MSTR Options History — March 2025

In March 2025, MSTR traded between $237.44 and $339.93. ATM implied volatility averaged 89.6%, placing in the 13.1% IV rank vs the trailing year. The 30-day expected move averaged 26.6%. IV traded below realized volatility by 25.6% (HV 20d: 115.2%). Max pain ranged from $270.00 to $300.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 0.70.

Notable Days

  • 2025-03-07: Highest Volume — 1,117,719 contracts
  • 2025-03-10: Largest IV spike — 23.4% change
  • 2025-03-10: Highest IV Rank — 33.6%
  • 2025-03-10: Largest Expected Move — 37.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$292.41$237.44$339.93$247.33$290.25
Max Pain$290.95$270.00$300.00$300.00$300.00
ATM IV89.6%72.3%120.4%100.0%84.7%
Expected Move26.6%22.0%37.2%30.0%24.3%
HV 20d115.2%68.1%130.7%68.1%125.7%
HV 60d98.2%88.7%102.7%88.7%98.0%
IV Rank13.1%1.7%33.6%20.1%9.9%
IV Percentile33.1%2.8%79.8%55.2%21.0%
Term Structure-0.2%-2.7%2.3%-2.2%-1.3%
VWIV97.7%78.8%138.4%109.7%86.3%
Skew 25d2.2%-5.9%8.9%2.4%5.4%
Skew 10d6.6%-9.4%22.3%7.7%12.9%
Call IV 25d91.1%71.9%117.6%101.3%83.5%
Put IV 25d93.3%75.3%125.4%103.7%88.9%
Bid-Ask Spread %5.791.9113.5913.592.83
Gamma HHI0.070.030.280.040.08
Net GEX209.9M9.7M522.7M79.9M95.8M
Net DEX-11.35B-18.33B-4.19B-5.54B-8.61B
Net VEX-64.0M-69.4M-55.6M-56.4M-62.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.700.361.110.470.90
Total Volume583,344.048322,0151,117,719641,425337,146
Total OI2,269,565.6191,955,6462,549,2471,955,6462,059,405

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-03-03$247.33$300.00100.0%30.0%68.1%20.1%109.7%2.4%-2.2%79.9M-5.54B-56.4M0.4713.59N/AN/A435,048206,3771,144,196811,450
2025-03-04$283.22$300.0095.5%28.7%85.5%17.1%107.8%-3.3%-1.2%211.5M-11.15B-64.7M0.5212.91N/AN/A494,087256,7761,255,542849,666
2025-03-05$303.82$300.0094.8%28.2%89.8%16.6%105.4%-5.9%-0.3%336.7M-15.82B-68.9M0.478.22N/AN/A468,036218,5361,352,681917,235
2025-03-06$300.94$300.00100.0%29.7%89.0%20.0%111.5%-5.5%-0.3%346.4M-15.03B-69.2M0.7010.65N/AN/A436,117306,4781,431,969978,086
2025-03-07$294.22$300.0097.6%28.1%88.9%18.4%107.9%-2.4%-0.0%195.0M-12.35B-67.0M0.519.82N/AN/A739,691378,0281,466,1501,031,923
2025-03-10$237.44$300.00120.4%37.2%115.3%33.6%138.4%7.8%-2.7%9.7M-4.19B-55.6M1.1112.50N/AN/A306,872341,5811,190,738951,661
2025-03-11$261.30$290.00103.2%31.2%121.9%22.2%113.5%5.7%-0.9%50.2M-6.69B-59.1M0.716.68N/AN/A246,979174,1681,244,608990,470
2025-03-12$260.48$285.0097.9%28.8%121.6%18.6%120.5%6.1%-0.5%49.2M-6.56B-59.0M1.067.66N/AN/A183,277195,1031,294,9891,018,418
2025-03-13$262.25$285.0097.3%28.7%121.0%18.2%107.7%8.9%-0.5%46.2M-6.65B-59.3M0.837.79N/AN/A251,813209,0471,317,5121,062,466
2025-03-14$292.92$280.0090.0%24.5%128.5%13.4%89.9%3.2%0.2%150.3M-11.98B-64.7M0.547.25N/AN/A636,017345,5711,370,9751,106,783
2025-03-17$293.71$280.0087.3%25.5%127.4%11.6%92.0%1.7%-1.1%181.3M-11.28B-64.6M0.732.00N/AN/A188,796138,4281,208,304989,597
2025-03-18$282.76$280.0088.7%25.7%127.8%12.6%91.4%3.1%-1.0%140.8M-9.35B-62.4M1.021.96N/AN/A165,118168,5051,250,4431,016,887
2025-03-19$305.47$270.0084.7%25.0%130.5%9.9%89.9%2.3%-0.5%272.2M-13.50B-65.3M0.682.26N/AN/A302,674206,2901,276,8311,045,240
2025-03-20$302.29$270.0080.1%23.9%130.4%6.8%84.5%2.4%-0.5%302.5M-12.57B-63.8M0.761.94N/AN/A292,856223,3761,334,9751,095,774
2025-03-21$303.02$290.0078.1%23.4%128.3%5.5%86.9%3.7%-0.6%522.7M-12.78B-63.5M0.622.00N/AN/A387,724240,3751,391,5131,157,734
2025-03-24$332.53$290.0076.8%23.2%130.7%4.6%82.8%-0.3%2.1%299.5M-16.72B-67.6M0.361.91N/AN/A502,215182,0451,094,146901,154
2025-03-25$339.93$290.0073.3%22.5%120.7%2.3%78.9%-0.1%1.9%417.4M-18.33B-69.0M0.592.08N/AN/A254,749150,3921,200,441943,902
2025-03-26$328.61$300.0074.7%22.7%121.9%3.3%80.7%2.5%2.3%346.7M-15.92B-69.4M0.722.23N/AN/A186,791135,2241,267,495987,997
2025-03-27$325.31$300.0072.3%22.0%119.4%1.7%78.8%3.4%0.9%315.7M-14.70B-68.0M0.662.38N/AN/A256,625170,0731,275,4821,009,385
2025-03-28$292.72$300.0083.5%24.4%126.0%9.1%87.4%5.1%1.3%38.4M-8.55B-63.6M0.732.95N/AN/A539,366391,8551,286,9121,079,743
2025-03-31$290.25$300.0084.7%24.3%125.7%9.9%86.3%5.4%-1.3%95.8M-8.61B-62.4M0.902.83N/AN/A177,683159,4631,121,074938,331