MSTR Options History — August 2012

In August 2012, MSTR traded between $11.76 and $12.83. ATM implied volatility averaged 33.8%, placing in the 12.8% IV rank vs the trailing year. The 30-day expected move averaged 10.1%. IV traded above realized volatility by 4.2% (HV 20d: 29.5%). Max pain ranged from $11.00 to $12.50. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 20 of 23 days. Put/call ratio averaged 1.32.

Notable Days

2012-08-01: Highest Volume — 7,780 contracts
2012-08-16: Largest IV spike — 33.1% change
2012-08-17: Highest IV Rank — 23.1%
2012-08-07: Largest Expected Move — 11.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.50	$11.76	$12.83	$11.77	$12.55
Max Pain	$11.46	$11.00	$12.50	$11.00	$11.00
ATM IV	33.8%	26.8%	38.1%	38.1%	32.0%
Expected Move	10.1%	8.9%	11.0%	10.9%	9.2%
HV 20d	29.5%	16.8%	54.5%	54.5%	16.8%
HV 60d	40.1%	38.2%	41.7%	40.8%	38.2%
IV Rank	12.8%	0.0%	23.1%	18.8%	10.6%
IV Percentile	9.3%	0.0%	25.0%	19.8%	4.4%
Term Structure	2.7%	-2.1%	8.9%	1.5%	3.2%
VWIV	35.1%	31.0%	39.1%	32.8%	31.0%
Skew 25d	3.3%	-2.7%	9.5%	2.8%	-2.3%
Skew 10d	7.5%	-4.9%	22.3%	5.3%	-4.9%
Call IV 25d	33.6%	29.7%	36.1%	35.2%	33.6%
Put IV 25d	37.0%	30.9%	40.6%	38.0%	31.3%
Bid-Ask Spread %	89.04	81.80	99.14	98.23	97.92
Gamma HHI	0.31	0.22	0.37	0.23	0.37
Net GEX	828.7K	644.4K	1.1M	695.4K	832.5K
Net DEX	-25.7M	-44.1M	-9.6M	-9.6M	-19.1M
Net VEX	-141.3K	-162.6K	-116.7K	-157.3K	-116.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.32	0.00	10.00	0.18	0.75
Total Volume	1,849.565	100	7,780	7,780	140
Total OI	121,146.087	105,580	137,070	122,280	111,460

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
2012-08-01	$11.77	$11.00	38.1%	10.9%	54.5%	18.8%	32.8%	2.8%	1.5%	695.4K	-9.6M	-157.3K	0.18	98.23	N/A	N/A	6,590	1,190	68,490	53,790
2012-08-02	$11.76	$11.00	34.6%	9.9%	53.9%	11.3%	37.5%	3.7%	3.1%	957.5K	-12.6M	-162.6K	1.88	95.86	N/A	N/A	250	470	72,830	54,050
2012-08-03	$12.23	$11.00	33.1%	9.5%	36.0%	8.1%	33.2%	4.9%	8.9%	1.1M	-24.2M	-160.3K	0.35	99.14	N/A	N/A	1,640	570	72,900	54,200
2012-08-06	$12.41	$11.50	34.4%	10.5%	36.0%	10.9%	36.8%	4.9%	2.5%	1.0M	-28.2M	-161.3K	0.58	82.45	N/A	N/A	2,670	1,540	73,210	54,570
2012-08-07	$12.57	$12.50	36.3%	11.0%	32.0%	14.9%	34.2%	9.5%	-0.0%	953.8K	-33.9M	-158.5K	0.23	87.48	N/A	N/A	1,080	250	74,260	55,760
2012-08-08	$12.64	$12.50	33.4%	10.5%	32.0%	8.7%	37.1%	6.1%	1.0%	869.1K	-37.6M	-152.8K	0.00	86.66	N/A	N/A	0	100	75,210	55,970
2012-08-09	$12.63	$12.50	33.5%	10.5%	32.0%	8.8%	36.9%	5.9%	1.2%	862.1K	-38.6M	-146.2K	10.00	91.49	N/A	N/A	40	400	75,210	56,000
2012-08-10	$12.76	$12.50	26.8%	9.7%	31.8%	0.0%	0.0%	5.6%	2.2%	778.6K	-38.0M	-149.8K	0.00	91.81	N/A	N/A	100	0	75,210	56,350
2012-08-13	$12.65	$12.50	32.6%	10.4%	32.1%	11.9%	36.3%	4.5%	0.5%	807.8K	-37.5M	-144.7K	1.52	93.31	N/A	N/A	630	960	75,230	56,350
2012-08-14	$12.43	$12.50	34.7%	11.0%	32.3%	16.2%	36.0%	3.4%	-0.5%	817.9K	-32.8M	-138.0K	0.69	84.92	N/A	N/A	4,220	2,930	75,340	56,140
2012-08-15	$12.44	$11.50	28.5%	10.8%	28.4%	3.4%	0.0%	2.2%	2.2%	748.7K	-35.7M	-140.8K	2.43	81.80	N/A	N/A	70	170	78,420	57,830
2012-08-16	$12.64	$11.50	37.9%	10.9%	28.8%	22.7%	34.5%	2.3%	1.2%	811.7K	-38.2M	-139.4K	0.21	88.88	N/A	N/A	5,070	1,050	76,420	56,650
2012-08-17	$12.68	$11.00	38.1%	10.9%	24.5%	23.1%	35.8%	2.5%	-2.1%	955.9K	-44.1M	-138.0K	1.29	91.11	N/A	N/A	310	400	79,850	57,220
2012-08-20	$12.61	$11.00	34.7%	10.0%	24.7%	16.2%	35.5%	3.1%	1.7%	736.9K	-16.9M	-134.5K	0.46	82.47	N/A	N/A	650	300	55,540	50,040
2012-08-21	$12.83	$11.00	31.1%	8.9%	23.2%	8.9%	32.2%	-0.9%	5.4%	825.0K	-21.8M	-136.0K	1.79	84.54	N/A	N/A	730	1,310	55,830	50,240
2012-08-22	$12.62	$11.00	33.3%	9.6%	24.6%	13.3%	0.0%	3.9%	3.9%	751.4K	-17.9M	-134.7K	0.56	85.82	N/A	N/A	620	350	56,220	51,170
2012-08-23	$12.44	$11.00	34.8%	10.0%	25.4%	16.3%	33.3%	3.8%	4.8%	663.9K	-15.4M	-130.7K	1.75	88.47	N/A	N/A	40	70	56,570	51,380
2012-08-24	$12.46	$11.00	34.9%	10.0%	23.3%	16.5%	39.1%	5.0%	3.3%	644.4K	-14.9M	-127.0K	0.09	87.42	N/A	N/A	800	70	56,570	51,380
2012-08-27	$12.55	$11.00	33.1%	9.5%	23.0%	12.9%	35.1%	1.0%	6.1%	744.5K	-15.6M	-130.0K	2.73	86.47	N/A	N/A	440	1,200	56,750	51,440
2012-08-28	$12.55	$11.00	34.5%	9.9%	21.3%	15.8%	33.2%	4.7%	3.7%	812.9K	-19.3M	-132.6K	0.56	84.88	N/A	N/A	620	350	59,700	52,100
2012-08-29	$12.66	$11.00	34.9%	10.0%	21.2%	16.6%	38.4%	3.1%	1.5%	908.0K	-21.9M	-132.8K	0.91	82.83	N/A	N/A	220	200	60,290	52,260
2012-08-30	$12.58	$11.00	31.1%	8.9%	21.4%	8.7%	33.1%	-2.7%	7.6%	815.1K	-16.8M	-124.1K	0.05	93.94	N/A	N/A	1,640	90	57,510	52,450
2012-08-31	$12.55	$11.00	32.0%	9.2%	16.8%	10.6%	31.0%	-2.3%	3.2%	832.5K	-19.1M	-116.7K	0.75	97.92	N/A	N/A	80	60	59,040	52,420