MSTR Options History — November 2022

In November 2022, MSTR traded between $15.75 and $27.34. ATM implied volatility averaged 116.0%, placing in the 32.5% IV rank vs the trailing year. The 30-day expected move averaged 33.3%. IV traded below realized volatility by 0.5% (HV 20d: 116.4%). Max pain ranged from $19.50 to $24.00. Net GEX was positive for 4 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 1.55.

Notable Days

2022-11-08: Highest Volume — 806,590 contracts
2022-11-08: Largest IV spike — 78.3% change
2022-11-09: Highest IV Rank — 69.8%
2022-11-09: Largest Expected Move — 48.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$19.54	$15.75	$27.34	$25.91	$19.44
Max Pain	$22.63	$19.50	$24.00	$24.00	$19.50
ATM IV	116.0%	77.4%	173.7%	87.8%	94.3%
Expected Move	33.3%	23.2%	48.2%	26.6%	27.2%
HV 20d	116.4%	68.6%	135.5%	70.9%	131.8%
HV 60d	95.5%	79.3%	103.3%	80.6%	100.2%
IV Rank	32.5%	7.5%	69.8%	14.3%	18.5%
IV Percentile	67.4%	25.8%	97.2%	42.9%	46.0%
Term Structure	-1.4%	-6.8%	1.5%	0.3%	-0.3%
VWIV	121.8%	79.9%	170.1%	93.8%	98.6%
Skew 25d	25.7%	10.9%	47.1%	12.4%	16.2%
Skew 10d	47.6%	18.1%	85.5%	23.3%	27.3%
Call IV 25d	105.3%	72.9%	149.0%	82.6%	89.1%
Put IV 25d	130.9%	84.7%	196.0%	95.0%	105.3%
Bid-Ask Spread %	25.15	13.75	31.79	25.68	29.11
Gamma HHI	0.06	0.03	0.11	0.05	0.06
Net GEX	-2.7M	-7.7M	3.2M	747.9K	2.4M
Net DEX	273.8M	-33.7M	507.8M	64.2M	102.4M
Net VEX	-1.9M	-2.3M	-1.7M	-2.3M	-1.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.55	0.71	2.44	1.24	2.05
Total Volume	347,339.048	106,210	806,590	137,230	210,980
Total OI	1,552,980.476	1,121,480	1,882,500	1,148,430	1,863,930

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
2022-11-01	$25.91	$24.00	87.8%	26.6%	70.9%	14.3%	93.8%	12.4%	0.3%	747.9K	64.2M	-2.3M	1.24	25.68	N/A	N/A	61,380	75,850	602,770	545,660
2022-11-02	$25.28	$24.00	80.3%	23.8%	71.6%	9.4%	83.2%	10.9%	0.0%	-1.6M	118.4M	-2.2M	0.86	31.79	N/A	N/A	112,570	97,250	618,260	571,940
2022-11-03	$25.04	$24.00	80.3%	23.7%	71.6%	9.4%	81.7%	13.2%	0.8%	-2.8M	150.0M	-2.1M	0.98	23.05	N/A	N/A	79,590	77,810	642,770	594,650
2022-11-04	$27.34	$24.00	77.4%	23.2%	68.6%	7.5%	79.9%	11.8%	0.3%	3.2M	-33.7M	-2.2M	0.71	24.85	N/A	N/A	134,740	95,700	655,070	601,940
2022-11-07	$26.70	$24.00	83.3%	24.0%	69.6%	11.4%	87.9%	14.4%	1.0%	2.7M	18.7M	-2.2M	1.13	21.33	N/A	N/A	64,460	72,740	590,750	530,730
2022-11-08	$20.28	$24.00	148.5%	41.6%	122.6%	53.5%	157.0%	36.7%	-3.5%	-2.0M	267.7M	-1.9M	2.02	13.75	N/A	N/A	267,010	539,580	601,970	553,950
2022-11-09	$17.16	$24.00	173.7%	48.2%	135.4%	69.8%	170.1%	47.1%	-6.8%	-4.4M	449.6M	-1.8M	1.99	25.09	N/A	N/A	223,550	444,750	673,250	768,930
2022-11-10	$17.41	$24.00	147.8%	41.3%	135.5%	53.0%	150.0%	36.3%	-5.3%	-6.6M	484.0M	-1.8M	1.64	20.09	N/A	N/A	195,790	320,470	733,700	893,390
2022-11-11	$17.50	$24.00	145.8%	41.3%	135.0%	51.8%	150.8%	35.8%	-2.9%	-7.7M	507.8M	-1.9M	1.77	20.40	N/A	N/A	260,450	462,230	772,030	948,940
2022-11-14	$16.68	$24.00	141.4%	40.5%	133.6%	48.9%	153.2%	36.3%	-1.2%	-4.4M	378.7M	-1.8M	1.51	22.39	N/A	N/A	149,200	224,590	656,610	861,760
2022-11-15	$17.16	$24.00	123.9%	35.6%	133.1%	37.6%	132.7%	30.5%	1.5%	-5.2M	383.8M	-1.8M	1.76	26.08	N/A	N/A	106,070	186,200	691,970	939,720
2022-11-16	$16.82	$24.00	123.2%	35.3%	133.1%	37.2%	142.2%	32.8%	-0.4%	-5.7M	404.2M	-1.8M	2.44	26.07	N/A	N/A	122,810	299,810	717,670	967,380
2022-11-17	$17.30	$24.00	121.5%	34.9%	133.9%	36.0%	135.7%	29.0%	-3.0%	-4.7M	373.7M	-1.9M	1.45	26.09	N/A	N/A	118,540	172,350	752,660	1,066,570
2022-11-18	$17.01	$24.00	123.3%	35.7%	131.5%	37.2%	124.9%	30.8%	-5.2%	-5.1M	408.6M	-1.8M	1.65	27.43	N/A	N/A	146,170	240,600	764,020	1,107,410
2022-11-21	$15.75	$20.00	136.0%	40.0%	132.4%	45.5%	133.6%	30.5%	-4.8%	-4.8M	354.9M	-1.7M	1.32	24.76	N/A	N/A	208,850	275,160	658,890	884,070
2022-11-22	$16.66	$20.00	123.1%	35.4%	125.7%	37.1%	128.0%	27.0%	-1.7%	-3.9M	312.7M	-1.8M	1.41	26.98	N/A	N/A	111,940	157,400	743,340	981,880
2022-11-23	$17.50	$20.00	109.5%	31.2%	127.2%	28.3%	118.8%	21.5%	-1.2%	-1.3M	255.1M	-1.7M	1.66	30.26	N/A	N/A	141,120	233,670	761,940	1,025,220
2022-11-25	$17.73	$20.00	104.3%	29.1%	127.7%	24.9%	108.8%	24.5%	0.9%	-906.9K	235.8M	-1.7M	0.96	30.86	N/A	N/A	54,130	52,080	785,210	1,097,290
2022-11-28	$17.63	$20.00	108.4%	31.3%	126.9%	27.6%	109.1%	22.5%	0.6%	-3.6M	278.2M	-1.7M	1.75	23.38	N/A	N/A	110,690	193,400	687,660	927,490
2022-11-29	$18.05	$19.75	101.6%	30.2%	127.7%	23.2%	116.8%	19.3%	1.5%	-1.9M	234.4M	-1.8M	2.28	28.76	N/A	N/A	58,670	133,770	759,940	1,009,260
2022-11-30	$19.44	$19.50	94.3%	27.2%	131.8%	18.5%	98.6%	16.2%	-0.3%	2.4M	102.4M	-1.9M	2.05	29.11	N/A	N/A	69,130	141,850	786,420	1,077,510