MSTR Options History — September 2023

In September 2023, MSTR traded between $31.65 and $35.52. ATM implied volatility averaged 58.2%, placing in the 1.3% IV rank vs the trailing year. The 30-day expected move averaged 16.7%. IV traded above realized volatility by 6.3% (HV 20d: 52.0%). Max pain ranged from $34.00 to $37.00. Net GEX was positive for 1 of 20 trading days. Term structure was in contango for 18 of 20 days. Put/call ratio averaged 1.26.

Notable Days

  • 2023-09-15: Highest Volume — 205,470 contracts
  • 2023-09-26: Largest IV spike — 5.4% change
  • 2023-09-27: Highest IV Rank — 3.9%
  • 2023-09-05: Largest Expected Move — 17.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$33.84$31.65$35.52$35.15$32.66
Max Pain$34.95$34.00$37.00$37.00$34.00
ATM IV58.2%55.2%61.9%60.1%56.4%
Expected Move16.7%15.6%17.9%16.4%15.6%
HV 20d52.0%26.7%63.2%63.2%28.5%
HV 60d59.1%53.2%62.6%62.6%53.9%
IV Rank1.3%0.0%3.9%0.5%1.0%
IV Percentile1.4%0.0%5.6%0.4%0.8%
Term Structure1.3%-0.3%4.7%1.3%4.7%
VWIV60.4%56.0%64.6%60.8%57.2%
Skew 25d2.7%0.6%5.1%0.6%4.4%
Skew 10d6.0%3.0%10.8%3.0%8.2%
Call IV 25d57.8%54.3%62.5%60.7%54.6%
Put IV 25d60.5%57.8%63.9%61.4%59.0%
Bid-Ask Spread %40.4532.1749.9538.7248.54
Gamma HHI0.050.020.180.050.04
Net GEX-5.5M-22.8M257.7K-5.8M257.7K
Net DEX-263.3M-390.1M-125.0M-295.4M-266.7M
Net VEX-4.4M-4.8M-4.2M-4.8M-4.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.260.642.111.131.19
Total Volume127,01071,790205,470189,250116,950
Total OI1,327,994.51,221,4901,443,7101,438,0401,404,090

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-09-01$35.15$37.0060.1%16.4%63.2%0.5%60.8%0.6%1.3%-5.8M-295.4M-4.8M1.1338.72N/AN/A88,870100,380646,510791,530
2023-09-05$35.08$35.0061.9%17.9%63.1%2.1%64.6%1.4%0.3%-3.4M-321.1M-4.6M1.0637.24N/AN/A41,14043,740561,940701,970
2023-09-06$35.17$35.0059.5%17.7%60.4%0.0%62.6%1.4%0.3%-2.7M-330.2M-4.6M1.0433.24N/AN/A47,09048,870578,260722,740
2023-09-07$35.39$35.0060.1%17.4%59.7%0.5%62.6%1.7%0.8%-1.7M-359.4M-4.6M1.2141.03N/AN/A50,61061,470593,390737,110
2023-09-08$35.52$35.0058.1%16.9%59.8%0.0%62.8%1.5%0.3%-3.6M-390.1M-4.4M1.2132.17N/AN/A61,92075,070609,040753,710
2023-09-11$34.35$35.0060.0%17.2%60.2%1.7%62.4%1.8%0.1%-4.9M-267.5M-4.4M1.8042.06N/AN/A65,650118,060566,950677,800
2023-09-12$34.73$35.0059.3%17.0%60.2%1.1%62.1%2.3%-0.1%-3.8M-303.8M-4.6M0.6440.70N/AN/A91,57058,630575,050744,530
2023-09-13$34.33$35.0058.0%16.7%59.7%0.0%60.3%2.7%0.0%-6.7M-254.7M-4.5M1.5045.95N/AN/A42,25063,520599,200757,480
2023-09-14$34.86$35.0056.6%16.2%60.0%0.0%58.8%2.1%0.1%-2.7M-339.6M-4.4M0.9537.38N/AN/A91,46087,250607,390771,270
2023-09-15$33.84$35.0055.2%16.0%56.6%0.0%57.9%2.6%1.0%-22.8M-185.1M-4.4M2.1149.95N/AN/A66,130139,340639,290804,420
2023-09-18$34.13$35.0056.9%16.3%52.3%1.4%61.8%2.5%3.1%-1.5M-300.1M-4.4M0.9636.06N/AN/A64,68062,110543,310678,180
2023-09-19$34.17$35.0057.1%16.4%51.8%1.6%60.1%2.9%0.7%-1.7M-307.9M-4.4M1.1336.63N/AN/A42,24047,540569,580707,150
2023-09-20$33.52$35.0056.9%16.3%52.0%1.4%58.0%3.2%-0.3%-6.3M-237.6M-4.4M0.8238.69N/AN/A42,15034,710588,190729,060
2023-09-21$32.67$35.0057.7%16.5%49.5%2.1%58.1%2.9%0.6%-11.1M-149.5M-4.3M1.3141.77N/AN/A56,23073,780607,170746,710
2023-09-22$32.27$35.0055.8%16.0%48.6%0.5%56.0%3.7%1.3%-13.9M-125.0M-4.3M1.6642.77N/AN/A45,39075,370622,190760,220
2023-09-25$32.64$35.0056.8%16.2%48.8%1.3%58.2%2.6%3.4%-4.1M-227.9M-4.2M1.4243.98N/AN/A43,52061,910561,760664,930
2023-09-26$31.84$35.0059.8%17.1%48.3%3.9%61.2%4.8%2.4%-6.6M-154.1M-4.3M1.1637.23N/AN/A33,29038,500585,020698,940
2023-09-27$31.65$34.0059.9%17.1%26.7%3.9%62.9%5.1%2.6%-6.9M-154.6M-4.2M1.6243.44N/AN/A38,39062,120600,440709,050
2023-09-28$32.92$34.0059.0%16.5%30.1%3.2%60.0%2.9%2.9%-348.9K-296.4M-4.4M1.2141.41N/AN/A71,75086,550612,730731,590
2023-09-29$32.66$34.0056.4%15.6%28.5%1.0%57.2%4.4%4.7%257.7K-266.7M-4.3M1.1948.54N/AN/A53,40063,550636,640767,450