MSTR Options History — April 2017

In April 2017, MSTR traded between $18.22 and $19.27. ATM implied volatility averaged 32.4%, placing in the 39.5% IV rank vs the trailing year. The 30-day expected move averaged 10.2%. IV traded above realized volatility by 18.1% (HV 20d: 14.3%). Max pain ranged from $18.00 to $19.00. Net GEX was positive for 17 of 18 trading days. Term structure was in contango for 3 of 18 days. Put/call ratio averaged 1.40.

Notable Days

2017-04-28: Highest Volume — 5,280 contracts
2017-04-12: Largest IV spike — 73.4% change
2017-04-26: Highest IV Rank — 75.1%
2017-04-26: Largest Expected Move — 12.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.70	$18.22	$19.27	$18.63	$19.04
Max Pain	$18.44	$18.00	$19.00	$18.00	$19.00
ATM IV	32.4%	20.4%	43.0%	21.7%	22.8%
Expected Move	10.2%	6.2%	12.3%	6.2%	6.5%
HV 20d	14.3%	12.5%	16.6%	16.4%	13.9%
HV 60d	17.8%	17.4%	18.2%	18.0%	17.6%
IV Rank	39.5%	0.0%	75.1%	2.7%	7.9%
IV Percentile	48.5%	0.0%	89.3%	2.4%	7.5%
Term Structure	-5.0%	-12.2%	14.0%	14.0%	-0.9%
VWIV	36.9%	23.0%	45.3%	23.0%	27.3%
Skew 25d	5.1%	0.9%	9.0%	0.9%	5.6%
Skew 10d	9.6%	-0.2%	16.7%	1.7%	2.2%
Call IV 25d	33.7%	20.9%	40.9%	22.2%	22.1%
Put IV 25d	38.8%	23.0%	46.6%	23.0%	27.7%
Bid-Ask Spread %	73.14	62.86	96.35	92.63	87.42
Gamma HHI	0.22	0.12	0.46	0.23	0.12
Net GEX	73.6K	-31.3K	239.5K	229.2K	8.0K
Net DEX	-668.5K	-1.8M	156.4K	-1.7M	119.9K
Net VEX	-9.7K	-13.9K	-7.5K	-13.9K	-8.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.40	0.61	2.91	1.79	2.91
Total Volume	2,836.667	1,740	5,280	2,510	5,280
Total OI	10,560.556	3,330	13,870	12,750	4,460

Daily Data (18 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
2017-04-03	$18.63	$18.00	21.7%	6.2%	16.4%	2.7%	23.0%	0.9%	14.0%	229.2K	-1.7M	-13.9K	1.79	92.63	N/A	N/A	900	1,610	7,460	5,290
2017-04-04	$18.57	$18.00	23.0%	6.6%	16.2%	7.1%	23.7%	3.2%	12.5%	239.5K	-1.8M	-13.0K	1.82	96.35	N/A	N/A	900	1,640	7,480	5,160
2017-04-05	$18.49	$18.00	22.8%	6.5%	14.8%	6.4%	24.9%	3.8%	11.7%	136.1K	-693.9K	-12.4K	1.72	96.04	N/A	N/A	900	1,550	7,480	5,180
2017-04-06	$18.32	$18.50	22.0%	10.1%	13.6%	3.9%	36.2%	3.2%	-6.5%	36.8K	-55.0K	-11.3K	1.91	62.86	N/A	N/A	900	1,720	7,480	5,190
2017-04-07	$18.26	$18.50	20.4%	10.2%	13.6%	0.0%	36.9%	3.3%	-7.0%	6.6K	156.4K	-11.5K	1.74	63.30	N/A	N/A	900	1,570	7,480	5,510
2017-04-10	$18.52	$18.50	21.9%	10.4%	14.3%	4.9%	37.3%	4.6%	-8.0%	43.7K	-302.6K	-10.8K	1.50	63.92	N/A	N/A	1,050	1,570	7,480	5,560
2017-04-11	$18.58	$18.50	22.0%	10.7%	14.4%	5.2%	38.0%	5.3%	-8.2%	170.9K	-1.3M	-10.0K	1.32	65.73	N/A	N/A	1,130	1,490	7,640	5,560
2017-04-12	$18.45	$18.50	38.1%	10.9%	14.2%	58.8%	38.9%	4.7%	-8.4%	57.6K	-505.4K	-10.2K	1.42	65.94	N/A	N/A	1,050	1,490	7,800	5,620
2017-04-13	$18.22	$18.50	38.7%	11.1%	14.6%	60.8%	38.8%	4.4%	-8.3%	-31.3K	-71.8K	-9.1K	1.19	67.66	N/A	N/A	1,340	1,590	7,820	5,620
2017-04-18	$18.61	$18.50	40.1%	11.5%	16.6%	65.6%	40.4%	4.1%	-10.4%	88.0K	-764.0K	-8.0K	0.88	68.79	N/A	N/A	1,840	1,620	7,760	5,720
2017-04-19	$18.64	$18.50	40.2%	11.5%	16.2%	65.7%	41.1%	4.5%	-9.7%	109.3K	-1.2M	-8.1K	0.85	70.19	N/A	N/A	1,850	1,580	8,140	5,730
2017-04-20	$18.78	$18.50	39.0%	11.2%	12.8%	61.7%	41.3%	7.6%	-9.6%	165.5K	-1.7M	-8.1K	0.81	68.73	N/A	N/A	1,840	1,490	8,120	5,720
2017-04-21	$18.85	$18.50	40.4%	11.6%	12.5%	66.5%	41.6%	9.0%	-12.2%	3.4K	-1.5M	-7.5K	0.61	69.54	N/A	N/A	2,460	1,490	7,870	5,730
2017-04-24	$19.08	$18.50	41.8%	12.0%	13.1%	71.2%	43.1%	7.3%	-10.2%	14.7K	-99.9K	-7.5K	0.80	66.73	N/A	N/A	1,150	920	1,640	1,690
2017-04-25	$19.08	$18.50	42.6%	12.2%	13.2%	73.7%	44.1%	8.6%	-9.3%	19.3K	-222.6K	-8.0K	1.01	69.70	N/A	N/A	1,100	1,110	1,700	1,670
2017-04-26	$19.27	$18.50	43.0%	12.3%	13.4%	75.1%	45.3%	5.8%	-10.6%	13.3K	-210.9K	-8.4K	1.76	74.10	N/A	N/A	630	1,110	1,720	1,930
2017-04-27	$19.23	$18.50	42.4%	12.2%	13.4%	73.8%	42.8%	5.6%	-9.8%	14.7K	-198.6K	-8.4K	1.25	66.84	N/A	N/A	1,020	1,270	1,750	1,930
2017-04-28	$19.04	$19.00	22.8%	6.5%	13.9%	7.9%	27.3%	5.6%	-0.9%	8.0K	119.9K	-8.2K	2.91	87.42	N/A	N/A	1,350	3,930	2,180	2,280