MSTR Options History — February 2013

In February 2013, MSTR traded between $9.80 and $10.67. ATM implied volatility averaged 32.8%, placing in the 25.4% IV rank vs the trailing year. The 30-day expected move averaged 9.5%. IV traded below realized volatility by 1.6% (HV 20d: 34.5%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 13 of 19 trading days. Term structure was in contango for 12 of 19 days. Put/call ratio averaged 1.35.

Notable Days

2013-02-15: Highest Volume — 14,130 contracts
2013-02-15: Largest IV drop — 11.4% change
2013-02-11: Highest IV Rank — 30.9%
2013-02-05: Largest Expected Move — 10.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.09	$9.80	$10.67	$10.24	$10.19
Max Pain	$10.00	$10.00	$10.00	$10.00	$10.00
ATM IV	32.8%	29.9%	35.0%	34.1%	30.2%
Expected Move	9.5%	8.6%	10.1%	9.7%	8.7%
HV 20d	34.5%	27.9%	40.7%	27.9%	37.0%
HV 60d	26.8%	25.3%	29.2%	25.3%	29.2%
IV Rank	25.4%	18.3%	30.9%	28.6%	19.0%
IV Percentile	18.6%	4.4%	38.5%	25.8%	5.6%
Term Structure	0.2%	-1.3%	1.9%	-0.2%	1.9%
VWIV	33.1%	29.8%	36.1%	33.3%	29.8%
Skew 25d	1.6%	0.8%	3.7%	1.8%	2.7%
Skew 10d	6.2%	0.1%	18.2%	3.3%	18.2%
Call IV 25d	32.8%	29.6%	35.1%	33.6%	29.6%
Put IV 25d	34.4%	30.9%	36.2%	35.4%	32.3%
Bid-Ask Spread %	78.85	57.12	94.94	67.94	92.56
Gamma HHI	0.31	0.14	0.72	0.31	0.20
Net GEX	250.7K	-698.8K	1.8M	209.2K	558.6K
Net DEX	-8.1M	-23.0M	-2.2M	-11.8M	-9.1M
Net VEX	-46.4K	-55.6K	-34.6K	-55.6K	-45.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.35	0.01	17.57	0.42	0.29
Total Volume	2,221.053	140	14,130	3,660	450
Total OI	59,120	34,580	76,000	69,020	41,100

Daily Data (19 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
2013-02-01	$10.24	$10.00	34.1%	9.7%	27.9%	28.6%	33.3%	1.8%	-0.2%	209.2K	-11.8M	-55.6K	0.42	67.94	N/A	N/A	2,570	1,090	39,570	29,450
2013-02-04	$9.92	$10.00	33.3%	9.7%	30.8%	26.6%	36.1%	1.1%	0.5%	-28.7K	-4.2M	-51.8K	0.17	67.41	N/A	N/A	4,330	750	39,690	29,580
2013-02-05	$10.07	$10.00	33.2%	10.1%	31.1%	26.3%	35.3%	1.1%	-0.7%	181.9K	-9.2M	-52.6K	0.09	68.32	N/A	N/A	3,860	340	42,160	30,080
2013-02-06	$9.90	$10.00	32.7%	10.0%	31.4%	25.1%	35.2%	1.2%	-0.6%	88.6K	-5.3M	-55.2K	1.81	69.60	N/A	N/A	520	940	44,980	30,300
2013-02-07	$9.81	$10.00	34.5%	9.9%	31.6%	29.7%	34.8%	0.9%	0.3%	10.2K	-2.3M	-52.4K	0.03	57.12	N/A	N/A	690	20	45,060	30,420
2013-02-08	$9.89	$10.00	34.5%	9.9%	31.7%	29.7%	0.0%	1.0%	0.2%	-29.3K	-5.3M	-50.8K	0.17	62.60	N/A	N/A	120	20	45,020	30,420
2013-02-11	$9.80	$10.00	35.0%	10.0%	32.0%	30.9%	35.3%	2.1%	-1.3%	-107.9K	-2.2M	-44.6K	0.14	72.62	N/A	N/A	220	30	45,030	30,440
2013-02-12	$9.98	$10.00	34.2%	9.8%	32.4%	28.9%	34.6%	0.9%	0.1%	-184.7K	-7.4M	-42.9K	0.03	80.24	N/A	N/A	360	10	45,200	30,440
2013-02-13	$9.98	$10.00	34.4%	9.9%	32.4%	29.3%	33.8%	1.7%	-0.6%	-365.5K	-7.5M	-40.4K	0.88	76.78	N/A	N/A	160	140	45,240	30,430
2013-02-14	$9.90	$10.00	33.8%	9.7%	32.5%	27.8%	33.8%	1.7%	-0.1%	-698.8K	-3.3M	-34.6K	0.01	75.27	N/A	N/A	2,200	20	44,270	29,880
2013-02-15	$10.41	$10.00	29.9%	8.6%	36.6%	18.3%	30.1%	0.8%	0.5%	1.8M	-23.0M	-36.8K	0.27	78.33	N/A	N/A	11,100	3,030	46,120	29,880
2013-02-19	$10.67	$10.00	31.4%	9.0%	37.0%	22.0%	31.9%	1.4%	-0.1%	435.0K	-11.6M	-44.3K	0.63	82.76	N/A	N/A	980	620	25,950	8,630
2013-02-20	$10.27	$10.00	34.4%	9.9%	40.0%	29.3%	33.2%	1.9%	0.3%	402.6K	-9.0M	-45.3K	0.70	90.25	N/A	N/A	470	330	26,690	9,180
2013-02-21	$10.09	$10.00	31.6%	9.1%	40.6%	22.4%	31.9%	2.1%	0.3%	400.3K	-7.1M	-44.9K	0.27	87.72	N/A	N/A	2,570	690	27,100	9,470
2013-02-22	$10.22	$10.00	31.5%	9.0%	40.7%	22.0%	31.7%	1.4%	0.0%	527.2K	-9.8M	-47.5K	0.30	89.50	N/A	N/A	370	110	29,560	10,020
2013-02-25	$9.91	$10.00	32.0%	9.2%	35.0%	23.5%	32.3%	3.7%	0.4%	494.0K	-6.5M	-44.5K	17.57	94.94	N/A	N/A	70	1,230	29,910	10,130
2013-02-26	$10.32	$10.00	31.6%	9.0%	36.9%	22.3%	30.9%	1.1%	1.3%	530.4K	-10.5M	-46.7K	1.02	91.79	N/A	N/A	570	580	29,920	10,960
2013-02-27	$10.22	$10.00	31.1%	8.9%	37.1%	21.2%	31.4%	2.0%	1.1%	543.9K	-9.5M	-45.8K	0.88	92.31	N/A	N/A	340	300	29,930	11,070
2013-02-28	$10.19	$10.00	30.2%	8.7%	37.0%	19.0%	29.8%	2.7%	1.9%	558.6K	-9.1M	-45.6K	0.29	92.56	N/A	N/A	350	100	30,010	11,090