MSTR Options History — February 2021

In February 2021, MSTR traded between $63.18 and $128.17. ATM implied volatility averaged 130.0%, placing in the 78.5% IV rank vs the trailing year. The 30-day expected move averaged 37.2%. IV traded below realized volatility by 28.0% (HV 20d: 158.0%). Max pain ranged from $52.00 to $85.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 0.63.

Notable Days

2021-02-10: Highest Volume — 252,510 contracts
2021-02-09: Largest IV spike — 31.5% change
2021-02-09: Highest IV Rank — 100.0%
2021-02-10: Largest Expected Move — 43.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$87.37	$63.18	$128.17	$63.18	$76.64
Max Pain	$73.58	$52.00	$85.00	$52.00	$83.00
ATM IV	130.0%	95.6%	164.4%	118.0%	137.1%
Expected Move	37.2%	28.8%	43.9%	33.8%	39.3%
HV 20d	158.0%	102.8%	202.5%	108.6%	200.9%
HV 60d	125.1%	99.4%	147.6%	99.4%	139.7%
IV Rank	78.5%	59.4%	100.0%	77.7%	80.3%
IV Percentile	95.7%	85.7%	100.0%	96.0%	96.4%
Term Structure	1.9%	-6.7%	18.5%	12.6%	7.8%
VWIV	133.2%	99.7%	154.4%	120.9%	147.8%
Skew 25d	-13.8%	-31.9%	-0.2%	-2.1%	-23.1%
Skew 10d	-20.3%	-51.2%	3.7%	3.7%	-39.6%
Call IV 25d	140.1%	104.3%	163.5%	120.0%	157.9%
Put IV 25d	126.3%	98.0%	147.5%	117.9%	134.8%
Bid-Ask Spread %	28.34	17.51	45.72	39.59	28.68
Gamma HHI	0.05	0.03	0.09	0.05	0.03
Net GEX	12.3M	5.4M	23.3M	5.4M	11.6M
Net DEX	-2.37B	-3.87B	-1.03B	-1.03B	-1.81B
Net VEX	-7.6M	-10.8M	-3.2M	-3.2M	-10.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.63	0.26	1.16	0.26	0.61
Total Volume	117,045.263	37,710	252,510	58,840	51,340
Total OI	718,534.737	426,540	1,052,790	426,540	826,000

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
2021-02-01	$63.18	$52.00	118.0%	33.8%	108.6%	77.7%	120.9%	-2.1%	12.6%	5.4M	-1.03B	-3.2M	0.26	39.59	N/A	N/A	46,850	11,990	257,220	169,320
2021-02-02	$68.81	$52.00	108.6%	31.1%	109.1%	70.0%	110.3%	-2.9%	12.8%	8.3M	-1.32B	-3.6M	0.62	45.72	N/A	N/A	23,310	14,400	288,460	172,790
2021-02-03	$73.49	$53.00	105.1%	30.1%	110.1%	67.2%	103.7%	-1.4%	18.5%	9.9M	-1.52B	-3.6M	0.67	39.00	N/A	N/A	47,750	31,980	294,920	174,680
2021-02-04	$75.88	$60.00	96.3%	30.8%	107.7%	60.0%	108.1%	-3.5%	3.7%	10.6M	-1.61B	-3.8M	1.10	25.62	N/A	N/A	24,700	27,160	306,160	189,310
2021-02-05	$79.86	$63.00	95.6%	28.8%	102.8%	59.4%	99.7%	-6.3%	0.5%	12.0M	-1.80B	-3.9M	0.60	30.11	N/A	N/A	52,120	31,170	313,310	193,960
2021-02-08	$100.91	$70.00	125.1%	33.7%	127.2%	83.5%	119.0%	-0.2%	-1.3%	11.1M	-2.74B	-3.9M	0.57	31.40	N/A	N/A	123,730	70,190	323,190	206,370
2021-02-09	$128.17	$70.00	164.4%	43.2%	140.2%	100.0%	148.7%	-10.9%	-3.7%	9.0M	-3.87B	-4.3M	0.44	26.28	N/A	N/A	169,410	74,780	340,500	237,250
2021-02-10	$97.55	$75.00	153.0%	43.9%	180.7%	91.9%	154.0%	-15.9%	-2.9%	11.9M	-2.72B	-6.4M	0.45	18.50	N/A	N/A	174,260	78,250	410,780	271,530
2021-02-11	$102.78	$80.00	150.3%	43.1%	180.7%	90.0%	154.4%	-18.1%	-1.9%	17.0M	-3.49B	-9.4M	0.60	19.33	N/A	N/A	92,910	55,830	504,270	297,050
2021-02-12	$103.12	$80.00	139.2%	39.9%	173.4%	82.1%	143.2%	-20.1%	-0.5%	18.0M	-3.58B	-10.2M	0.77	19.36	N/A	N/A	57,790	44,610	534,980	323,080
2021-02-16	$96.85	$80.00	137.7%	39.5%	173.3%	81.1%	143.5%	-23.1%	-0.3%	15.0M	-3.16B	-9.8M	0.48	17.51	N/A	N/A	87,480	42,060	550,330	344,130
2021-02-17	$94.15	$80.00	130.1%	37.3%	174.3%	75.7%	136.7%	-19.8%	0.2%	13.8M	-3.01B	-9.9M	0.59	19.05	N/A	N/A	132,840	78,460	575,620	363,050
2021-02-18	$92.40	$80.00	130.8%	37.5%	172.4%	76.2%	135.0%	-11.5%	-4.3%	11.8M	-2.90B	-10.6M	0.54	21.65	N/A	N/A	67,490	36,440	616,030	402,780
2021-02-19	$96.21	$82.00	140.8%	40.4%	169.7%	83.2%	145.1%	-31.9%	-6.7%	23.3M	-3.34B	-10.8M	0.55	23.90	N/A	N/A	86,150	47,750	636,600	416,190
2021-02-22	$86.86	$85.00	131.5%	37.7%	174.1%	76.6%	138.6%	-27.7%	-1.3%	13.5M	-2.24B	-10.4M	0.79	22.69	N/A	N/A	30,820	24,490	484,720	249,830
2021-02-23	$69.34	$85.00	137.9%	39.5%	194.4%	80.9%	143.0%	-11.5%	-3.1%	7.5M	-1.31B	-9.1M	1.16	36.86	N/A	N/A	80,840	93,540	495,860	262,140
2021-02-24	$80.32	$85.00	134.9%	38.7%	200.2%	78.7%	139.7%	-17.4%	4.3%	12.8M	-1.99B	-10.4M	0.55	32.90	N/A	N/A	42,450	23,450	524,540	275,010
2021-02-25	$73.46	$83.00	133.5%	38.3%	202.5%	77.7%	140.2%	-14.6%	1.6%	10.6M	-1.60B	-9.9M	0.59	40.29	N/A	N/A	28,340	16,730	538,030	282,170
2021-02-26	$76.64	$83.00	137.1%	39.3%	200.9%	80.3%	147.8%	-23.1%	7.8%	11.6M	-1.81B	-10.4M	0.61	28.68	N/A	N/A	31,980	19,360	539,600	286,400