MSTR Options History — August 2017

In August 2017, MSTR traded between $12.50 and $13.59. ATM implied volatility averaged 25.5%, placing in the 18.8% IV rank vs the trailing year. The 30-day expected move averaged 7.3%. IV traded below realized volatility by 61.6% (HV 20d: 87.1%). Max pain ranged from $13.00 to $15.00. Net GEX was positive for 0 of 23 trading days. Term structure was in contango for 19 of 23 days. Put/call ratio averaged 2.14.

Notable Days

2017-08-04: Highest Volume — 35,580 contracts
2017-08-30: Largest IV drop — 6.7% change
2017-08-10: Highest IV Rank — 27.2%
2017-08-10: Largest Expected Move — 8.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.91	$12.50	$13.59	$13.59	$12.90
Max Pain	$14.00	$13.00	$15.00	$15.00	$13.50
ATM IV	25.5%	23.0%	28.0%	26.3%	23.0%
Expected Move	7.3%	6.6%	8.0%	7.5%	6.6%
HV 20d	87.1%	15.7%	107.7%	107.5%	17.3%
HV 60d	64.0%	63.7%	64.2%	64.0%	64.0%
IV Rank	18.8%	10.4%	27.2%	21.4%	10.4%
IV Percentile	42.9%	17.9%	60.3%	47.6%	17.9%
Term Structure	0.6%	-0.9%	2.2%	-0.9%	1.5%
VWIV	25.7%	22.7%	30.6%	30.6%	23.5%
Skew 25d	1.6%	-0.9%	3.1%	0.5%	2.2%
Skew 10d	2.1%	-1.6%	4.3%	-1.5%	1.6%
Call IV 25d	24.8%	22.2%	28.0%	27.8%	22.2%
Put IV 25d	26.4%	24.3%	29.3%	28.3%	24.3%
Bid-Ask Spread %	18.84	10.35	57.58	29.40	11.27
Gamma HHI	0.22	0.15	0.24	0.15	0.22
Net GEX	-492.7K	-649.4K	-141.2K	-141.2K	-447.1K
Net DEX	9.3M	5.9M	11.8M	5.9M	7.4M
Net VEX	-64.3K	-73.7K	-20.8K	-20.8K	-62.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.14	0.85	6.22	5.09	1.18
Total Volume	13,623.043	5,500	35,580	33,330	5,780
Total OI	49,080.435	22,620	57,820	22,620	46,130

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
2017-08-01	$13.59	$15.00	26.3%	7.5%	107.5%	21.4%	30.6%	0.5%	-0.9%	-141.2K	5.9M	-20.8K	5.09	29.40	N/A	N/A	5,470	27,860	12,770	9,850
2017-08-02	$13.59	$14.50	26.0%	7.5%	107.7%	20.5%	22.7%	-0.9%	-0.6%	-348.4K	7.9M	-55.3K	5.60	25.34	N/A	N/A	4,780	26,760	14,240	32,590
2017-08-03	$13.34	$14.50	24.6%	7.0%	107.7%	15.8%	25.3%	1.4%	0.6%	-401.5K	9.0M	-56.6K	6.22	18.54	N/A	N/A	4,260	26,510	14,780	32,500
2017-08-04	$13.55	$14.50	26.0%	7.0%	107.7%	20.4%	25.2%	1.6%	0.7%	-352.0K	7.4M	-55.4K	2.91	23.54	N/A	N/A	9,090	26,490	14,950	32,820
2017-08-07	$13.23	$14.50	27.5%	7.5%	107.7%	25.4%	26.6%	2.4%	-0.1%	-364.6K	8.7M	-64.1K	5.54	17.09	N/A	N/A	4,530	25,100	18,100	33,230
2017-08-08	$13.15	$14.50	26.1%	7.1%	107.5%	20.7%	26.2%	1.4%	0.9%	-423.4K	9.0M	-63.7K	1.75	14.91	N/A	N/A	4,380	7,670	18,930	34,060
2017-08-09	$13.02	$14.50	26.4%	7.6%	106.7%	21.8%	26.5%	1.1%	0.4%	-488.8K	9.8M	-67.9K	2.11	15.05	N/A	N/A	4,040	8,530	19,040	34,610
2017-08-10	$12.80	$14.50	28.0%	8.0%	106.7%	27.2%	28.9%	1.4%	0.1%	-633.0K	11.8M	-73.7K	2.18	16.25	N/A	N/A	4,200	9,160	19,120	36,480
2017-08-11	$12.88	$14.50	27.9%	8.0%	106.9%	26.6%	28.5%	1.4%	0.1%	-595.5K	11.0M	-72.3K	1.72	24.03	N/A	N/A	4,150	7,120	19,440	37,470
2017-08-14	$12.87	$14.00	26.1%	7.5%	106.6%	20.9%	27.9%	3.1%	0.1%	-588.1K	11.0M	-69.3K	1.45	24.17	N/A	N/A	4,460	6,450	19,690	37,850
2017-08-15	$12.89	$14.00	26.4%	7.6%	106.3%	21.9%	27.8%	1.4%	-0.5%	-529.2K	9.6M	-70.1K	1.48	15.65	N/A	N/A	4,450	6,600	19,940	37,400
2017-08-16	$12.88	$14.00	25.5%	7.3%	106.2%	18.7%	27.5%	1.6%	0.7%	-595.0K	9.8M	-69.5K	1.38	16.95	N/A	N/A	4,600	6,360	19,940	37,520
2017-08-17	$12.77	$14.00	25.5%	7.3%	106.0%	18.8%	29.2%	2.1%	1.6%	-649.4K	10.5M	-69.4K	1.33	16.16	N/A	N/A	4,580	6,070	20,150	37,460
2017-08-18	$12.61	$14.00	25.5%	7.3%	105.8%	18.8%	25.4%	1.9%	1.0%	-518.4K	11.0M	-70.6K	0.85	13.45	N/A	N/A	4,300	3,660	20,350	37,470
2017-08-21	$12.50	$14.00	24.8%	7.1%	105.1%	16.4%	23.9%	2.1%	1.0%	-571.8K	10.1M	-68.1K	0.97	15.11	N/A	N/A	2,860	2,780	11,300	32,670
2017-08-22	$12.61	$13.00	24.4%	7.0%	105.3%	15.2%	23.5%	1.6%	0.8%	-502.6K	9.1M	-70.0K	0.89	19.93	N/A	N/A	3,120	2,790	11,960	32,660
2017-08-23	$12.58	$13.00	24.9%	7.1%	105.4%	16.8%	24.1%	2.1%	0.7%	-504.8K	9.2M	-68.2K	0.97	57.58	N/A	N/A	2,850	2,770	12,160	32,660
2017-08-24	$12.59	$13.50	24.1%	6.9%	105.6%	14.3%	23.6%	1.4%	1.6%	-536.5K	9.4M	-68.2K	1.03	11.22	N/A	N/A	2,710	2,790	11,890	32,670
2017-08-25	$12.59	$13.50	24.3%	7.0%	20.3%	14.9%	23.1%	2.4%	1.3%	-537.3K	9.2M	-65.6K	1.14	11.07	N/A	N/A	2,690	3,070	12,040	32,860
2017-08-28	$12.61	$13.50	24.8%	7.1%	16.0%	16.6%	24.2%	2.2%	0.5%	-533.9K	9.2M	-67.6K	1.18	10.35	N/A	N/A	2,680	3,160	12,120	33,180
2017-08-29	$12.70	$13.50	25.2%	7.2%	15.7%	17.8%	24.4%	2.0%	0.4%	-509.5K	8.7M	-65.3K	1.15	14.58	N/A	N/A	2,740	3,160	12,300	33,440
2017-08-30	$12.61	$13.50	23.5%	6.7%	15.7%	12.2%	23.4%	1.1%	2.2%	-560.0K	9.3M	-64.9K	1.15	11.77	N/A	N/A	2,670	3,080	12,260	33,800
2017-08-31	$12.90	$13.50	23.0%	6.6%	17.3%	10.4%	23.5%	2.2%	1.5%	-447.1K	7.4M	-62.7K	1.18	11.27	N/A	N/A	2,650	3,130	12,280	33,850