MSTR Options History — March 2020

In March 2020, MSTR traded between $9.37 and $13.67. ATM implied volatility averaged 57.6%, placing in the 75.3% IV rank vs the trailing year. The 30-day expected move averaged 16.2%. IV traded above realized volatility by 0.8% (HV 20d: 56.9%). Max pain ranged from $13.00 to $15.00. Net GEX was positive for 1 of 22 trading days. Term structure was in contango for 2 of 22 days. Put/call ratio averaged 11.04.

Notable Days

  • 2020-03-12: Highest Volume — 900 contracts
  • 2020-03-12: Largest IV spike — 38.9% change
  • 2020-03-09: Highest IV Rank — 100.0%
  • 2020-03-18: Largest Expected Move — 23.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$11.62$9.37$13.67$13.67$11.61
Max Pain$14.14$13.00$15.00$15.00$13.00
ATM IV57.6%33.5%80.5%38.1%51.2%
Expected Move16.2%9.6%23.1%10.9%14.7%
HV 20d56.9%22.6%92.8%24.0%92.8%
HV 60d39.2%22.3%56.9%23.0%56.9%
IV Rank75.3%44.2%100.0%60.9%50.5%
IV Percentile95.9%75.4%100.0%86.5%94.0%
Term Structure-7.5%-24.1%8.0%-6.4%-0.7%
VWIV51.0%32.4%66.9%46.4%51.7%
Skew 25d8.2%-3.7%25.5%6.7%10.3%
Skew 10d22.7%3.5%57.2%25.1%17.2%
Call IV 25d52.9%32.4%87.8%34.6%42.3%
Put IV 25d61.1%36.9%88.0%41.3%52.6%
Bid-Ask Spread %88.0070.46107.0993.49107.09
Gamma HHI0.270.180.710.300.25
Net GEX-60.5K-142.7K92.9K-120.1K-38.8K
Net DEX2.5M1.9M3.7M2.0M2.0M
Net VEX-7.0K-10.6K-4.0K-10.2K-5.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio11.040.0089.000.381.05
Total Volume2700900210410
Total OI6,180.9094,6107,2206,8404,830

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-03-02$13.67$15.0038.1%10.9%24.0%60.9%46.4%6.7%-6.4%-120.1K2.0M-10.2K0.0093.49N/AN/A02102,0504,790
2020-03-03$13.54$15.0038.1%10.9%23.6%61.1%0.0%4.5%-4.9%-142.7K2.3M-9.8K0.0092.91N/AN/A01202,0505,000
2020-03-04$13.62$15.0033.5%9.6%22.9%44.2%32.4%5.4%-1.7%-142.4K2.1M-9.5K0.3890.06N/AN/A210802,0505,040
2020-03-05$13.65$15.0041.1%9.8%22.9%71.9%0.0%3.4%-2.7%-123.7K1.9M-10.5K0.0083.78N/AN/A6002,2604,960
2020-03-06$13.63$15.0045.8%11.9%22.6%88.7%0.0%5.7%-5.6%-114.7K2.1M-10.6K0.0086.17N/AN/A002,2304,960
2020-03-09$13.06$15.0060.3%14.2%26.1%100.0%50.6%3.0%-9.0%-115.9K2.8M-10.0K0.0078.94N/AN/A01202,2004,960
2020-03-10$13.08$15.0057.5%14.7%26.3%92.8%50.9%5.7%-13.1%-113.4K2.6M-9.7K6.3371.68N/AN/A603802,2004,890
2020-03-11$12.32$15.0048.9%14.0%31.9%70.9%47.5%8.5%-6.9%-120.5K3.4M-8.2K0.0084.86N/AN/A03902,2604,830
2020-03-12$11.04$15.0068.0%19.5%47.5%100.0%51.0%8.2%-19.3%-67.1K3.5M-6.2K89.0078.64N/AN/A108902,2604,400
2020-03-13$10.98$15.0062.1%17.8%47.7%87.5%60.2%11.0%-9.2%-64.2K3.7M-6.1K0.0079.91N/AN/A21002,2704,500
2020-03-16$10.70$13.5079.8%22.9%47.1%100.0%0.0%11.2%-24.1%-47.6K3.1M-6.5K0.0070.46N/AN/A0202,4704,280
2020-03-17$10.91$13.5058.7%16.8%48.6%64.1%43.9%14.2%-8.7%-49.9K3.3M-5.8K3.5079.73N/AN/A2007002,5904,260
2020-03-18$9.37$13.5080.5%23.1%67.7%100.0%66.9%-3.7%-18.5%-11.3K3.0M-4.0K3.6784.12N/AN/A301102,6903,820
2020-03-19$10.53$13.5074.5%21.4%83.9%89.9%65.7%15.6%-17.2%-20.8K2.5M-6.0K3.5685.52N/AN/A1605702,7203,590
2020-03-20$10.01$13.5066.1%19.0%84.5%75.7%0.0%11.7%-12.6%92.9K2.5M-4.4K0.0090.98N/AN/A002,8803,410
2020-03-23$10.00$13.5061.8%17.7%84.8%68.4%0.0%9.8%3.2%-15.8K2.1M-4.1K0.0087.33N/AN/A02201,8602,750
2020-03-24$10.55$13.5055.4%15.9%88.2%57.6%43.5%25.5%-3.9%-22.8K2.2M-4.9K0.0092.53N/AN/A01301,8602,880
2020-03-25$10.67$13.5069.6%20.0%88.7%81.6%50.7%10.3%-7.3%-19.7K2.1M-4.9K0.0097.25N/AN/A0901,8602,810
2020-03-26$10.96$13.5054.4%15.6%89.8%55.8%51.4%-3.5%8.0%-26.9K2.0M-5.7K1.50102.72N/AN/A1001501,8602,810
2020-03-27$10.73$13.5068.0%19.5%89.7%78.9%0.0%10.3%-3.9%-23.1K2.1M-5.5K0.0093.00N/AN/A0401,9602,900
2020-03-30$10.98$13.0054.4%15.6%89.8%55.9%52.0%6.6%-1.4%-21.9K2.1M-4.8K12.50104.87N/AN/A202501,9602,770
2020-03-31$11.61$13.0051.2%14.7%92.8%50.5%51.7%10.3%-0.7%-38.8K2.0M-5.5K1.05107.09N/AN/A2002101,9602,870