MSTR Options History — March 2021

In March 2021, MSTR traded between $62.15 and $79.97. ATM implied volatility averaged 112.8%, placing in the 62.8% IV rank vs the trailing year. The 30-day expected move averaged 31.8%. IV traded below realized volatility by 35.3% (HV 20d: 148.2%). Max pain ranged from $50.00 to $81.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 8 of 23 days. Put/call ratio averaged 0.60.

Notable Days

2021-03-05: Highest Volume — 104,560 contracts
2021-03-02: Largest IV drop — 11.6% change
2021-03-08: Highest IV Rank — 80.5%
2021-03-01: Largest Expected Move — 39.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$70.63	$62.15	$79.97	$78.13	$68.57
Max Pain	$59.96	$50.00	$81.00	$81.00	$60.00
ATM IV	112.8%	84.3%	137.4%	136.5%	84.3%
Expected Move	31.8%	24.2%	39.1%	39.1%	24.2%
HV 20d	148.2%	100.0%	204.2%	200.1%	102.3%
HV 60d	142.4%	138.9%	145.9%	138.9%	142.5%
IV Rank	62.8%	42.2%	80.5%	79.9%	42.2%
IV Percentile	83.2%	65.1%	96.4%	96.0%	65.1%
Term Structure	-5.3%	-20.0%	8.1%	-1.4%	8.1%
VWIV	117.5%	89.6%	146.6%	146.6%	89.6%
Skew 25d	-13.2%	-29.4%	-4.5%	-29.4%	-5.9%
Skew 10d	-20.7%	-46.7%	-3.8%	-46.7%	-9.7%
Call IV 25d	122.1%	90.5%	159.3%	159.3%	90.5%
Put IV 25d	108.9%	84.6%	129.9%	129.9%	84.6%
Bid-Ask Spread %	44.23	27.75	67.75	34.48	62.61
Gamma HHI	0.04	0.03	0.06	0.04	0.04
Net GEX	10.8M	5.6M	18.1M	13.0M	9.9M
Net DEX	-1.33B	-1.97B	-817.5M	-1.90B	-1.21B
Net VEX	-9.5M	-10.9M	-8.2M	-10.3M	-9.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.60	0.28	1.19	1.05	0.58
Total Volume	51,354.783	22,710	104,560	49,010	38,040
Total OI	862,633.913	697,480	1,002,870	837,040	782,700

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
2021-03-01	$78.13	$81.00	136.5%	39.1%	200.1%	79.9%	146.6%	-29.4%	-1.4%	13.0M	-1.90B	-10.3M	1.05	34.48	N/A	N/A	23,960	25,050	548,280	288,760
2021-03-02	$75.88	$80.00	120.6%	34.6%	200.6%	68.4%	127.9%	-24.5%	-7.4%	12.9M	-1.65B	-10.0M	1.19	43.32	N/A	N/A	18,700	22,320	555,460	298,610
2021-03-03	$73.76	$80.00	124.0%	35.6%	198.9%	70.9%	138.2%	-28.3%	-16.1%	11.6M	-1.48B	-9.8M	0.39	48.25	N/A	N/A	37,580	14,610	559,490	310,340
2021-03-04	$63.78	$50.00	127.5%	32.6%	204.2%	73.4%	124.2%	-13.8%	-10.9%	6.5M	-883.1M	-8.6M	0.80	36.52	N/A	N/A	47,800	38,250	567,720	312,560
2021-03-05	$62.30	$50.00	134.0%	36.0%	203.7%	78.1%	135.2%	-14.3%	-20.0%	5.6M	-817.5M	-8.5M	0.90	32.85	N/A	N/A	55,110	49,450	566,900	319,720
2021-03-08	$63.26	$51.00	137.4%	36.0%	202.7%	80.5%	134.3%	-14.4%	-14.5%	6.2M	-874.0M	-8.6M	0.40	34.54	N/A	N/A	31,680	12,750	577,230	324,490
2021-03-09	$72.46	$52.00	131.4%	35.9%	189.5%	76.2%	130.7%	-13.2%	-11.8%	11.5M	-1.40B	-9.7M	0.46	34.24	N/A	N/A	37,370	17,100	584,580	324,650
2021-03-10	$75.08	$53.00	127.1%	36.4%	165.3%	73.1%	131.0%	-12.0%	-12.9%	13.9M	-1.60B	-10.2M	0.31	32.06	N/A	N/A	36,130	11,330	598,640	327,320
2021-03-11	$79.97	$54.00	130.2%	37.3%	140.0%	75.3%	134.1%	-17.4%	-15.7%	17.9M	-1.97B	-10.9M	0.40	30.76	N/A	N/A	30,070	11,980	612,390	330,040
2021-03-12	$78.27	$55.00	123.6%	35.4%	138.1%	70.6%	129.5%	-12.8%	-14.2%	16.9M	-1.82B	-10.6M	0.28	27.75	N/A	N/A	44,550	12,340	616,990	332,140
2021-03-15	$76.91	$55.00	124.9%	35.8%	137.9%	71.5%	131.9%	-13.4%	-15.5%	16.1M	-1.69B	-10.3M	0.62	29.45	N/A	N/A	27,300	16,990	622,030	335,640
2021-03-16	$72.58	$56.00	114.7%	32.9%	137.7%	64.2%	120.7%	-13.3%	-5.5%	10.3M	-1.34B	-9.7M	0.41	37.47	N/A	N/A	45,480	18,430	626,270	339,560
2021-03-17	$77.34	$57.00	111.8%	32.1%	140.3%	62.1%	116.5%	-11.2%	-3.2%	16.6M	-1.69B	-10.2M	0.49	38.93	N/A	N/A	46,250	22,630	636,080	344,180
2021-03-18	$73.31	$59.00	108.2%	31.0%	141.1%	59.5%	114.0%	-11.0%	3.0%	9.6M	-1.38B	-9.8M	0.50	37.15	N/A	N/A	40,060	19,950	643,910	350,590
2021-03-19	$77.31	$60.00	104.2%	29.9%	141.8%	56.6%	106.7%	-6.3%	1.5%	18.1M	-1.63B	-10.1M	0.64	44.11	N/A	N/A	43,940	28,290	651,090	351,780
2021-03-22	$72.68	$60.00	95.5%	27.4%	139.1%	50.3%	99.4%	-10.7%	4.3%	9.3M	-1.41B	-9.5M	0.77	53.78	N/A	N/A	24,750	19,120	464,490	232,990
2021-03-23	$67.40	$62.00	92.5%	26.5%	116.5%	48.2%	97.7%	-11.6%	5.4%	7.8M	-1.13B	-9.0M	0.55	51.30	N/A	N/A	26,180	14,290	472,950	244,770
2021-03-24	$62.15	$63.00	94.7%	27.1%	105.6%	49.7%	100.9%	-15.2%	-1.4%	6.4M	-874.8M	-8.2M	0.88	61.17	N/A	N/A	25,590	22,540	477,560	248,910
2021-03-25	$62.29	$61.00	99.4%	28.5%	101.7%	53.2%	106.6%	-4.5%	-3.3%	6.6M	-877.8M	-8.5M	0.62	57.76	N/A	N/A	31,790	19,720	486,650	260,300
2021-03-26	$62.15	$60.00	91.9%	26.3%	100.0%	47.7%	97.7%	-7.0%	0.5%	6.7M	-880.5M	-8.5M	0.40	61.83	N/A	N/A	16,240	6,470	496,160	266,190
2021-03-29	$63.37	$60.00	91.8%	26.3%	100.0%	47.6%	96.1%	-7.5%	2.3%	7.3M	-933.0M	-8.6M	0.65	59.10	N/A	N/A	15,700	10,170	502,450	268,420
2021-03-30	$65.45	$60.00	88.7%	25.4%	100.8%	45.4%	92.4%	-5.9%	5.9%	8.2M	-1.04B	-8.8M	0.51	67.75	N/A	N/A	15,310	7,800	508,120	270,480
2021-03-31	$68.57	$60.00	84.3%	24.2%	102.3%	42.2%	89.6%	-5.9%	8.1%	9.9M	-1.21B	-9.2M	0.58	62.61	N/A	N/A	24,060	13,980	511,940	270,760