MSTR Options History — December 2017

In December 2017, MSTR traded between $13.09 and $13.67. ATM implied volatility averaged 25.8%, placing in the 19.6% IV rank vs the trailing year. The 30-day expected move averaged 6.9%. IV traded above realized volatility by 10.6% (HV 20d: 15.2%). Max pain ranged from $13.50 to $14.00. Net GEX was positive for 8 of 20 trading days. Term structure was in contango for 19 of 20 days. Put/call ratio averaged 0.53.

Notable Days

2017-12-15: Highest Volume — 9,480 contracts
2017-12-13: Largest IV drop — 20.3% change
2017-12-11: Highest IV Rank — 48.7%
2017-12-01: Largest Expected Move — 7.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$13.34	$13.09	$13.67	$13.50	$13.14
Max Pain	$13.53	$13.50	$14.00	$14.00	$13.50
ATM IV	25.8%	21.6%	34.5%	26.4%	24.3%
Expected Move	6.9%	6.2%	7.6%	7.6%	7.0%
HV 20d	15.2%	12.6%	16.5%	13.3%	15.2%
HV 60d	16.4%	15.9%	17.1%	17.1%	15.9%
IV Rank	19.6%	6.0%	48.7%	21.8%	14.9%
IV Percentile	46.1%	3.6%	80.6%	71.4%	38.5%
Term Structure	8.0%	-1.1%	12.3%	-1.1%	11.2%
VWIV	24.9%	23.2%	28.7%	28.7%	23.2%
Skew 25d	2.3%	-0.7%	4.0%	-0.7%	4.0%
Skew 10d	4.4%	-1.2%	9.6%	-0.2%	3.6%
Call IV 25d	23.8%	22.0%	29.2%	29.2%	23.5%
Put IV 25d	26.1%	24.4%	28.5%	28.5%	27.5%
Bid-Ask Spread %	83.22	73.54	89.83	85.23	89.83
Gamma HHI	0.17	0.13	0.22	0.14	0.21
Net GEX	-53.3K	-213.9K	130.1K	-119.3K	18.2K
Net DEX	913.2K	-1.6M	3.3M	1.4M	662.6K
Net VEX	-23.8K	-31.7K	-19.0K	-28.1K	-19.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.53	0.30	0.73	0.70	0.30
Total Volume	8,457.5	7,120	9,480	9,260	7,630
Total OI	45,634	44,580	46,620	44,620	45,960

Daily Data (20 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
2017-12-01	$13.50	$14.00	26.4%	7.6%	13.3%	21.8%	28.7%	-0.7%	-1.1%	-119.3K	1.4M	-28.1K	0.70	85.23	N/A	N/A	5,440	3,820	11,730	32,890
2017-12-04	$13.53	$13.50	30.2%	7.0%	13.3%	34.4%	24.8%	1.8%	7.7%	-91.6K	1.1M	-27.3K	0.70	80.72	N/A	N/A	5,560	3,880	11,730	32,850
2017-12-05	$13.47	$13.50	28.4%	7.0%	13.2%	28.5%	25.3%	1.8%	5.9%	-185.5K	2.2M	-31.7K	0.73	83.64	N/A	N/A	5,390	3,910	12,230	33,410
2017-12-06	$13.45	$13.50	28.1%	7.0%	12.9%	27.4%	23.8%	1.6%	5.6%	-112.0K	1.5M	-26.2K	0.72	78.69	N/A	N/A	5,400	3,910	12,610	33,450
2017-12-07	$13.41	$13.50	27.7%	7.3%	12.6%	26.0%	25.4%	2.1%	4.6%	-158.9K	2.0M	-28.3K	0.72	78.22	N/A	N/A	5,410	3,910	12,660	33,450
2017-12-08	$13.67	$13.50	29.2%	7.2%	13.8%	30.9%	25.0%	3.0%	5.8%	-40.7K	309.6K	-25.9K	0.71	81.38	N/A	N/A	5,520	3,910	12,660	33,450
2017-12-11	$13.37	$13.50	34.5%	7.2%	16.2%	48.7%	25.3%	2.9%	4.7%	-183.3K	2.5M	-26.6K	0.51	73.54	N/A	N/A	5,520	2,810	12,790	33,440
2017-12-12	$13.22	$13.50	30.2%	7.1%	16.5%	34.4%	25.6%	2.6%	5.9%	-213.9K	3.3M	-23.6K	0.54	84.54	N/A	N/A	5,220	2,810	12,790	33,360
2017-12-13	$13.29	$13.50	24.1%	6.9%	16.5%	14.1%	26.7%	3.2%	4.7%	-157.0K	2.2M	-23.3K	0.47	89.31	N/A	N/A	5,760	2,710	12,790	33,360
2017-12-14	$13.17	$13.50	23.8%	6.8%	16.5%	13.2%	24.0%	3.4%	7.3%	-168.2K	2.1M	-22.0K	0.51	80.85	N/A	N/A	5,610	2,850	13,340	32,900
2017-12-15	$13.27	$13.50	22.3%	6.4%	16.1%	8.1%	23.5%	2.8%	8.7%	-114.7K	1.6M	-22.2K	0.50	83.56	N/A	N/A	6,300	3,180	13,750	32,870
2017-12-18	$13.38	$13.50	21.6%	6.2%	16.5%	6.0%	24.9%	2.1%	10.9%	31.0K	-415.1K	-24.3K	0.69	84.70	N/A	N/A	4,740	3,280	13,640	31,880
2017-12-19	$13.46	$13.50	22.4%	6.4%	16.3%	8.6%	25.8%	2.1%	11.8%	105.7K	-1.2M	-22.5K	0.61	89.10	N/A	N/A	5,340	3,280	13,730	30,950
2017-12-20	$13.50	$13.50	23.3%	6.7%	15.6%	11.4%	24.9%	2.3%	9.7%	130.1K	-1.6M	-21.9K	0.61	89.08	N/A	N/A	5,340	3,260	14,140	30,950
2017-12-21	$13.37	$13.50	22.6%	6.5%	15.6%	9.2%	24.1%	1.8%	10.1%	61.8K	-633.8K	-22.0K	0.38	89.53	N/A	N/A	5,370	2,040	14,140	30,970
2017-12-22	$13.19	$13.50	23.3%	6.7%	16.3%	11.3%	24.7%	1.8%	12.3%	53.2K	-42.1K	-20.6K	0.33	83.75	N/A	N/A	5,470	1,830	14,160	30,990
2017-12-26	$13.09	$13.50	23.9%	6.9%	16.3%	13.7%	23.4%	3.4%	11.2%	-17.4K	907.5K	-20.7K	0.30	89.82	N/A	N/A	5,480	1,640	14,260	31,050
2017-12-27	$13.15	$13.50	24.6%	7.1%	15.5%	15.8%	25.1%	2.2%	11.0%	22.7K	390.0K	-19.0K	0.30	73.66	N/A	N/A	6,140	1,850	14,270	31,050
2017-12-28	$13.15	$13.50	24.2%	6.9%	15.2%	14.4%	23.5%	2.5%	11.7%	74.3K	32.3K	-19.4K	0.30	75.28	N/A	N/A	5,850	1,780	14,770	31,260
2017-12-29	$13.14	$13.50	24.3%	7.0%	15.2%	14.9%	23.2%	4.0%	11.2%	18.2K	662.6K	-19.3K	0.30	89.83	N/A	N/A	5,850	1,780	14,680	31,280