MSTR Options History — July 2014

In July 2014, MSTR traded between $13.66 and $15.04. ATM implied volatility averaged 40.4%, placing in the 52.5% IV rank vs the trailing year. The 30-day expected move averaged 12.0%. IV traded above realized volatility by 17.9% (HV 20d: 22.5%). Max pain ranged from $11.00 to $14.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 4 of 22 days. Put/call ratio averaged 1.22.

Notable Days

2014-07-28: Highest Volume — 4,510 contracts
2014-07-10: Largest IV spike — 39.5% change
2014-07-28: Highest IV Rank — 90.7%
2014-07-28: Largest Expected Move — 15.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.09	$13.66	$15.04	$14.24	$14.31
Max Pain	$12.32	$11.00	$14.00	$11.00	$14.00
ATM IV	40.4%	28.2%	53.9%	29.7%	33.8%
Expected Move	12.0%	8.1%	15.4%	8.5%	9.7%
HV 20d	22.5%	14.7%	42.7%	15.8%	42.7%
HV 60d	40.0%	27.0%	49.3%	49.3%	33.6%
IV Rank	52.5%	17.7%	90.7%	22.1%	33.7%
IV Percentile	75.5%	13.9%	99.6%	32.9%	73.0%
Term Structure	-4.7%	-13.8%	13.1%	11.2%	-1.4%
VWIV	42.4%	28.4%	53.8%	28.6%	33.1%
Skew 25d	6.9%	-0.5%	13.9%	3.4%	4.5%
Skew 10d	11.1%	-15.3%	33.4%	-7.0%	15.8%
Call IV 25d	41.5%	29.2%	49.8%	31.0%	33.1%
Put IV 25d	48.4%	34.4%	59.3%	34.4%	37.6%
Bid-Ask Spread %	78.65	62.22	94.36	91.46	91.74
Gamma HHI	0.15	0.10	0.19	0.13	0.12
Net GEX	424.3K	204.6K	618.2K	568.1K	221.1K
Net DEX	-29.3M	-36.7M	-19.0M	-35.4M	-23.5M
Net VEX	-41.7K	-50.0K	-34.1K	-44.9K	-38.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.22	0.00	8.00	1.01	0.46
Total Volume	1,314.091	90	4,510	1,410	1,140
Total OI	37,533.182	27,310	42,680	40,210	37,220

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
2014-07-01	$14.24	$11.00	29.7%	8.5%	15.8%	22.1%	28.6%	3.4%	11.2%	568.1K	-35.4M	-44.9K	1.01	91.46	N/A	N/A	700	710	33,460	6,750
2014-07-02	$14.22	$11.00	30.1%	8.6%	15.1%	23.2%	28.4%	8.2%	13.1%	612.5K	-34.9M	-50.0K	1.50	93.92	N/A	N/A	500	750	34,060	7,260
2014-07-03	$14.36	$11.00	28.2%	8.1%	14.7%	17.7%	0.0%	5.8%	12.9%	547.9K	-36.7M	-41.4K	0.06	94.14	N/A	N/A	310	20	33,890	7,950
2014-07-07	$13.98	$14.00	32.0%	12.2%	17.4%	28.7%	0.0%	-0.5%	-6.1%	598.2K	-34.0M	-42.8K	0.02	63.11	N/A	N/A	890	20	33,900	7,970
2014-07-08	$13.89	$14.00	30.9%	12.1%	17.5%	25.5%	45.7%	5.2%	-6.0%	618.2K	-32.4M	-46.2K	0.13	64.65	N/A	N/A	1,090	140	34,040	7,970
2014-07-09	$13.89	$12.00	31.6%	12.4%	17.3%	27.4%	48.2%	6.5%	-6.9%	585.3K	-32.8M	-45.8K	8.00	62.22	N/A	N/A	10	80	34,560	8,110
2014-07-10	$13.66	$12.00	44.1%	12.6%	18.1%	62.9%	45.0%	10.1%	-7.7%	599.6K	-31.2M	-46.3K	0.83	72.03	N/A	N/A	60	50	34,570	8,110
2014-07-11	$14.05	$12.00	42.4%	12.1%	20.6%	58.0%	40.4%	11.1%	-6.9%	461.6K	-34.8M	-41.3K	0.00	71.47	N/A	N/A	520	0	34,390	8,060
2014-07-14	$14.21	$12.00	44.3%	12.7%	21.0%	63.5%	0.0%	10.3%	-8.4%	526.7K	-35.1M	-38.3K	0.01	71.22	N/A	N/A	4,340	30	33,910	8,060
2014-07-15	$13.99	$12.00	44.5%	12.7%	21.5%	63.9%	42.9%	7.6%	-7.8%	467.1K	-33.9M	-41.3K	0.48	68.10	N/A	N/A	210	100	34,110	8,060
2014-07-16	$13.93	$13.50	45.2%	13.0%	21.5%	66.0%	44.3%	4.8%	-9.6%	442.1K	-33.2M	-40.2K	0.12	67.76	N/A	N/A	820	100	34,160	8,160
2014-07-17	$13.94	$13.50	46.1%	13.2%	21.5%	68.7%	0.0%	7.1%	-9.5%	449.7K	-32.5M	-41.1K	1.00	77.97	N/A	N/A	100	100	34,080	8,260
2014-07-18	$13.96	$13.50	45.9%	13.2%	21.4%	68.2%	44.7%	5.1%	-9.4%	396.1K	-32.0M	-41.2K	0.54	81.43	N/A	N/A	1,900	1,020	34,180	8,360
2014-07-21	$13.81	$11.00	46.5%	13.3%	21.5%	69.7%	48.4%	13.9%	-9.3%	292.1K	-20.7M	-41.9K	0.00	88.24	N/A	N/A	0	150	22,730	4,580
2014-07-22	$13.99	$11.00	47.7%	13.7%	22.2%	73.2%	0.0%	10.5%	-8.7%	290.3K	-21.6M	-39.5K	0.29	82.00	N/A	N/A	70	20	22,730	4,730
2014-07-23	$13.84	$11.00	47.9%	13.7%	19.9%	73.8%	44.9%	5.7%	-9.5%	289.9K	-21.2M	-40.3K	2.27	71.54	N/A	N/A	110	250	22,800	4,750
2014-07-24	$14.14	$11.50	49.2%	14.1%	21.5%	77.4%	53.7%	5.3%	-9.7%	284.7K	-22.1M	-39.4K	3.89	81.79	N/A	N/A	90	350	22,900	5,000
2014-07-25	$13.87	$12.00	49.9%	14.3%	22.7%	79.4%	50.6%	5.1%	-9.0%	281.4K	-21.1M	-40.7K	3.25	71.58	N/A	N/A	830	2,700	22,980	5,350
2014-07-28	$13.75	$12.00	53.9%	15.4%	22.5%	90.7%	53.8%	9.5%	-13.8%	204.6K	-19.0M	-45.8K	0.57	75.64	N/A	N/A	2,870	1,640	23,670	7,940
2014-07-29	$15.04	$13.50	34.5%	9.9%	39.2%	35.7%	35.6%	9.7%	-2.5%	309.8K	-28.4M	-36.7K	0.74	94.36	N/A	N/A	1,960	1,450	25,900	9,410
2014-07-30	$14.97	$13.50	30.7%	8.8%	39.1%	24.9%	31.9%	3.8%	0.6%	287.8K	-28.1M	-34.1K	0.42	93.87	N/A	N/A	500	210	26,320	10,330
2014-07-31	$14.31	$14.00	33.8%	9.7%	42.7%	33.7%	33.1%	4.5%	-1.4%	221.1K	-23.5M	-38.9K	0.46	91.74	N/A	N/A	780	360	26,690	10,530