MSTR Options History — December 2022

In December 2022, MSTR traded between $13.81 and $20.91. ATM implied volatility averaged 87.8%, placing in the 14.2% IV rank vs the trailing year. The 30-day expected move averaged 25.3%. IV traded above realized volatility by 7.3% (HV 20d: 80.5%). Max pain ranged from $19.00 to $30.00. Net GEX was positive for 7 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 1.84.

Notable Days

2022-12-27: Highest Volume — 343,150 contracts
2022-12-27: Largest IV spike — 16.0% change
2022-12-28: Highest IV Rank — 20.1%
2022-12-28: Largest Expected Move — 27.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.86	$13.81	$20.91	$19.88	$13.96
Max Pain	$25.86	$19.00	$30.00	$19.50	$19.00
ATM IV	87.8%	79.3%	96.9%	89.9%	89.8%
Expected Move	25.3%	22.3%	27.6%	26.0%	24.7%
HV 20d	80.5%	62.4%	134.2%	132.4%	64.7%
HV 60d	95.1%	93.2%	99.3%	99.3%	93.9%
IV Rank	14.2%	8.8%	20.1%	15.6%	15.6%
IV Percentile	34.4%	18.7%	50.0%	40.1%	36.9%
Term Structure	1.8%	-1.6%	4.5%	-1.6%	1.8%
VWIV	91.3%	80.2%	100.8%	99.6%	93.3%
Skew 25d	11.8%	7.9%	17.6%	15.8%	17.6%
Skew 10d	19.5%	12.3%	33.9%	25.4%	33.9%
Call IV 25d	84.3%	75.9%	91.4%	85.2%	82.5%
Put IV 25d	96.2%	85.3%	106.4%	100.9%	100.1%
Bid-Ask Spread %	48.91	22.99	69.24	28.36	40.66
Gamma HHI	0.10	0.05	0.50	0.07	0.14
Net GEX	-3.9M	-26.9M	7.1M	4.1M	-9.0M
Net DEX	263.8M	-54.2M	475.9M	66.9M	437.2M
Net VEX	-1.7M	-1.9M	-1.4M	-1.8M	-1.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.84	0.66	3.19	1.33	1.78
Total Volume	196,458.095	99,950	343,150	174,190	255,780
Total OI	1,838,651.905	1,527,100	2,062,490	1,926,940	2,062,490

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
2022-12-01	$19.88	$19.50	89.9%	26.0%	132.4%	15.6%	99.6%	15.8%	-1.6%	4.1M	66.9M	-1.8M	1.33	28.36	N/A	N/A	74,630	99,560	801,780	1,125,160
2022-12-02	$20.91	$19.50	89.1%	26.5%	134.2%	15.1%	96.0%	11.3%	0.2%	7.1M	-54.2M	-1.9M	1.21	22.99	N/A	N/A	88,850	107,650	818,140	1,148,500
2022-12-05	$19.25	$30.00	91.9%	27.1%	131.6%	16.9%	94.6%	12.7%	3.0%	276.4K	179.5M	-1.8M	2.10	68.05	N/A	N/A	93,160	195,890	751,890	961,660
2022-12-06	$19.51	$29.00	90.6%	26.7%	132.0%	16.1%	92.5%	12.4%	1.4%	-1.6M	217.2M	-1.9M	1.77	69.24	N/A	N/A	45,100	80,030	790,980	1,078,440
2022-12-07	$19.50	$29.00	90.1%	26.9%	89.5%	15.8%	100.8%	15.2%	3.7%	-1.7M	216.4M	-1.8M	2.67	66.89	N/A	N/A	32,190	85,800	800,200	1,109,150
2022-12-08	$19.96	$29.00	86.1%	25.8%	65.2%	13.2%	95.5%	10.9%	1.8%	66.1K	169.6M	-1.9M	1.55	66.15	N/A	N/A	55,880	86,530	804,270	1,139,550
2022-12-09	$19.93	$29.00	83.5%	25.1%	65.2%	11.5%	94.1%	9.9%	2.9%	4.1M	177.7M	-1.8M	1.67	67.70	N/A	N/A	52,970	88,270	818,410	1,166,210
2022-12-12	$19.62	$29.00	88.9%	25.9%	65.7%	15.0%	93.4%	10.1%	0.1%	-538.3K	184.6M	-1.7M	3.19	68.24	N/A	N/A	25,480	81,250	764,050	1,014,240
2022-12-13	$20.13	$29.00	83.4%	24.4%	62.8%	11.4%	86.8%	11.9%	1.1%	2.1M	133.2M	-1.6M	1.75	61.74	N/A	N/A	47,460	83,120	772,830	1,067,260
2022-12-14	$20.23	$29.00	84.6%	24.8%	62.4%	12.2%	88.4%	9.3%	2.2%	3.5M	121.3M	-1.7M	0.66	64.43	N/A	N/A	162,050	107,410	785,100	1,108,890
2022-12-15	$18.71	$29.00	88.4%	25.5%	69.0%	14.6%	91.0%	10.9%	2.9%	-8.3M	293.2M	-1.8M	1.80	59.06	N/A	N/A	67,540	121,810	829,120	1,153,010
2022-12-16	$17.46	$29.00	90.6%	26.0%	73.3%	16.1%	99.4%	11.3%	1.0%	-26.9M	454.3M	-1.7M	3.01	56.77	N/A	N/A	80,510	242,540	827,820	1,164,420
2022-12-19	$16.94	$29.00	87.8%	25.2%	73.8%	14.3%	90.1%	10.8%	3.2%	-5.2M	302.0M	-1.6M	1.75	33.89	N/A	N/A	80,130	139,840	694,340	832,760
2022-12-20	$16.96	$26.00	83.4%	23.9%	68.1%	11.4%	83.4%	9.2%	2.9%	-5.6M	305.8M	-1.7M	1.96	33.67	N/A	N/A	39,710	77,840	732,750	907,950
2022-12-21	$16.85	$25.00	81.1%	23.3%	65.2%	10.0%	82.8%	7.9%	2.1%	-6.0M	315.8M	-1.6M	1.52	33.00	N/A	N/A	39,740	60,210	755,330	942,350
2022-12-22	$16.61	$25.00	81.8%	23.2%	62.8%	10.4%	82.2%	10.6%	3.3%	-6.7M	331.6M	-1.7M	1.65	30.68	N/A	N/A	58,610	96,430	775,340	974,030
2022-12-23	$16.30	$25.00	79.3%	22.3%	62.8%	8.8%	80.2%	9.3%	4.5%	-5.8M	348.3M	-1.6M	3.06	33.19	N/A	N/A	32,510	99,380	792,190	1,010,820
2022-12-27	$14.78	$24.00	92.0%	25.9%	71.1%	17.0%	88.6%	11.3%	2.2%	-7.3M	393.9M	-1.5M	1.07	42.83	N/A	N/A	165,570	177,580	752,230	871,940
2022-12-28	$13.81	$20.00	96.9%	27.6%	72.9%	20.1%	96.5%	15.0%	-0.6%	-8.4M	468.6M	-1.4M	2.39	35.53	N/A	N/A	77,930	185,930	867,710	951,350
2022-12-29	$13.84	$20.00	93.6%	25.6%	65.6%	18.0%	87.9%	14.7%	-0.7%	-9.7M	475.9M	-1.4M	0.85	43.98	N/A	N/A	180,100	152,650	904,480	982,550
2022-12-30	$13.96	$19.00	89.8%	24.7%	64.7%	15.6%	93.3%	17.6%	1.8%	-9.0M	437.2M	-1.5M	1.78	40.66	N/A	N/A	92,050	163,730	1,040,990	1,021,500