MSTR Options History — May 2012

In May 2012, MSTR traded between $12.20 and $15.62. ATM implied volatility averaged 41.2%, placing in the 26.5% IV rank vs the trailing year. The 30-day expected move averaged 11.9%. IV traded below realized volatility by 1.4% (HV 20d: 42.6%). Max pain ranged from $13.50 to $15.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 18 of 22 days. Put/call ratio averaged 1.73.

Notable Days

2012-05-03: Highest Volume — 16,010 contracts
2012-05-03: Largest IV drop — 33.0% change
2012-05-02: Highest IV Rank — 55.5%
2012-05-02: Largest Expected Move — 15.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$13.73	$12.20	$15.62	$14.02	$12.20
Max Pain	$14.18	$13.50	$15.00	$13.50	$14.00
ATM IV	41.2%	33.8%	54.8%	50.9%	40.4%
Expected Move	11.9%	10.5%	15.7%	14.6%	11.6%
HV 20d	42.6%	23.4%	47.6%	25.4%	47.1%
HV 60d	35.9%	31.5%	37.6%	31.6%	35.8%
IV Rank	26.5%	10.9%	55.5%	47.1%	24.8%
IV Percentile	38.2%	9.9%	74.2%	65.1%	36.5%
Term Structure	-0.2%	-10.9%	1.9%	-7.2%	0.8%
VWIV	41.1%	35.2%	54.3%	50.2%	39.9%
Skew 25d	3.7%	1.8%	5.1%	3.6%	3.1%
Skew 10d	7.7%	2.4%	12.5%	7.5%	11.4%
Call IV 25d	39.7%	34.7%	51.1%	49.4%	38.3%
Put IV 25d	43.4%	38.0%	55.7%	53.0%	41.4%
Bid-Ask Spread %	56.13	28.64	83.08	66.31	83.08
Gamma HHI	0.16	0.09	0.27	0.16	0.10
Net GEX	1.3M	51.4K	2.8M	1.6M	94.7K
Net DEX	-19.8M	-65.8M	7.3M	-31.1M	3.1M
Net VEX	-117.6K	-146.0K	-85.4K	-144.3K	-85.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.73	0.27	7.02	0.27	1.22
Total Volume	5,575	430	16,010	7,590	10,300
Total OI	97,895.455	67,750	120,790	96,920	79,500

Daily Data (22 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
2012-05-01	$14.02	$13.50	50.9%	14.6%	25.4%	47.1%	50.2%	3.6%	-7.2%	1.6M	-31.1M	-144.3K	0.27	66.31	N/A	N/A	6,000	1,590	71,570	25,350
2012-05-02	$14.20	$13.50	54.8%	15.7%	23.4%	55.5%	54.3%	4.6%	-10.9%	1.8M	-33.9M	-146.0K	1.05	64.65	N/A	N/A	1,830	1,930	73,070	25,880
2012-05-03	$15.62	$13.50	36.7%	10.5%	41.1%	17.1%	35.8%	3.4%	0.2%	2.8M	-65.8M	-137.8K	0.75	67.56	N/A	N/A	9,160	6,850	72,630	26,070
2012-05-04	$15.23	$14.00	40.7%	11.1%	42.4%	25.5%	37.9%	3.5%	0.3%	2.5M	-54.9M	-145.3K	1.89	28.64	N/A	N/A	4,520	8,520	73,180	28,480
2012-05-07	$14.93	$14.50	33.8%	10.8%	42.8%	10.9%	37.6%	4.1%	0.6%	2.3M	-44.3M	-142.3K	0.57	36.82	N/A	N/A	7,440	4,230	75,490	34,240
2012-05-08	$14.74	$15.00	34.8%	10.9%	43.0%	13.0%	38.7%	4.8%	1.8%	2.5M	-39.2M	-145.3K	0.75	33.93	N/A	N/A	1,940	1,460	80,920	33,570
2012-05-09	$14.58	$14.50	36.3%	11.4%	43.0%	16.1%	38.7%	5.0%	0.1%	2.3M	-35.2M	-143.4K	4.38	39.35	N/A	N/A	80	350	81,710	34,210
2012-05-10	$14.21	$14.50	39.3%	11.3%	43.3%	22.5%	38.7%	3.5%	1.1%	1.9M	-25.2M	-132.6K	1.30	39.03	N/A	N/A	1,370	1,780	81,790	34,190
2012-05-11	$14.28	$14.50	38.0%	10.9%	43.4%	19.7%	35.2%	3.0%	1.6%	1.8M	-24.5M	-128.4K	1.62	44.34	N/A	N/A	840	1,360	82,010	34,580
2012-05-14	$14.10	$14.50	40.5%	11.6%	43.5%	25.1%	44.2%	4.3%	0.5%	1.6M	-19.2M	-118.9K	0.64	43.44	N/A	N/A	6,240	3,980	82,160	35,280
2012-05-15	$14.15	$14.50	39.7%	11.4%	42.9%	23.3%	38.9%	3.8%	0.9%	1.7M	-19.9M	-117.2K	0.84	44.69	N/A	N/A	3,030	2,540	79,670	37,270
2012-05-16	$13.80	$14.50	41.3%	11.8%	42.8%	26.7%	41.0%	3.3%	0.3%	1.4M	-11.2M	-113.3K	0.41	50.72	N/A	N/A	5,870	2,400	80,540	39,080
2012-05-17	$13.60	$14.50	42.4%	12.2%	42.9%	29.1%	42.1%	1.8%	0.2%	1.4M	-4.6M	-107.9K	3.76	52.73	N/A	N/A	330	1,240	79,890	40,280
2012-05-18	$12.90	$14.50	44.3%	12.7%	46.3%	33.1%	44.1%	4.3%	0.5%	51.4K	7.3M	-102.0K	0.87	48.26	N/A	N/A	1,890	1,650	80,100	40,690
2012-05-21	$13.17	$14.00	39.9%	11.4%	46.2%	23.8%	38.6%	3.4%	1.0%	499.8K	-9.1M	-97.9K	0.27	59.97	N/A	N/A	5,940	1,600	42,830	24,920
2012-05-22	$13.04	$14.00	40.0%	11.5%	45.9%	24.0%	40.9%	4.3%	1.9%	547.0K	-8.8M	-101.7K	1.75	66.65	N/A	N/A	800	1,400	45,790	25,560
2012-05-23	$13.08	$14.00	39.4%	11.3%	45.3%	22.8%	0.0%	5.1%	1.3%	521.1K	-8.1M	-100.9K	2.37	70.77	N/A	N/A	430	1,020	45,270	26,720
2012-05-24	$12.69	$14.00	42.8%	12.3%	46.0%	29.9%	0.0%	2.7%	1.0%	413.7K	-4.3M	-98.4K	5.40	74.79	N/A	N/A	350	1,890	45,580	27,730
2012-05-25	$12.68	$14.00	43.0%	12.3%	46.0%	30.5%	40.8%	3.3%	-0.1%	401.5K	-4.0M	-98.6K	0.45	70.13	N/A	N/A	750	340	45,500	29,060
2012-05-29	$12.71	$14.00	43.2%	12.4%	46.1%	30.7%	42.4%	2.7%	-0.4%	388.4K	-3.5M	-92.9K	0.43	76.71	N/A	N/A	1,760	760	46,060	29,040
2012-05-30	$12.21	$14.00	43.9%	12.6%	47.6%	32.3%	42.2%	3.6%	0.5%	283.5K	-469.4K	-86.1K	7.02	72.36	N/A	N/A	610	4,280	46,850	29,390
2012-05-31	$12.20	$14.00	40.4%	11.6%	47.1%	24.8%	39.9%	3.1%	0.8%	94.7K	3.1M	-85.4K	1.22	83.08	N/A	N/A	4,630	5,670	46,910	32,590