MSTR Options History — April 2012

In April 2012, MSTR traded between $13.83 and $14.89. ATM implied volatility averaged 42.5%, placing in the 32.9% IV rank vs the trailing year. The 30-day expected move averaged 12.9%. IV traded above realized volatility by 14.5% (HV 20d: 28.0%). Max pain ranged from $12.50 to $13.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 4 of 20 days. Put/call ratio averaged 0.71.

Notable Days

2012-04-03: Highest Volume — 19,270 contracts
2012-04-12: Largest IV spike — 51.7% change
2012-04-30: Highest IV Rank — 47.0%
2012-04-30: Largest Expected Move — 14.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.39	$13.83	$14.89	$14.32	$13.98
Max Pain	$13.35	$12.50	$13.50	$12.50	$13.50
ATM IV	42.5%	29.3%	50.8%	31.9%	50.8%
Expected Move	12.9%	8.4%	14.6%	9.2%	14.6%
HV 20d	28.0%	23.2%	32.3%	31.7%	26.8%
HV 60d	33.2%	31.9%	34.1%	33.8%	31.9%
IV Rank	32.9%	10.2%	47.0%	15.2%	47.0%
IV Percentile	39.9%	2.0%	64.7%	6.7%	64.7%
Term Structure	-0.5%	-6.8%	16.3%	12.8%	-6.8%
VWIV	45.0%	29.4%	51.2%	32.7%	51.2%
Skew 25d	6.1%	3.0%	8.8%	4.4%	5.6%
Skew 10d	13.7%	8.8%	18.9%	13.2%	14.2%
Call IV 25d	42.2%	27.9%	49.2%	30.9%	49.2%
Put IV 25d	48.3%	30.9%	54.8%	35.3%	54.8%
Bid-Ask Spread %	60.42	35.22	84.55	79.08	62.42
Gamma HHI	0.17	0.12	0.46	0.12	0.17
Net GEX	1.9M	1.3M	4.6M	1.4M	1.5M
Net DEX	-50.2M	-73.8M	-26.9M	-49.1M	-29.1M
Net VEX	-170.7K	-199.1K	-141.7K	-169.5K	-141.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.71	0.02	2.30	0.25	0.26
Total Volume	3,975.5	590	19,270	2,210	7,460
Total OI	118,961	89,570	139,760	110,410	93,850

Daily Data (20 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
2012-04-02	$14.32	$12.50	31.9%	9.2%	31.7%	15.2%	32.7%	4.4%	12.8%	1.4M	-49.1M	-169.5K	0.25	79.08	N/A	N/A	1,770	440	73,540	36,870
2012-04-03	$14.75	$12.50	29.3%	8.4%	30.7%	10.2%	29.4%	3.0%	15.4%	1.6M	-58.8M	-168.2K	0.60	84.55	N/A	N/A	12,040	7,230	74,760	37,270
2012-04-04	$14.52	$13.00	30.2%	8.7%	31.6%	11.8%	33.5%	4.0%	15.7%	1.6M	-54.4M	-192.3K	0.37	82.47	N/A	N/A	5,930	2,190	82,330	43,560
2012-04-05	$14.53	$13.00	29.8%	8.6%	31.3%	11.2%	31.9%	3.5%	16.3%	1.8M	-57.2M	-199.1K	1.35	84.31	N/A	N/A	490	660	87,360	43,650
2012-04-09	$14.33	$13.50	30.9%	13.5%	31.9%	13.2%	47.1%	6.4%	-2.7%	1.7M	-52.5M	-189.6K	0.15	42.50	N/A	N/A	870	130	87,450	44,120
2012-04-10	$14.21	$13.50	35.0%	14.3%	32.3%	21.2%	49.3%	6.2%	-4.6%	1.7M	-50.0M	-185.6K	0.74	35.22	N/A	N/A	1,240	920	87,580	44,080
2012-04-11	$14.40	$13.50	31.1%	13.7%	30.5%	13.6%	48.4%	6.1%	-3.5%	1.9M	-55.0M	-186.2K	0.02	54.13	N/A	N/A	580	10	88,370	44,740
2012-04-12	$14.68	$13.50	47.2%	13.5%	26.9%	44.7%	47.2%	7.8%	-2.8%	2.1M	-63.8M	-185.8K	2.30	48.91	N/A	N/A	440	1,010	88,570	44,750
2012-04-13	$14.71	$13.50	47.8%	13.7%	26.8%	45.9%	48.2%	8.2%	-3.2%	2.1M	-64.1M	-183.1K	0.15	49.92	N/A	N/A	1,660	250	88,400	45,000
2012-04-16	$14.62	$13.50	47.7%	13.7%	27.0%	40.4%	49.7%	6.1%	-3.9%	2.2M	-62.4M	-175.7K	0.06	56.76	N/A	N/A	5,600	340	88,750	45,130
2012-04-17	$14.89	$13.50	47.4%	13.6%	26.0%	39.7%	45.1%	7.3%	-4.2%	2.3M	-73.8M	-175.6K	0.22	53.66	N/A	N/A	4,550	1,020	91,270	45,270
2012-04-18	$14.49	$13.50	47.6%	13.7%	28.3%	40.2%	49.1%	5.1%	-4.3%	2.3M	-56.0M	-168.6K	0.05	56.99	N/A	N/A	6,540	340	88,770	45,760
2012-04-19	$14.59	$13.50	47.9%	13.7%	24.0%	40.7%	48.5%	6.5%	-4.2%	2.5M	-64.9M	-175.7K	0.76	57.62	N/A	N/A	3,340	2,550	93,910	45,850
2012-04-20	$14.52	$13.50	47.5%	13.6%	23.2%	39.9%	45.8%	6.0%	-4.3%	4.6M	-58.8M	-165.6K	1.13	54.43	N/A	N/A	390	440	92,080	46,780
2012-04-23	$14.08	$13.50	50.4%	14.5%	26.0%	46.1%	50.3%	8.8%	-4.8%	1.4M	-31.5M	-153.0K	1.38	55.15	N/A	N/A	740	1,020	67,390	22,180
2012-04-24	$13.83	$13.50	50.6%	14.5%	25.9%	46.6%	49.2%	6.7%	-5.5%	1.3M	-26.9M	-148.6K	0.66	58.70	N/A	N/A	1,820	1,210	67,890	22,850
2012-04-25	$14.10	$13.50	49.6%	14.2%	26.6%	44.5%	49.7%	5.9%	-6.1%	1.5M	-31.1M	-152.2K	1.39	65.06	N/A	N/A	380	530	69,340	23,620
2012-04-26	$14.20	$13.50	48.5%	13.9%	26.6%	42.1%	46.1%	8.1%	-4.9%	1.6M	-32.9M	-151.5K	1.39	60.29	N/A	N/A	840	1,170	69,450	23,810
2012-04-27	$14.11	$13.50	49.0%	14.1%	26.7%	43.2%	47.3%	7.1%	-4.7%	1.5M	-31.1M	-147.0K	0.90	66.25	N/A	N/A	720	650	68,990	23,880
2012-04-30	$13.98	$13.50	50.8%	14.6%	26.8%	47.0%	51.2%	5.6%	-6.8%	1.5M	-29.1M	-141.7K	0.26	62.42	N/A	N/A	5,920	1,540	69,490	24,360