MSTR Options History — January 2022

In January 2022, MSTR traded between $32.30 and $55.70. ATM implied volatility averaged 79.7%, placing in the 15.9% IV rank vs the trailing year. The 30-day expected move averaged 23.3%. IV traded above realized volatility by 13.3% (HV 20d: 66.4%). Max pain ranged from $50.00 to $60.00. Net GEX was positive for 3 of 20 trading days. Term structure was in contango for 4 of 20 days. Put/call ratio averaged 0.74.

Notable Days

2022-01-21: Highest Volume — 296,120 contracts
2022-01-21: Largest IV spike — 30.3% change
2022-01-24: Highest IV Rank — 37.6%
2022-01-24: Largest Expected Move — 30.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$44.92	$32.30	$55.70	$55.70	$36.49
Max Pain	$57.23	$50.00	$60.00	$60.00	$50.00
ATM IV	79.7%	65.8%	101.5%	65.8%	90.6%
Expected Move	23.3%	18.4%	30.7%	18.4%	28.6%
HV 20d	66.4%	55.2%	90.4%	59.2%	90.4%
HV 60d	62.4%	57.2%	70.9%	57.4%	70.9%
IV Rank	15.9%	2.1%	37.6%	2.1%	26.7%
IV Percentile	35.5%	1.2%	83.3%	1.2%	72.6%
Term Structure	-1.2%	-4.2%	1.3%	1.3%	-0.6%
VWIV	86.8%	67.9%	117.3%	67.9%	114.5%
Skew 25d	6.8%	2.3%	17.0%	2.3%	8.6%
Skew 10d	13.3%	3.6%	36.4%	4.7%	17.9%
Call IV 25d	78.1%	66.3%	95.6%	66.3%	89.0%
Put IV 25d	84.9%	68.6%	111.8%	68.6%	97.6%
Bid-Ask Spread %	41.76	25.86	63.58	51.04	42.98
Gamma HHI	0.04	0.02	0.13	0.03	0.04
Net GEX	-2.7M	-9.5M	10.1M	10.1M	-542.3K
Net DEX	204.2M	-162.0M	582.4M	-162.0M	168.3M
Net VEX	-4.9M	-6.3M	-3.5M	-6.3M	-4.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.74	0.40	1.36	0.57	0.88
Total Volume	186,354	141,560	296,120	143,560	148,830
Total OI	1,222,893.5	803,450	1,445,680	1,227,950	803,450

Daily Data (20 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
2022-01-03	$55.70	$60.00	65.8%	18.4%	59.2%	2.1%	67.9%	2.3%	1.3%	10.1M	-162.0M	-6.3M	0.57	51.04	N/A	N/A	91,550	52,010	924,630	303,320
2022-01-04	$55.17	$60.00	68.1%	18.9%	57.8%	4.4%	79.8%	4.2%	0.3%	8.2M	-127.2M	-6.2M	0.86	57.49	N/A	N/A	90,190	77,370	946,300	320,780
2022-01-05	$51.32	$60.00	72.6%	20.7%	59.0%	8.8%	78.6%	2.5%	-0.3%	-891.9K	123.0M	-5.7M	0.70	63.58	N/A	N/A	105,200	73,850	969,810	356,960
2022-01-06	$50.12	$60.00	70.2%	20.4%	58.8%	6.5%	74.4%	4.7%	-0.0%	-7.6M	245.4M	-5.4M	0.56	36.92	N/A	N/A	136,230	75,870	980,270	378,170
2022-01-07	$48.72	$60.00	72.1%	20.5%	55.5%	8.4%	75.3%	5.0%	-0.1%	-9.5M	328.6M	-5.3M	0.77	34.98	N/A	N/A	103,230	79,840	1,013,070	389,030
2022-01-10	$47.58	$60.00	77.2%	21.6%	55.2%	13.5%	80.8%	4.2%	-2.3%	-4.8M	276.2M	-5.1M	0.81	25.86	N/A	N/A	98,840	79,830	956,790	361,540
2022-01-11	$50.56	$60.00	72.4%	20.2%	59.3%	8.7%	75.9%	2.9%	-2.5%	-66.0K	90.4M	-5.6M	0.59	26.14	N/A	N/A	97,690	57,920	976,810	387,070
2022-01-12	$51.60	$60.00	69.2%	19.6%	59.7%	5.5%	72.0%	2.9%	-0.3%	2.6M	19.0M	-5.7M	0.40	27.94	N/A	N/A	126,530	51,000	986,310	393,770
2022-01-13	$49.01	$60.00	69.6%	20.1%	60.6%	5.9%	73.4%	3.5%	1.0%	-4.5M	186.2M	-5.3M	0.53	39.39	N/A	N/A	103,730	55,090	1,022,530	402,360
2022-01-14	$49.87	$60.00	68.9%	19.8%	59.1%	5.2%	73.7%	4.1%	0.4%	-8.3M	141.1M	-5.5M	0.47	40.27	N/A	N/A	103,950	49,340	1,035,150	410,530
2022-01-18	$46.83	$60.00	75.0%	21.5%	61.8%	11.3%	77.2%	5.2%	-2.7%	-5.7M	255.9M	-4.9M	0.65	37.77	N/A	N/A	85,910	55,650	953,760	375,970
2022-01-19	$46.39	$60.00	72.1%	20.7%	60.2%	8.4%	72.8%	6.1%	-1.7%	-5.6M	269.7M	-4.8M	0.41	39.94	N/A	N/A	116,830	47,830	966,280	383,850
2022-01-20	$45.79	$57.00	72.0%	20.8%	58.0%	8.3%	75.8%	5.6%	-2.7%	-6.2M	263.7M	-4.7M	0.52	40.26	N/A	N/A	130,810	68,070	1,007,280	384,750
2022-01-21	$38.53	$56.00	93.8%	27.3%	81.3%	29.9%	97.4%	8.6%	-3.4%	-7.5M	582.4M	-3.9M	1.36	57.07	N/A	N/A	125,490	170,630	1,034,750	394,640
2022-01-24	$36.71	$55.00	101.5%	30.7%	77.5%	37.6%	111.6%	17.0%	-1.9%	-2.3M	264.5M	-3.9M	1.21	43.06	N/A	N/A	122,370	148,200	560,370	268,070
2022-01-25	$36.83	$53.00	94.2%	27.9%	77.1%	30.3%	102.1%	12.2%	-2.5%	-1.7M	234.7M	-4.0M	1.03	40.96	N/A	N/A	87,920	90,830	589,900	307,220
2022-01-26	$35.44	$51.50	93.1%	28.6%	76.1%	29.2%	104.1%	10.9%	-0.9%	-2.6M	271.3M	-3.9M	0.88	47.64	N/A	N/A	106,120	92,990	605,080	334,460
2022-01-27	$32.30	$51.00	97.5%	29.7%	80.0%	33.5%	110.6%	14.5%	-1.3%	-4.1M	356.6M	-3.5M	0.92	36.62	N/A	N/A	98,650	91,140	622,870	352,050
2022-01-28	$33.55	$51.00	98.6%	29.9%	81.8%	34.7%	117.3%	11.9%	-4.2%	-2.1M	296.1M	-3.7M	0.75	45.20	N/A	N/A	131,520	98,030	633,220	364,700
2022-01-31	$36.49	$50.00	90.6%	28.6%	90.4%	26.7%	114.5%	8.6%	-0.6%	-542.3K	168.3M	-4.1M	0.88	42.98	N/A	N/A	79,030	69,800	504,160	299,290