MSTR Options History — December 2014

In December 2014, MSTR traded between $15.39 and $17.24. ATM implied volatility averaged 30.8%, placing in the 14.8% IV rank vs the trailing year. The 30-day expected move averaged 10.4%. IV traded below realized volatility by 1.8% (HV 20d: 32.6%). Max pain ranged from $13.50 to $15.50. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 0.45.

Notable Days

2014-12-18: Highest Volume — 20,040 contracts
2014-12-15: Largest IV spike — 13.1% change
2014-12-16: Highest IV Rank — 31.4%
2014-12-22: Largest Expected Move — 11.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$16.46	$15.39	$17.24	$17.24	$16.24
Max Pain	$14.05	$13.50	$15.50	$13.50	$14.50
ATM IV	30.8%	26.2%	35.9%	29.9%	31.8%
Expected Move	10.4%	9.4%	11.5%	9.7%	11.3%
HV 20d	32.6%	28.9%	38.1%	29.0%	33.5%
HV 60d	34.1%	32.6%	35.8%	33.7%	34.0%
IV Rank	14.8%	0.0%	31.4%	11.4%	18.1%
IV Percentile	41.3%	0.0%	77.0%	31.7%	59.1%
Term Structure	5.0%	-0.5%	10.8%	-0.5%	8.2%
VWIV	37.7%	34.7%	42.6%	34.7%	42.6%
Skew 25d	3.5%	-0.7%	6.3%	3.2%	4.7%
Skew 10d	5.9%	-14.1%	22.2%	3.5%	0.6%
Call IV 25d	30.3%	27.2%	36.3%	29.0%	30.6%
Put IV 25d	33.9%	30.8%	38.6%	32.1%	35.3%
Bid-Ask Spread %	58.85	55.27	64.87	55.27	62.80
Gamma HHI	0.21	0.10	0.41	0.11	0.36
Net GEX	379.1K	177.5K	665.7K	289.4K	573.5K
Net DEX	-14.9M	-22.3M	-7.9M	-14.5M	-19.3M
Net VEX	-30.8K	-62.4K	-16.4K	-18.3K	-49.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.45	0.00	2.00	0.47	0.00
Total Volume	8,463.182	110	20,040	6,600	2,520
Total OI	19,742.273	15,570	30,040	15,570	25,630

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
2014-12-01	$17.24	$13.50	29.9%	9.7%	29.0%	11.4%	34.7%	3.2%	-0.5%	289.4K	-14.5M	-18.3K	0.47	55.27	N/A	N/A	4,480	2,120	12,070	3,500
2014-12-02	$17.01	$13.50	29.1%	9.6%	29.2%	8.9%	36.5%	3.8%	0.4%	302.5K	-13.7M	-19.9K	0.50	58.22	N/A	N/A	4,470	2,220	12,170	3,520
2014-12-03	$16.97	$13.50	28.9%	9.5%	28.9%	8.4%	36.7%	2.5%	-0.1%	303.4K	-13.2M	-21.8K	0.50	57.67	N/A	N/A	4,410	2,220	12,180	3,520
2014-12-04	$16.88	$13.50	28.1%	9.4%	29.1%	5.4%	0.0%	4.3%	-0.2%	297.6K	-13.2M	-18.3K	0.20	60.43	N/A	N/A	100	20	12,180	3,550
2014-12-05	$16.96	$13.50	26.2%	9.4%	29.1%	0.0%	34.9%	3.3%	5.0%	333.5K	-13.4M	-19.6K	0.51	59.39	N/A	N/A	4,340	2,230	12,340	3,530
2014-12-08	$16.77	$13.50	28.9%	9.6%	29.4%	8.7%	36.6%	3.1%	4.9%	329.8K	-13.0M	-18.2K	0.62	56.42	N/A	N/A	4,340	2,700	12,360	3,530
2014-12-09	$17.04	$13.50	29.3%	9.5%	29.7%	10.1%	36.0%	3.3%	4.5%	281.7K	-13.9M	-17.1K	0.63	56.53	N/A	N/A	4,320	2,700	12,360	4,040
2014-12-10	$16.58	$13.50	30.7%	10.0%	31.5%	14.8%	36.2%	3.2%	6.4%	251.0K	-12.1M	-18.2K	0.48	57.65	N/A	N/A	4,440	2,130	12,570	4,040
2014-12-11	$16.68	$13.50	28.9%	10.0%	31.5%	8.9%	36.0%	3.9%	6.4%	271.9K	-12.7M	-18.1K	0.54	58.85	N/A	N/A	4,030	2,180	12,700	4,050
2014-12-12	$15.84	$13.50	30.8%	10.3%	36.9%	15.0%	37.3%	2.3%	6.1%	177.5K	-9.4M	-18.3K	0.46	58.62	N/A	N/A	4,100	1,870	12,830	4,090
2014-12-15	$15.74	$13.50	34.8%	10.8%	33.0%	28.0%	37.9%	2.0%	4.5%	187.3K	-8.9M	-18.5K	0.46	58.96	N/A	N/A	4,310	1,990	12,740	4,120
2014-12-16	$15.39	$14.00	35.9%	10.5%	33.5%	31.4%	38.5%	6.0%	0.3%	214.8K	-7.9M	-17.7K	0.49	56.59	N/A	N/A	4,260	2,090	12,950	4,110
2014-12-17	$15.92	$14.00	34.2%	10.3%	34.5%	25.8%	37.3%	3.9%	2.2%	228.9K	-9.6M	-17.4K	0.54	60.29	N/A	N/A	4,030	2,160	12,950	4,210
2014-12-18	$16.61	$14.00	32.0%	10.4%	37.9%	18.8%	36.0%	-0.7%	4.1%	209.4K	-12.4M	-16.4K	0.12	56.58	N/A	N/A	17,950	2,090	12,900	4,140
2014-12-19	$16.41	$14.00	30.3%	10.0%	38.1%	13.2%	36.1%	4.5%	6.7%	665.7K	-22.3M	-62.4K	0.83	64.87	N/A	N/A	60	50	25,900	4,140
2014-12-22	$16.47	$0.00	30.4%	11.5%	38.1%	13.8%	0.0%	2.6%	9.0%	542.1K	-20.3M	-52.2K	0.12	56.31	N/A	N/A	15,270	1,810	21,270	3,080
2014-12-23	$16.41	$0.00	30.8%	10.9%	33.7%	14.8%	38.9%	6.3%	6.8%	567.6K	-20.6M	-52.9K	0.12	57.08	N/A	N/A	15,130	1,800	21,840	3,130
2014-12-24	$16.35	$15.50	30.3%	11.4%	33.0%	13.2%	40.4%	4.0%	10.0%	591.8K	-19.9M	-53.2K	0.12	63.58	N/A	N/A	14,960	1,740	21,890	3,130
2014-12-26	$16.45	$15.50	33.1%	11.1%	32.1%	22.4%	42.1%	2.7%	7.4%	577.7K	-20.6M	-51.9K	0.12	60.24	N/A	N/A	15,160	1,790	21,890	3,140
2014-12-29	$16.16	$15.50	30.5%	11.4%	32.4%	14.1%	42.1%	4.5%	10.8%	582.6K	-19.4M	-49.5K	0.12	59.73	N/A	N/A	15,160	1,780	21,890	3,140
2014-12-30	$15.91	$15.50	32.6%	11.4%	32.6%	20.8%	42.6%	4.3%	6.8%	560.8K	-17.7M	-47.9K	2.00	58.64	N/A	N/A	220	440	21,830	3,180
2014-12-31	$16.24	$14.50	31.8%	11.3%	33.5%	18.1%	0.0%	4.7%	8.2%	573.5K	-19.3M	-49.4K	0.00	62.80	N/A	N/A	2,520	0	22,030	3,600