,26094,880
2008-09-23$5.95$7.5050.8%14.6%35.7%27.2%50.5%5.7%7.9%-232.4K17.3M-145.1K0.2218.63N/AN/A5,8701,320127,22098,130
2008-09-24$5.89$7.0050.3%14.4%35.6%26.3%54.9%7.4%9.0%-250.5K18.2M-141.9K3.7212.49N/AN/A6502,420129,99098,480
2008-09-25$5.89$7.0049.7%14.2%34.9%25.4%53.8%8.2%8.5%-259.2K18.5M-140.3K7.6813.15N/AN/A5604,300130,33099,390
2008-09-26$6.21$7.0051.2%14.7%40.5%27.8%50.3%8.1%10.0%-125.4K13.3M-155.1K1.4918.61N/AN/A550820130,650101,860
2008-09-29$5.93$7.0056.9%16.3%43.3%37.0%61.1%12.7%13.2%-224.1K16.3M-150.4K2.1551.07N/AN/A1,3802,970130,960102,300
2008-09-30$5.95$7.0054.4%15.6%43.4%33.0%56.1%11.3%9.2%-219.9K17.5M-145.4K11.3524.98N/AN/A1,07012,140131,430101,840