MSTR Options History — March 2010

In March 2010, MSTR traded between $8.50 and $9.13. ATM implied volatility averaged 31.5%, placing in the 14.5% IV rank vs the trailing year. The 30-day expected move averaged 9.1%. IV traded below realized volatility by 6.5% (HV 20d: 38.0%). Max pain ranged from $8.50 to $8.50. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 23 of 23 days. Put/call ratio averaged 1.19.

Notable Days

2010-03-09: Highest Volume — 8,780 contracts
2010-03-08: Largest IV spike — 21.7% change
2010-03-11: Highest IV Rank — 22.5%
2010-03-08: Largest Expected Move — 10.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$8.73	$8.50	$9.13	$9.07	$8.51
Max Pain	$8.50	$8.50	$8.50	$8.50	$8.50
ATM IV	31.5%	28.1%	34.6%	31.0%	28.4%
Expected Move	9.1%	8.1%	10.0%	8.9%	8.2%
HV 20d	38.0%	19.9%	76.6%	76.1%	31.2%
HV 60d	56.3%	55.1%	57.5%	56.1%	55.1%
IV Rank	14.5%	5.9%	22.5%	13.3%	6.8%
IV Percentile	18.9%	1.2%	42.9%	11.5%	2.0%
Term Structure	7.4%	1.5%	15.5%	1.5%	15.5%
VWIV	32.3%	29.3%	36.6%	30.9%	29.3%
Skew 25d	3.5%	2.1%	5.3%	2.2%	2.1%
Skew 10d	7.6%	3.7%	13.0%	4.4%	5.2%
Call IV 25d	30.7%	28.1%	33.2%	30.5%	29.3%
Put IV 25d	34.3%	30.9%	37.2%	32.8%	31.4%
Bid-Ask Spread %	27.69	17.62	45.22	29.06	33.67
Gamma HHI	0.16	0.14	0.32	0.15	0.15
Net GEX	643.1K	393.5K	1.4M	828.2K	522.7K
Net DEX	-6.2M	-16.8M	-97.0K	-15.3M	-337.4K
Net VEX	-126.7K	-144.0K	-113.3K	-143.0K	-114.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.19	0.14	4.29	0.25	1.01
Total Volume	3,613.913	1,760	8,780	2,910	3,270
Total OI	221,383.913	207,870	232,760	214,670	223,780

Daily Data (23 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2010-03-01	$9.07	$8.50	31.0%	8.9%	76.1%	13.3%	30.9%	2.2%	1.5%	828.2K	-15.3M	-143.0K	0.25	29.06	N/A	N/A	2,330	580	130,220	84,450
2010-03-02	$8.83	$8.50	28.9%	8.3%	76.5%	8.1%	31.5%	2.7%	2.4%	689.1K	-10.4M	-135.5K	1.72	30.27	N/A	N/A	1,750	3,010	130,980	84,690
2010-03-03	$8.90	$8.50	29.6%	8.5%	76.6%	9.6%	29.5%	3.0%	2.5%	697.8K	-10.9M	-134.3K	0.14	24.18	N/A	N/A	1,540	220	131,160	85,080
2010-03-04	$8.93	$8.50	28.4%	8.1%	76.1%	6.7%	30.5%	2.8%	3.0%	784.1K	-12.1M	-132.6K	1.91	19.48	N/A	N/A	760	1,450	132,340	85,150
2010-03-05	$9.13	$8.50	28.1%	9.0%	19.9%	5.9%	29.6%	4.0%	7.0%	923.0K	-16.8M	-144.0K	1.53	24.90	N/A	N/A	1,220	1,870	132,430	85,680
2010-03-08	$8.65	$8.50	34.2%	10.0%	29.4%	21.4%	35.1%	3.7%	4.8%	564.7K	-6.8M	-124.9K	0.88	28.05	N/A	N/A	3,020	2,660	132,990	85,120
2010-03-09	$8.54	$8.50	31.6%	9.9%	28.9%	14.9%	33.9%	3.4%	5.1%	438.6K	-3.4M	-116.1K	4.29	21.14	N/A	N/A	1,660	7,120	132,960	86,520
2010-03-10	$8.65	$8.50	32.4%	9.6%	28.8%	16.7%	32.4%	3.8%	6.1%	519.9K	-4.3M	-134.6K	0.79	22.28	N/A	N/A	2,010	1,580	133,560	92,720
2010-03-11	$8.67	$8.50	34.6%	9.9%	28.1%	22.5%	32.5%	4.8%	5.6%	525.4K	-3.9M	-131.9K	0.26	21.25	N/A	N/A	1,930	500	134,800	93,430
2010-03-12	$8.75	$8.50	33.1%	9.5%	28.2%	18.7%	36.6%	4.3%	7.1%	691.4K	-6.7M	-134.2K	1.75	26.39	N/A	N/A	640	1,120	136,110	93,900
2010-03-15	$8.71	$8.50	34.5%	9.9%	28.3%	22.2%	35.6%	5.2%	5.5%	617.8K	-5.6M	-128.4K	0.56	21.09	N/A	N/A	1,370	770	135,870	94,370
2010-03-16	$8.65	$8.50	32.8%	9.4%	27.9%	17.9%	32.8%	4.3%	7.1%	543.3K	-4.0M	-124.2K	1.32	31.87	N/A	N/A	1,360	1,790	135,740	94,710
2010-03-17	$8.58	$8.50	33.2%	9.5%	28.0%	18.8%	33.9%	5.3%	6.9%	479.2K	-2.5M	-117.5K	1.95	31.97	N/A	N/A	780	1,520	136,110	94,940
2010-03-18	$8.50	$8.50	32.0%	9.2%	27.9%	15.8%	30.8%	3.9%	7.9%	393.5K	-165.5K	-114.3K	1.30	26.59	N/A	N/A	1,100	1,430	136,390	95,650
2010-03-19	$8.93	$8.50	32.1%	9.2%	32.8%	16.1%	32.6%	4.7%	7.1%	1.4M	-10.7M	-128.8K	0.54	18.67	N/A	N/A	4,250	2,310	136,690	96,070
2010-03-22	$8.91	$8.50	32.5%	9.3%	32.8%	17.0%	32.6%	3.4%	10.2%	727.9K	-8.9M	-130.7K	1.05	20.36	N/A	N/A	1,930	2,020	125,350	82,520
2010-03-23	$8.94	$8.50	32.0%	9.2%	32.7%	15.8%	33.4%	2.5%	8.4%	723.4K	-8.6M	-128.0K	1.77	17.62	N/A	N/A	1,390	2,460	126,270	84,180
2010-03-24	$8.75	$8.50	31.4%	9.0%	33.5%	14.3%	32.8%	2.6%	9.0%	623.7K	-5.3M	-127.3K	0.89	45.22	N/A	N/A	1,890	1,680	127,010	86,230
2010-03-25	$8.63	$8.50	31.1%	8.9%	33.8%	13.6%	32.3%	2.2%	11.6%	542.7K	-2.9M	-120.7K	0.20	37.14	N/A	N/A	3,380	660	128,210	87,400
2010-03-26	$8.50	$8.50	30.2%	8.6%	33.7%	11.1%	31.5%	2.8%	12.1%	485.2K	-97.0K	-115.1K	0.50	42.06	N/A	N/A	2,220	1,100	130,460	87,100
2010-03-29	$8.55	$8.50	32.7%	9.4%	32.5%	17.7%	33.3%	4.4%	11.2%	509.7K	-725.4K	-113.3K	0.28	22.17	N/A	N/A	4,460	1,240	131,550	87,750
2010-03-30	$8.56	$8.50	29.3%	8.4%	31.3%	9.0%	30.5%	2.9%	13.7%	599.0K	-1.7M	-120.3K	2.40	41.39	N/A	N/A	520	1,250	135,080	88,110
2010-03-31	$8.51	$8.50	28.4%	8.2%	31.2%	6.8%	29.3%	2.1%	15.5%	522.7K	-337.4K	-114.7K	1.01	33.67	N/A	N/A	1,630	1,640	134,830	88,950