MSTR Options History — February 2020

In February 2020, MSTR traded between $13.38 and $15.30. ATM implied volatility averaged 27.0%, placing in the 21.0% IV rank vs the trailing year. The 30-day expected move averaged 7.7%. IV traded below realized volatility by 0.7% (HV 20d: 27.8%). Max pain ranged from $14.50 to $15.50. Net GEX was positive for 9 of 19 trading days. Term structure was in contango for 5 of 19 days. Put/call ratio averaged 6.23.

Notable Days

2020-02-12: Highest Volume — 1,770 contracts
2020-02-28: Largest IV spike — 38.4% change
2020-02-28: Highest IV Rank — 100.0%
2020-02-28: Largest Expected Move — 14.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.77	$13.38	$15.30	$14.99	$13.38
Max Pain	$15.26	$14.50	$15.50	$14.50	$15.00
ATM IV	27.0%	23.0%	48.9%	26.2%	48.9%
Expected Move	7.7%	6.6%	14.0%	7.5%	14.0%
HV 20d	27.8%	20.2%	32.2%	27.4%	22.0%
HV 60d	20.9%	19.7%	22.5%	20.7%	22.5%
IV Rank	21.0%	6.4%	100.0%	18.0%	100.0%
IV Percentile	40.6%	8.7%	100.0%	53.6%	100.0%
Term Structure	-1.3%	-9.8%	0.7%	-1.4%	-9.8%
VWIV	28.2%	21.0%	51.5%	23.4%	51.5%
Skew 25d	3.5%	1.5%	6.8%	1.5%	6.8%
Skew 10d	7.4%	-2.7%	17.2%	5.5%	15.2%
Call IV 25d	25.4%	21.9%	45.8%	25.6%	45.8%
Put IV 25d	28.9%	24.5%	52.6%	27.0%	52.6%
Bid-Ask Spread %	81.55	69.93	90.35	87.62	86.82
Gamma HHI	0.26	0.17	0.34	0.21	0.30
Net GEX	5.0K	-82.6K	81.4K	38.6K	-82.6K
Net DEX	-61.7K	-844.4K	2.0M	-443.4K	2.0M
Net VEX	-6.7K	-9.6K	-4.8K	-5.3K	-9.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	6.23	0.00	43.25	0.00	3.64
Total Volume	400.526	0	1,770	50	960
Total OI	5,327.368	3,930	7,450	3,930	5,890

Daily Data (19 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
2020-02-03	$14.99	$14.50	26.2%	7.5%	27.4%	18.0%	0.0%	1.5%	-1.4%	38.6K	-443.4K	-5.3K	0.00	87.62	N/A	N/A	50	0	2,040	1,890
2020-02-04	$15.19	$14.50	24.9%	7.1%	27.6%	13.3%	23.4%	3.5%	-0.0%	38.0K	-521.5K	-4.9K	0.00	90.35	N/A	N/A	70	0	2,040	1,890
2020-02-05	$15.22	$14.50	24.3%	7.0%	27.5%	11.3%	23.4%	3.0%	0.7%	72.4K	-759.2K	-5.3K	0.50	88.01	N/A	N/A	80	40	2,080	1,890
2020-02-06	$15.30	$15.50	23.1%	6.9%	27.5%	6.8%	0.0%	3.1%	0.0%	81.4K	-844.4K	-5.2K	0.00	69.93	N/A	N/A	0	10	2,050	1,880
2020-02-07	$15.25	$15.50	24.5%	6.8%	27.5%	11.9%	0.0%	3.3%	0.3%	75.3K	-766.2K	-5.0K	0.50	75.26	N/A	N/A	40	20	2,050	1,880
2020-02-10	$15.15	$15.50	25.7%	7.1%	27.4%	16.2%	0.0%	4.4%	-0.3%	55.6K	-620.1K	-4.9K	1.67	74.59	N/A	N/A	30	50	2,080	1,890
2020-02-11	$15.20	$15.50	25.8%	7.1%	27.1%	16.6%	0.0%	3.9%	-1.1%	69.9K	-735.7K	-4.8K	0.00	75.71	N/A	N/A	460	0	2,090	1,900
2020-02-12	$14.98	$15.50	23.1%	6.6%	27.8%	6.5%	0.0%	2.1%	0.3%	69.3K	-714.1K	-5.5K	43.25	80.36	N/A	N/A	40	1,730	2,550	1,900
2020-02-13	$14.73	$15.50	24.3%	7.0%	28.4%	11.2%	21.0%	2.9%	-1.0%	7.0K	-206.3K	-6.5K	15.80	80.99	N/A	N/A	50	790	2,600	3,350
2020-02-14	$14.84	$15.50	23.2%	6.6%	28.5%	6.9%	0.0%	2.1%	-0.4%	-9.1K	-176.4K	-7.5K	0.00	78.40	N/A	N/A	0	0	2,640	4,260
2020-02-18	$14.81	$15.50	23.5%	6.7%	28.5%	8.0%	0.0%	3.2%	-0.4%	-8.9K	-158.8K	-7.1K	0.00	78.12	N/A	N/A	0	170	2,630	4,260
2020-02-19	$15.00	$15.50	23.0%	6.6%	28.8%	6.4%	23.5%	2.7%	-0.5%	-8.2K	-417.4K	-7.0K	0.84	83.13	N/A	N/A	430	360	2,630	4,430
2020-02-20	$15.01	$15.50	23.6%	6.8%	28.8%	8.4%	26.3%	2.0%	0.1%	-14.4K	-396.7K	-7.7K	0.15	83.00	N/A	N/A	200	30	2,650	4,710
2020-02-21	$15.00	$15.50	23.7%	6.8%	28.8%	8.8%	0.0%	3.0%	-0.8%	-15.7K	-524.8K	-7.8K	8.00	80.12	N/A	N/A	30	240	2,750	4,700
2020-02-24	$14.66	$15.50	28.1%	8.1%	29.2%	25.1%	27.2%	4.1%	-2.6%	-46.7K	447.6K	-8.1K	15.50	84.33	N/A	N/A	20	310	1,740	3,430
2020-02-25	$14.12	$15.50	32.6%	9.3%	32.2%	41.4%	28.8%	4.1%	-3.3%	-73.2K	1.0M	-8.5K	0.58	88.26	N/A	N/A	310	180	1,760	3,490
2020-02-26	$14.04	$15.00	29.8%	8.6%	32.2%	31.4%	29.8%	4.7%	-1.9%	-71.7K	1.1M	-8.0K	3.00	82.44	N/A	N/A	100	300	1,960	3,490
2020-02-27	$13.79	$15.00	35.3%	10.1%	20.2%	51.4%	27.1%	5.9%	-2.3%	-81.2K	1.6M	-8.8K	3.64	81.98	N/A	N/A	110	400	2,060	3,690
2020-02-28	$13.38	$15.00	48.9%	14.0%	22.0%	100.0%	51.5%	6.8%	-9.8%	-82.6K	2.0M	-9.6K	0.00	86.82	N/A	N/A	0	960	2,060	3,830