MSTR Options History — May 2022

In May 2022, MSTR traded between $16.72 and $36.39. ATM implied volatility averaged 145.2%, placing in the 69.2% IV rank vs the trailing year. The 30-day expected move averaged 41.6%. IV traded below realized volatility by 6.4% (HV 20d: 151.6%). Max pain ranged from $27.00 to $44.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 1.60.

Notable Days

2022-05-12: Highest Volume — 600,340 contracts
2022-05-11: Largest IV spike — 51.6% change
2022-05-09: Highest IV Rank — 100.0%
2022-05-12: Largest Expected Move — 59.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$23.71	$16.72	$36.39	$35.95	$26.13
Max Pain	$33.27	$27.00	$44.00	$44.00	$30.00
ATM IV	145.2%	86.3%	220.4%	96.0%	138.3%
Expected Move	41.6%	25.0%	59.9%	28.7%	42.3%
HV 20d	151.6%	66.6%	201.6%	67.4%	201.6%
HV 60d	111.4%	76.3%	130.5%	81.0%	130.5%
IV Rank	69.2%	46.2%	100.0%	73.9%	47.6%
IV Percentile	96.8%	77.0%	100.0%	96.8%	94.8%
Term Structure	-3.5%	-14.3%	1.5%	-2.0%	-5.7%
VWIV	152.5%	89.0%	211.9%	112.0%	153.9%
Skew 25d	34.6%	10.2%	65.2%	13.1%	29.4%
Skew 10d	70.1%	22.4%	132.1%	30.3%	62.1%
Call IV 25d	127.3%	81.6%	185.8%	88.8%	125.0%
Put IV 25d	161.8%	91.8%	250.1%	101.9%	154.5%
Bid-Ask Spread %	39.14	29.67	50.66	41.68	33.17
Gamma HHI	0.05	0.02	0.19	0.04	0.02
Net GEX	-3.0M	-8.3M	-575.4K	-3.8M	-575.4K
Net DEX	274.7M	44.6M	393.8M	183.4M	44.6M
Net VEX	-2.6M	-3.6M	-1.7M	-3.6M	-3.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.60	1.08	2.27	1.39	1.39
Total Volume	261,235.714	129,860	600,340	129,860	315,210
Total OI	981,860.476	661,710	1,276,560	661,710	1,049,680

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
2022-05-02	$35.95	$44.00	96.0%	28.7%	67.4%	73.9%	112.0%	13.1%	-2.0%	-3.8M	183.4M	-3.6M	1.39	41.68	N/A	N/A	54,430	75,430	328,900	332,810
2022-05-03	$34.10	$43.75	95.5%	29.0%	66.6%	72.9%	109.3%	14.8%	-2.4%	-4.8M	229.8M	-3.4M	1.31	44.09	N/A	N/A	61,200	80,210	344,770	347,170
2022-05-04	$36.39	$43.00	86.3%	25.0%	73.0%	51.8%	89.0%	10.2%	-1.2%	-4.1M	162.1M	-3.5M	1.16	50.66	N/A	N/A	79,290	92,190	360,900	368,780
2022-05-05	$31.26	$40.00	97.4%	27.2%	85.8%	77.0%	100.2%	17.9%	-2.0%	-6.7M	317.7M	-3.2M	1.08	34.86	N/A	N/A	94,500	101,740	382,470	387,700
2022-05-06	$29.35	$40.00	103.8%	28.7%	86.0%	91.6%	101.9%	16.2%	-2.5%	-8.3M	379.4M	-3.0M	1.30	34.77	N/A	N/A	94,460	122,910	403,420	408,660
2022-05-09	$21.79	$38.00	147.8%	40.3%	129.9%	100.0%	136.8%	24.8%	-6.0%	-3.2M	373.9M	-2.1M	2.02	41.30	N/A	N/A	103,160	208,730	386,540	361,820
2022-05-10	$22.50	$37.00	135.6%	38.0%	132.1%	85.5%	129.8%	31.6%	-2.2%	-3.7M	381.3M	-2.3M	1.78	31.25	N/A	N/A	80,800	143,960	417,100	427,300
2022-05-11	$16.72	$36.00	205.6%	56.2%	160.6%	100.0%	189.4%	65.2%	-9.6%	-2.5M	393.8M	-1.7M	2.27	46.30	N/A	N/A	126,690	287,590	437,620	458,400
2022-05-12	$17.03	$33.00	220.4%	59.9%	158.6%	100.0%	211.9%	64.2%	-14.3%	-2.7M	372.3M	-2.0M	2.17	47.66	N/A	N/A	189,330	411,010	486,200	520,320
2022-05-13	$20.40	$30.00	192.5%	54.3%	178.4%	82.2%	198.4%	45.0%	-3.5%	-1.2M	256.3M	-2.6M	1.65	29.67	N/A	N/A	177,370	293,260	554,630	644,460
2022-05-16	$20.27	$30.00	173.4%	49.4%	178.5%	70.0%	194.9%	44.6%	-7.1%	-2.1M	276.6M	-2.5M	1.89	37.05	N/A	N/A	81,580	153,980	479,560	592,950
2022-05-17	$22.07	$30.00	147.1%	42.1%	181.2%	53.2%	150.3%	38.9%	-2.6%	-1.6M	247.9M	-2.6M	1.55	41.21	N/A	N/A	86,790	134,180	493,870	642,870
2022-05-18	$19.95	$28.00	166.2%	47.6%	182.6%	65.4%	166.2%	44.1%	-2.5%	-2.2M	296.8M	-2.4M	1.78	35.94	N/A	N/A	90,280	161,110	507,910	667,050
2022-05-19	$21.14	$29.00	152.1%	43.8%	185.7%	56.4%	153.5%	38.5%	-0.5%	-2.3M	286.3M	-2.6M	1.68	33.98	N/A	N/A	84,860	142,440	517,880	722,600
2022-05-20	$20.15	$29.00	159.2%	46.1%	185.7%	61.0%	170.9%	40.4%	-7.4%	-4.1M	315.6M	-2.4M	1.68	44.24	N/A	N/A	102,820	172,970	531,530	745,030
2022-05-23	$20.25	$29.00	155.1%	45.6%	184.9%	58.3%	177.4%	41.0%	-2.4%	-1.9M	250.8M	-2.4M	1.65	35.11	N/A	N/A	71,520	117,660	441,470	535,880
2022-05-24	$19.25	$28.00	155.9%	45.4%	184.2%	58.8%	175.4%	35.6%	1.5%	-2.4M	289.6M	-2.2M	1.86	39.57	N/A	N/A	72,810	135,580	454,310	574,610
2022-05-25	$20.00	$27.00	145.5%	42.8%	186.0%	52.2%	168.3%	36.7%	-0.5%	-2.3M	271.1M	-2.3M	1.23	41.38	N/A	N/A	69,110	84,690	463,340	606,350
2022-05-26	$21.56	$27.00	136.1%	39.6%	188.4%	46.2%	153.4%	37.0%	1.4%	-1.8M	230.5M	-2.5M	1.20	39.11	N/A	N/A	101,660	121,680	471,300	619,300
2022-05-27	$21.73	$27.00	139.4%	41.0%	187.2%	48.3%	160.2%	36.8%	-0.8%	-1.0M	209.5M	-2.5M	1.59	39.03	N/A	N/A	118,270	188,490	495,150	646,460
2022-05-31	$26.13	$30.00	138.3%	42.3%	201.6%	47.6%	153.9%	29.4%	-5.7%	-575.4K	44.6M	-3.2M	1.39	33.17	N/A	N/A	131,700	183,510	453,940	595,740