MSTR Options History — September 2022

In September 2022, MSTR traded between $19.07 and $26.07. ATM implied volatility averaged 105.4%, placing in the 26.6% IV rank vs the trailing year. The 30-day expected move averaged 30.1%. IV traded above realized volatility by 17.8% (HV 20d: 87.5%). Max pain ranged from $22.00 to $28.50. Net GEX was positive for 4 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.44.

Notable Days

2022-09-16: Highest Volume — 260,030 contracts
2022-09-07: Largest IV drop — 10.1% change
2022-09-06: Highest IV Rank — 32.5%
2022-09-06: Largest Expected Move — 32.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$21.57	$19.07	$26.07	$21.94	$21.42
Max Pain	$22.85	$22.00	$28.50	$28.50	$22.00
ATM IV	105.4%	94.4%	114.5%	111.4%	105.5%
Expected Move	30.1%	27.4%	32.5%	31.0%	30.0%
HV 20d	87.5%	74.3%	99.0%	78.3%	86.0%
HV 60d	104.8%	93.8%	119.9%	119.9%	93.8%
IV Rank	26.6%	19.6%	32.5%	30.5%	26.7%
IV Percentile	71.7%	63.9%	77.8%	77.0%	69.0%
Term Structure	-0.1%	-3.1%	3.1%	-0.9%	1.1%
VWIV	108.4%	100.9%	119.1%	111.7%	111.1%
Skew 25d	14.5%	12.1%	19.1%	19.1%	15.8%
Skew 10d	28.3%	21.9%	36.4%	36.4%	29.6%
Call IV 25d	99.9%	89.2%	108.8%	103.5%	99.6%
Put IV 25d	114.4%	102.4%	123.8%	122.6%	115.4%
Bid-Ask Spread %	47.40	36.06	56.66	36.06	44.17
Gamma HHI	0.05	0.02	0.15	0.04	0.04
Net GEX	-3.1M	-10.7M	2.2M	-6.8M	1.3M
Net DEX	185.4M	-58.7M	310.0M	304.2M	111.8M
Net VEX	-2.3M	-2.8M	-2.0M	-2.4M	-2.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.44	0.77	2.51	1.48	1.26
Total Volume	179,455.238	103,740	260,030	202,290	211,030
Total OI	1,298,329.524	1,161,220	1,420,750	1,295,420	1,344,660

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
2022-09-01	$21.94	$28.50	111.4%	31.0%	78.3%	30.5%	111.7%	19.1%	-0.9%	-6.8M	304.2M	-2.4M	1.48	36.06	N/A	N/A	81,480	120,810	613,230	682,190
2022-09-02	$21.64	$28.00	108.1%	30.2%	76.2%	28.3%	107.3%	17.6%	-0.9%	-6.2M	294.9M	-2.4M	1.43	36.63	N/A	N/A	57,780	82,730	640,160	694,180
2022-09-06	$20.44	$23.00	114.5%	32.5%	74.3%	32.5%	112.2%	15.0%	-1.1%	-4.0M	264.0M	-2.3M	1.49	45.04	N/A	N/A	99,140	148,180	591,350	620,530
2022-09-07	$21.86	$22.00	103.0%	29.7%	80.9%	25.1%	106.8%	13.5%	1.0%	-4.2M	225.1M	-2.4M	1.43	46.69	N/A	N/A	90,120	128,760	612,330	667,920
2022-09-08	$23.29	$22.00	97.9%	28.5%	81.4%	21.8%	103.6%	15.2%	0.7%	-893.0K	136.9M	-2.5M	1.42	55.72	N/A	N/A	59,280	84,210	635,520	691,750
2022-09-09	$26.07	$22.00	94.4%	27.4%	93.8%	19.6%	100.9%	13.2%	0.5%	-104.5K	-58.7M	-2.7M	0.77	52.42	N/A	N/A	135,820	104,860	648,540	710,510
2022-09-12	$26.07	$22.00	97.1%	27.9%	91.2%	21.4%	105.5%	12.7%	0.2%	2.2M	-4.6M	-2.8M	0.84	49.98	N/A	N/A	72,140	60,890	626,210	623,130
2022-09-13	$23.04	$22.00	104.6%	30.0%	98.9%	26.1%	111.2%	13.2%	0.6%	-2.0M	155.7M	-2.5M	1.11	47.03	N/A	N/A	120,700	134,210	653,420	646,120
2022-09-14	$22.86	$23.00	102.4%	28.9%	99.0%	24.7%	104.8%	13.4%	-2.0%	-3.2M	181.9M	-2.4M	1.45	56.66	N/A	N/A	54,160	78,500	667,440	687,130
2022-09-15	$21.83	$23.00	104.7%	29.8%	98.3%	26.2%	106.1%	12.1%	-1.8%	-5.7M	236.5M	-2.3M	1.82	56.00	N/A	N/A	43,680	79,560	688,950	710,240
2022-09-16	$20.64	$23.00	106.1%	29.9%	98.5%	27.1%	108.2%	12.7%	-2.5%	-10.7M	310.0M	-2.2M	1.59	52.59	N/A	N/A	100,450	159,580	696,420	724,330
2022-09-19	$20.45	$22.00	104.6%	29.8%	88.9%	26.1%	107.5%	13.9%	0.9%	-2.8M	206.1M	-2.2M	1.68	47.78	N/A	N/A	49,880	83,820	582,200	579,020
2022-09-20	$19.71	$23.00	106.2%	30.4%	87.3%	27.1%	107.5%	14.4%	2.0%	-3.8M	233.4M	-2.1M	1.18	44.83	N/A	N/A	52,880	62,450	603,140	618,180
2022-09-21	$19.51	$22.25	106.0%	30.4%	87.1%	27.0%	109.1%	14.9%	0.3%	-4.2M	236.0M	-2.1M	1.54	47.34	N/A	N/A	40,810	62,930	627,410	636,050
2022-09-22	$19.51	$22.00	104.6%	29.9%	85.8%	26.1%	101.7%	14.0%	3.1%	-6.2M	251.3M	-2.0M	1.55	44.90	N/A	N/A	67,040	103,850	636,920	668,890
2022-09-23	$19.07	$22.00	108.2%	30.9%	85.8%	28.4%	108.1%	16.1%	0.2%	-5.1M	272.1M	-2.0M	2.51	45.70	N/A	N/A	48,180	121,050	655,180	690,340
2022-09-26	$20.14	$22.00	110.3%	31.3%	84.7%	29.7%	109.6%	14.8%	-3.1%	-2.5M	179.6M	-2.1M	1.20	49.51	N/A	N/A	89,490	107,480	590,990	615,530
2022-09-27	$20.52	$22.00	111.0%	31.7%	85.3%	30.2%	119.1%	14.2%	-0.6%	-1.3M	149.8M	-2.2M	1.26	44.18	N/A	N/A	92,620	117,040	617,160	645,760
2022-09-28	$21.85	$22.00	106.0%	30.1%	88.0%	27.0%	110.7%	13.8%	-1.4%	1.1M	84.8M	-2.3M	1.08	45.05	N/A	N/A	75,320	81,410	629,800	671,270
2022-09-29	$21.18	$22.00	106.6%	30.9%	88.4%	27.4%	113.0%	15.3%	2.0%	702.6K	123.6M	-2.2M	2.02	47.17	N/A	N/A	67,530	136,710	638,000	682,820
2022-09-30	$21.42	$22.00	105.5%	30.0%	86.0%	26.7%	111.1%	15.8%	1.1%	1.3M	111.8M	-2.3M	1.26	44.17	N/A	N/A	93,280	117,750	642,080	702,580