MSTR Options History — January 2025

In January 2025, MSTR traded between $297.61 and $396.10. ATM implied volatility averaged 98.1%, placing in the 21.8% IV rank vs the trailing year. The 30-day expected move averaged 27.8%. IV traded below realized volatility by 12.0% (HV 20d: 110.1%). Max pain ranged from $185.00 to $315.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 0.66.

Notable Days

2025-01-17: Highest Volume — 1,119,230 contracts
2025-01-06: Largest IV spike — 14.4% change
2025-01-17: Highest IV Rank — 30.2%
2025-01-06: Largest Expected Move — 31.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$350.40	$297.61	$396.10	$297.61	$333.15
Max Pain	$302.25	$185.00	$315.00	$185.00	$315.00
ATM IV	98.1%	87.1%	111.3%	91.7%	88.1%
Expected Move	27.8%	24.6%	31.9%	24.6%	24.8%
HV 20d	110.1%	92.0%	123.9%	104.3%	92.0%
HV 60d	129.9%	128.0%	134.0%	128.0%	128.0%
IV Rank	21.8%	14.8%	30.2%	17.7%	15.4%
IV Percentile	51.6%	25.0%	74.2%	45.6%	28.6%
Term Structure	0.6%	-1.9%	3.7%	3.0%	1.2%
VWIV	103.4%	89.7%	122.2%	91.3%	94.2%
Skew 25d	-12.5%	-20.2%	-1.3%	-1.3%	-6.5%
Skew 10d	-24.1%	-35.8%	-4.6%	-4.6%	-12.9%
Call IV 25d	109.6%	94.4%	128.6%	95.7%	94.8%
Put IV 25d	97.1%	86.1%	110.0%	94.5%	88.3%
Bid-Ask Spread %	15.22	11.00	21.66	12.03	13.32
Gamma HHI	0.05	0.03	0.18	0.03	0.04
Net GEX	149.2M	19.2M	378.6M	51.4M	65.1M
Net DEX	-18.37B	-30.84B	-12.16B	-12.16B	-12.48B
Net VEX	-70.0M	-75.0M	-62.2M	-62.2M	-66.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.66	0.32	1.19	0.76	0.70
Total Volume	562,830.35	223,170	1,119,230	402,065	608,553
Total OI	2,454,737	1,940,003	2,935,553	2,609,755	2,273,466

Daily Data (20 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
2025-01-02	$297.61	$185.00	91.7%	24.6%	104.3%	17.7%	91.3%	-1.3%	3.0%	51.4M	-12.16B	-62.2M	0.76	12.03	N/A	N/A	228,435	173,630	1,309,842	1,299,913
2025-01-03	$340.48	$190.00	96.2%	25.0%	111.4%	20.6%	94.3%	-10.2%	3.7%	201.9M	-21.03B	-70.1M	0.61	15.71	N/A	N/A	568,106	345,142	1,356,133	1,332,716
2025-01-06	$379.18	$315.00	110.1%	31.9%	117.4%	29.4%	122.2%	-20.2%	1.1%	253.8M	-27.98B	-75.0M	0.43	14.79	N/A	N/A	510,908	221,100	1,266,554	1,254,723
2025-01-07	$337.38	$315.00	103.8%	30.0%	123.9%	25.4%	113.9%	-17.6%	1.1%	197.7M	-19.66B	-72.2M	0.82	14.93	N/A	N/A	269,312	219,754	1,394,597	1,309,756
2025-01-08	$334.81	$315.00	100.5%	29.1%	120.9%	23.3%	112.7%	-14.0%	1.4%	123.5M	-18.19B	-70.5M	0.56	15.76	N/A	N/A	413,734	231,838	1,409,271	1,337,578
2025-01-10	$334.38	$315.00	99.8%	28.5%	120.1%	22.9%	106.8%	-13.2%	0.7%	130.2M	-18.51B	-69.9M	0.83	14.15	N/A	N/A	369,415	306,979	1,496,659	1,373,337
2025-01-13	$325.66	$315.00	100.9%	28.5%	115.0%	23.5%	105.7%	-12.6%	-1.5%	69.5M	-16.03B	-66.6M	0.85	17.04	N/A	N/A	200,586	169,507	1,273,647	1,282,590
2025-01-14	$341.67	$315.00	100.9%	28.7%	116.0%	23.6%	107.0%	-12.1%	-0.9%	148.3M	-19.13B	-69.1M	1.19	14.81	N/A	N/A	207,865	247,106	1,326,586	1,318,406
2025-01-15	$361.12	$315.00	100.4%	28.4%	117.2%	23.3%	104.1%	-13.6%	-1.3%	245.4M	-22.84B	-71.0M	0.65	13.58	N/A	N/A	297,074	193,188	1,366,649	1,408,196
2025-01-16	$368.99	$315.00	100.7%	28.6%	117.5%	23.4%	107.6%	-13.8%	-1.5%	306.5M	-24.14B	-71.7M	0.66	15.29	N/A	N/A	269,897	179,154	1,401,891	1,454,840
2025-01-17	$396.10	$315.00	111.3%	31.5%	119.2%	30.2%	111.3%	-17.9%	-1.9%	378.6M	-30.84B	-74.8M	0.41	19.02	N/A	N/A	795,277	323,953	1,443,686	1,491,867
2025-01-21	$389.31	$315.00	109.7%	31.4%	110.2%	29.2%	116.7%	-18.6%	-0.1%	201.7M	-20.66B	-74.7M	0.70	15.26	N/A	N/A	315,437	220,177	1,089,688	850,315
2025-01-22	$378.30	$315.00	98.8%	28.3%	109.1%	22.2%	103.1%	-15.5%	1.1%	163.1M	-18.52B	-72.7M	0.70	17.94	N/A	N/A	208,424	146,148	1,149,869	908,702
2025-01-23	$378.73	$315.00	97.4%	27.9%	104.5%	21.3%	102.6%	-14.7%	0.2%	166.7M	-18.68B	-72.3M	0.32	20.65	N/A	N/A	510,653	162,149	1,179,403	948,076
2025-01-24	$352.22	$315.00	90.7%	25.8%	104.2%	17.0%	97.3%	-10.9%	2.4%	19.2M	-14.36B	-69.3M	0.56	21.66	N/A	N/A	480,807	269,121	1,304,265	984,269
2025-01-27	$340.76	$315.00	97.0%	27.7%	101.7%	21.1%	99.9%	-10.0%	0.4%	50.5M	-12.98B	-67.9M	0.81	12.00	N/A	N/A	257,828	209,250	1,131,540	884,978
2025-01-28	$336.72	$315.00	87.8%	25.0%	100.7%	15.2%	92.6%	-8.3%	0.8%	43.4M	-12.46B	-67.1M	0.67	14.09	N/A	N/A	133,744	89,426	1,187,228	927,125
2025-01-29	$340.70	$315.00	89.5%	25.5%	99.4%	16.3%	95.5%	-9.9%	1.0%	66.2M	-13.24B	-67.9M	0.44	11.38	N/A	N/A	334,763	146,112	1,217,125	938,567
2025-01-30	$340.75	$315.00	87.1%	24.8%	97.7%	14.8%	89.7%	-8.3%	0.1%	100.8M	-13.58B	-67.9M	0.64	11.00	N/A	N/A	256,877	165,178	1,254,208	956,479
2025-01-31	$333.15	$315.00	88.1%	24.8%	92.0%	15.4%	94.2%	-6.5%	1.2%	65.1M	-12.48B	-66.9M	0.70	13.32	N/A	N/A	357,936	250,617	1,289,074	984,392