MSTR Options History — March 2023

In March 2023, MSTR traded between $19.15 and $29.07. ATM implied volatility averaged 91.6%, placing in the 15.1% IV rank vs the trailing year. The 30-day expected move averaged 26.0%. IV traded below realized volatility by 2.1% (HV 20d: 93.7%). Max pain ranged from $23.00 to $26.50. Net GEX was positive for 10 of 23 trading days. Term structure was in contango for 11 of 23 days. Put/call ratio averaged 1.56.

Notable Days

  • 2023-03-10: Highest Volume — 554,660 contracts
  • 2023-03-10: Largest IV spike — 11.4% change
  • 2023-03-13: Highest IV Rank — 24.0%
  • 2023-03-13: Largest Expected Move — 29.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$24.79$19.15$29.07$25.82$29.07
Max Pain$24.30$23.00$26.50$26.50$24.50
ATM IV91.6%81.6%105.2%82.4%87.8%
Expected Move26.0%23.4%29.4%23.7%24.2%
HV 20d93.7%73.6%115.0%82.6%115.0%
HV 60d87.2%78.2%94.0%80.5%91.9%
IV Rank15.1%8.5%24.0%9.1%12.6%
IV Percentile34.9%12.3%61.5%13.1%21.0%
Term Structure0.1%-2.7%4.4%-0.7%1.7%
VWIV93.0%81.3%104.7%85.1%88.5%
Skew 25d8.5%4.4%15.9%5.4%6.2%
Skew 10d16.3%5.7%29.4%12.6%15.8%
Call IV 25d88.5%78.8%101.6%81.0%86.1%
Put IV 25d97.0%85.4%110.6%86.4%92.3%
Bid-Ask Spread %33.4917.7844.5730.2426.70
Gamma HHI0.050.030.140.040.14
Net GEX-1.0M-14.6M17.0M-4.2M17.0M
Net DEX-90.9M-515.4M500.6M-57.5M-515.4M
Net VEX-2.7M-3.4M-2.0M-2.4M-3.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.560.753.831.320.81
Total Volume233,662.174123,870554,660136,220217,010
Total OI1,252,254.3481,033,5001,447,9501,122,8601,441,400

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-03-01$25.82$26.5082.4%23.7%82.6%9.1%85.1%5.4%-0.7%-4.2M-57.5M-2.4M1.3230.24N/AN/A58,80077,420470,110652,750
2023-03-02$25.31$26.5082.6%24.0%77.2%9.1%90.2%7.5%-1.0%-7.9M-315.7K-2.4M2.4917.78N/AN/A60,380150,420493,180689,840
2023-03-03$24.72$26.5081.7%23.6%73.6%8.5%82.0%6.4%-0.4%-14.6M51.5M-2.3M2.3026.10N/AN/A68,860158,470516,290758,320
2023-03-06$23.89$25.0082.9%23.4%74.2%9.4%83.9%8.2%0.0%-8.8M81.0M-2.3M1.4838.57N/AN/A67,24099,690446,160658,690
2023-03-07$23.31$25.0082.2%23.8%74.4%8.9%85.4%6.5%-1.1%-11.2M131.1M-2.3M2.0440.88N/AN/A64,400131,630465,530683,370
2023-03-08$23.27$25.0081.6%23.5%74.3%8.5%81.3%7.7%0.3%-10.3M101.0M-2.3M2.0240.46N/AN/A46,45093,840486,970676,280
2023-03-09$21.28$25.0088.3%25.0%79.5%12.9%88.7%12.4%-2.1%-12.2M264.6M-2.2M2.6839.57N/AN/A110,380295,450497,770679,460
2023-03-10$19.15$25.0098.4%28.0%79.7%19.6%97.5%15.9%-2.7%-7.7M500.6M-2.0M3.8344.57N/AN/A114,840439,820533,930774,960
2023-03-13$22.52$23.00105.2%29.4%101.0%24.0%104.7%9.0%-1.4%-2.7M19.8M-2.5M1.3339.29N/AN/A148,790198,280469,840727,040
2023-03-14$22.48$23.00101.7%28.6%100.6%21.8%101.9%11.3%-1.2%-1.2M-562.6K-2.6M0.7941.87N/AN/A136,000107,680528,280773,230
2023-03-15$22.69$23.00101.5%28.3%92.9%21.6%100.5%12.4%-2.5%-1.2M-10.3M-2.6M1.3642.47N/AN/A64,88088,130560,450812,200
2023-03-16$24.15$23.0092.2%26.1%90.5%15.5%91.6%12.9%-1.3%3.6M-143.4M-2.7M1.2138.88N/AN/A56,08067,790573,420841,400
2023-03-17$27.02$23.0097.0%27.5%99.1%18.7%96.9%10.5%-2.0%10.0M-430.7M-2.9M0.7525.33N/AN/A231,010173,480582,250865,700
2023-03-20$26.28$23.0095.7%27.2%98.9%17.8%97.1%8.2%1.8%4.8M-260.3M-3.0M1.1621.93N/AN/A108,790126,580477,290556,210
2023-03-21$27.47$24.0091.9%26.2%96.8%15.3%95.9%4.4%4.4%7.1M-359.4M-3.2M0.8123.34N/AN/A90,41073,640529,610606,530
2023-03-22$25.13$24.0092.5%26.5%101.9%15.7%92.6%5.3%1.8%2.0M-157.7M-3.0M0.8632.71N/AN/A79,71068,290552,590645,160
2023-03-23$26.08$24.0094.2%26.9%102.9%16.8%98.5%5.9%1.3%2.1M-203.0M-3.0M1.1132.78N/AN/A114,000127,080569,880681,240
2023-03-24$25.76$24.0093.6%26.5%101.6%16.4%95.2%5.8%3.7%2.4M-167.8M-3.1M1.8235.19N/AN/A75,570137,340617,020741,870
2023-03-27$24.10$24.0095.8%27.5%104.3%17.9%98.4%11.6%0.3%-3.4M-47.1M-3.0M2.2436.03N/AN/A81,430182,210499,250644,820
2023-03-28$24.64$24.0094.1%26.4%104.3%16.7%97.5%8.1%-0.7%-3.5M-84.0M-3.1M1.3037.15N/AN/A65,16084,620531,140755,810
2023-03-29$28.17$24.0090.9%25.7%114.9%14.6%92.8%7.6%2.8%8.5M-417.1M-3.3M1.1928.10N/AN/A127,540152,360556,330779,920
2023-03-30$27.82$24.0092.1%25.2%114.7%15.4%93.0%5.4%1.4%8.7M-385.9M-3.3M1.0330.31N/AN/A75,17077,110584,100814,260
2023-03-31$29.07$24.5087.8%24.2%115.0%12.6%88.5%6.2%1.7%17.0M-515.4M-3.4M0.8126.70N/AN/A120,18096,830599,070842,330