MSTR Options History — November 2021

In November 2021, MSTR traded between $66.47 and $86.11. ATM implied volatility averaged 77.2%, placing in the 20.2% IV rank vs the trailing year. The 30-day expected move averaged 22.2%. IV traded above realized volatility by 22.8% (HV 20d: 54.4%). Max pain ranged from $59.00 to $71.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 20 of 21 days. Put/call ratio averaged 0.72.

Notable Days

2021-11-02: Highest Volume — 310,220 contracts
2021-11-02: Largest IV spike — 17.3% change
2021-11-08: Highest IV Rank — 37.9%
2021-11-08: Largest Expected Move — 25.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$76.22	$66.47	$86.11	$72.89	$72.60
Max Pain	$62.29	$59.00	$71.00	$70.00	$64.00
ATM IV	77.2%	68.9%	90.3%	68.9%	75.2%
Expected Move	22.2%	19.4%	25.9%	19.6%	20.8%
HV 20d	54.4%	47.1%	61.3%	47.1%	61.3%
HV 60d	52.2%	49.4%	54.5%	49.4%	54.5%
IV Rank	20.2%	6.0%	37.9%	20.0%	11.4%
IV Percentile	20.7%	5.6%	57.9%	9.9%	13.9%
Term Structure	1.4%	-2.1%	3.5%	1.5%	2.5%
VWIV	87.0%	73.2%	99.5%	73.2%	80.2%
Skew 25d	-13.0%	-19.0%	-5.6%	-5.6%	-6.9%
Skew 10d	-26.0%	-42.1%	-10.4%	-15.3%	-16.4%
Call IV 25d	89.0%	75.3%	104.1%	75.3%	83.4%
Put IV 25d	76.0%	69.1%	88.1%	69.7%	76.4%
Bid-Ask Spread %	37.13	26.20	54.09	35.98	40.22
Gamma HHI	0.04	0.03	0.07	0.04	0.04
Net GEX	26.7M	7.3M	44.5M	20.7M	29.4M
Net DEX	-1.83B	-2.95B	-725.7M	-1.45B	-1.52B
Net VEX	-11.6M	-13.7M	-9.4M	-10.9M	-10.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.72	0.55	0.90	0.79	0.61
Total Volume	172,456.667	126,320	310,220	135,780	151,820
Total OI	1,360,197.619	1,212,550	1,460,140	1,212,550	1,394,380

Daily Data (21 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
2021-11-01	$72.89	$70.00	68.9%	19.6%	47.1%	20.0%	73.2%	-5.6%	1.5%	20.7M	-1.45B	-10.9M	0.79	35.98	N/A	N/A	75,780	60,000	784,370	428,180
2021-11-02	$79.00	$70.00	80.8%	23.6%	49.2%	30.0%	86.4%	-14.0%	1.3%	32.7M	-2.19B	-12.2M	0.55	29.15	N/A	N/A	200,480	109,740	804,110	446,340
2021-11-03	$81.03	$71.00	80.9%	23.9%	48.9%	30.1%	86.8%	-14.1%	0.6%	40.1M	-2.43B	-12.8M	0.62	28.30	N/A	N/A	114,720	70,580	856,580	474,800
2021-11-04	$80.03	$59.00	78.5%	23.6%	48.7%	28.1%	92.2%	-12.4%	1.5%	41.7M	-2.36B	-12.7M	0.90	33.39	N/A	N/A	92,040	82,470	878,730	484,960
2021-11-05	$79.67	$59.00	78.6%	23.7%	48.5%	28.1%	92.1%	-14.2%	3.5%	42.6M	-2.29B	-12.6M	0.82	33.04	N/A	N/A	100,590	82,480	889,560	500,730
2021-11-08	$86.11	$59.00	90.3%	25.9%	53.7%	37.9%	98.3%	-14.6%	0.4%	41.3M	-2.95B	-13.6M	0.62	26.20	N/A	N/A	118,950	73,720	845,910	442,650
2021-11-09	$85.70	$60.00	88.9%	25.9%	51.3%	36.6%	99.5%	-18.2%	1.0%	44.5M	-2.95B	-13.7M	0.83	29.20	N/A	N/A	79,600	66,260	878,970	466,280
2021-11-10	$81.64	$60.00	83.2%	24.5%	55.1%	31.8%	95.5%	-16.1%	2.1%	34.5M	-2.46B	-13.1M	0.73	32.53	N/A	N/A	89,360	64,940	888,840	478,470
2021-11-11	$81.60	$60.00	81.7%	24.0%	55.1%	27.4%	96.7%	-16.0%	2.2%	33.9M	-2.46B	-12.9M	0.67	33.34	N/A	N/A	84,730	56,990	905,260	494,730
2021-11-12	$81.05	$60.00	78.3%	23.1%	54.5%	24.4%	93.8%	-14.4%	3.5%	32.7M	-2.33B	-12.7M	0.81	35.46	N/A	N/A	106,990	86,920	919,870	504,470
2021-11-15	$79.17	$60.00	76.5%	22.1%	55.1%	22.9%	96.0%	-19.0%	1.1%	33.5M	-2.11B	-12.2M	0.74	35.05	N/A	N/A	86,540	64,330	867,870	460,740
2021-11-16	$75.06	$60.00	74.6%	21.5%	58.3%	14.7%	89.0%	-17.6%	1.6%	23.9M	-1.63B	-11.4M	0.82	31.02	N/A	N/A	94,370	77,700	885,730	476,390
2021-11-17	$75.36	$60.00	72.9%	20.9%	57.0%	12.8%	82.5%	-14.9%	2.3%	21.5M	-1.60B	-11.3M	0.70	35.20	N/A	N/A	74,140	52,180	900,650	502,820
2021-11-18	$72.71	$61.00	70.8%	20.2%	57.4%	7.1%	78.7%	-13.0%	1.9%	14.2M	-1.25B	-10.7M	0.75	39.43	N/A	N/A	105,920	79,450	914,590	509,930
2021-11-19	$72.13	$62.00	75.6%	21.6%	56.6%	11.9%	86.2%	-14.2%	1.9%	12.0M	-1.22B	-11.0M	0.90	40.07	N/A	N/A	113,200	102,080	934,350	525,790
2021-11-22	$69.36	$62.00	75.1%	20.9%	56.1%	11.4%	84.8%	-13.9%	0.6%	10.1M	-1.06B	-10.4M	0.59	39.08	N/A	N/A	94,730	56,310	857,340	461,940
2021-11-23	$69.64	$62.00	73.0%	20.5%	56.2%	9.3%	82.4%	-11.2%	0.7%	10.2M	-1.04B	-10.2M	0.58	47.45	N/A	N/A	102,540	59,450	884,940	469,890
2021-11-24	$69.80	$63.00	72.4%	19.4%	55.1%	8.7%	76.9%	-9.7%	-2.1%	13.3M	-1.11B	-10.3M	0.69	51.17	N/A	N/A	78,590	54,570	911,700	476,770
2021-11-26	$66.47	$63.00	76.5%	21.7%	57.4%	12.7%	81.4%	-7.2%	0.2%	7.3M	-725.7M	-9.4M	0.77	54.09	N/A	N/A	105,300	80,910	929,760	486,040
2021-11-29	$69.65	$63.00	69.7%	19.4%	60.0%	6.0%	74.2%	-6.7%	1.6%	20.9M	-1.20B	-9.9M	0.55	50.37	N/A	N/A	109,520	60,600	884,580	454,140
2021-11-30	$72.60	$64.00	75.2%	20.8%	61.3%	11.4%	80.2%	-6.9%	2.5%	29.4M	-1.52B	-10.4M	0.61	40.22	N/A	N/A	94,430	57,390	925,100	469,280