MSTR Options History — April 2025

In April 2025, MSTR traded between $238.67 and $380.33. ATM implied volatility averaged 83.4%, placing in the 9.2% IV rank vs the trailing year. The 30-day expected move averaged 23.6%. IV traded below realized volatility by 43.3% (HV 20d: 126.7%). 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 13 of 21 days. Put/call ratio averaged 0.71.

Notable Days

2025-04-25: Highest Volume — 1,043,969 contracts
2025-04-09: Largest IV drop — 23.9% change
2025-04-08: Highest IV Rank — 32.1%
2025-04-08: Largest Expected Move — 33.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$317.74	$238.67	$380.33	$303.27	$379.69
Max Pain	$277.86	$270.00	$300.00	$300.00	$290.00
ATM IV	83.4%	66.8%	118.3%	81.8%	67.2%
Expected Move	23.6%	18.5%	33.1%	23.7%	18.5%
HV 20d	126.7%	97.7%	137.2%	117.3%	125.4%
HV 60d	105.1%	91.0%	110.5%	98.0%	109.7%
IV Rank	9.2%	0.0%	32.1%	8.0%	0.3%
IV Percentile	25.3%	0.0%	86.5%	16.7%	0.4%
Term Structure	0.6%	-2.9%	6.2%	0.9%	1.4%
VWIV	85.1%	68.2%	112.5%	84.6%	68.2%
Skew 25d	7.1%	0.0%	27.1%	4.7%	0.4%
Skew 10d	15.1%	1.2%	43.3%	12.4%	4.2%
Call IV 25d	81.8%	68.6%	107.6%	81.0%	68.6%
Put IV 25d	88.9%	69.0%	128.2%	85.7%	69.0%
Bid-Ask Spread %	8.34	-2.73	19.10	2.64	9.79
Gamma HHI	0.11	0.03	0.59	0.09	0.08
Net GEX	337.6M	18.0M	981.6M	152.5M	474.6M
Net DEX	-14.06B	-24.53B	-4.06B	-10.52B	-21.50B
Net VEX	-66.0M	-73.9M	-54.2M	-64.1M	-73.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.71	0.38	1.18	0.76	1.18
Total Volume	526,781.81	254,051	1,043,969	328,434	383,397
Total OI	2,156,228.048	1,856,305	2,352,498	2,112,444	2,172,346

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
2025-04-01	$303.27	$300.00	81.8%	23.7%	117.3%	8.0%	84.6%	4.7%	0.9%	152.5M	-10.52B	-64.1M	0.76	2.64	N/A	N/A	186,131	142,303	1,144,351	968,093
2025-04-02	$311.44	$300.00	81.2%	23.5%	115.0%	7.5%	83.5%	4.3%	2.3%	211.2M	-12.01B	-65.5M	0.73	3.04	N/A	N/A	175,677	128,589	1,178,299	987,261
2025-04-03	$283.40	$300.00	90.1%	25.8%	119.9%	13.5%	89.0%	9.5%	2.0%	38.6M	-7.53B	-60.3M	0.82	3.99	N/A	N/A	324,396	264,852	1,200,202	1,003,479
2025-04-04	$298.56	$290.00	93.2%	27.0%	121.2%	15.5%	96.1%	12.7%	6.2%	114.9M	-9.47B	-60.1M	0.68	-2.73	N/A	N/A	496,629	337,583	1,261,879	1,032,721
2025-04-07	$272.82	$290.00	104.4%	29.3%	97.7%	23.0%	102.0%	17.8%	-2.5%	84.4M	-7.16B	-59.3M	0.66	15.20	N/A	N/A	305,047	201,135	1,100,719	890,922
2025-04-08	$238.67	$270.00	118.3%	33.1%	103.8%	32.1%	112.5%	20.6%	-2.8%	18.0M	-4.06B	-54.2M	1.15	19.10	N/A	N/A	195,141	223,961	1,158,027	923,215
2025-04-09	$297.61	$270.00	89.9%	25.6%	131.0%	13.4%	92.0%	8.3%	-0.9%	217.0M	-11.64B	-64.5M	0.85	15.01	N/A	N/A	345,170	291,850	1,190,444	959,949
2025-04-10	$268.75	$270.00	101.6%	28.4%	136.6%	21.1%	100.5%	27.1%	-2.9%	62.3M	-7.04B	-59.6M	0.90	18.22	N/A	N/A	298,513	269,188	1,230,220	1,023,866
2025-04-11	$299.67	$270.00	96.0%	27.3%	136.4%	17.4%	97.0%	10.3%	-0.7%	361.3M	-12.70B	-65.8M	0.43	4.37	N/A	N/A	619,156	267,637	1,271,653	1,080,845
2025-04-14	$312.49	$270.00	84.3%	24.2%	137.2%	9.6%	89.0%	5.4%	-0.1%	282.3M	-14.28B	-66.3M	0.64	6.80	N/A	N/A	221,164	142,226	1,188,301	946,948
2025-04-15	$309.24	$270.00	76.8%	22.1%	136.4%	4.7%	79.6%	6.2%	-0.3%	334.1M	-13.52B	-64.7M	0.71	11.45	N/A	N/A	148,430	105,621	1,228,489	976,942
2025-04-16	$311.06	$270.00	79.8%	22.9%	133.7%	6.6%	82.1%	6.2%	1.6%	363.2M	-13.81B	-64.9M	0.83	9.75	N/A	N/A	215,144	178,750	1,256,743	998,053
2025-04-17	$316.97	$270.00	74.7%	21.4%	133.8%	3.3%	77.3%	6.0%	0.7%	981.6M	-14.99B	-64.3M	0.42	9.80	N/A	N/A	558,258	232,842	1,290,173	1,040,749
2025-04-21	$318.25	$270.00	79.9%	22.8%	133.8%	6.7%	83.0%	4.4%	0.4%	256.1M	-13.22B	-66.2M	0.52	6.70	N/A	N/A	281,894	147,840	1,046,131	810,174
2025-04-22	$343.06	$270.00	78.6%	22.3%	132.3%	5.9%	81.7%	1.9%	-0.0%	416.4M	-18.84B	-70.7M	0.44	6.26	N/A	N/A	558,469	245,987	1,122,361	846,863
2025-04-23	$345.62	$270.00	74.9%	21.0%	132.1%	3.4%	77.3%	0.8%	0.5%	498.3M	-18.64B	-71.6M	0.47	6.71	N/A	N/A	355,551	167,778	1,200,252	907,799
2025-04-24	$347.65	$270.00	71.0%	19.7%	131.5%	0.8%	73.7%	1.5%	1.0%	523.6M	-18.32B	-70.8M	0.82	7.27	N/A	N/A	222,472	181,589	1,250,118	945,971
2025-04-25	$366.30	$270.00	71.5%	19.8%	132.6%	1.1%	74.0%	0.5%	1.1%	840.8M	-24.53B	-72.1M	0.38	5.92	N/A	N/A	756,459	287,510	1,281,875	1,034,278
2025-04-28	$367.77	$275.00	69.4%	19.5%	125.9%	0.0%	74.0%	0.0%	2.2%	360.1M	-19.46B	-72.7M	0.81	7.33	N/A	N/A	152,394	123,354	1,123,077	906,749
2025-04-29	$380.33	$280.00	66.8%	18.7%	125.9%	0.0%	69.8%	0.1%	2.4%	498.5M	-21.97B	-73.9M	0.74	8.46	N/A	N/A	185,741	136,590	1,158,193	942,059
2025-04-30	$379.69	$290.00	67.2%	18.5%	125.4%	0.3%	68.2%	0.4%	1.4%	474.6M	-21.50B	-73.5M	1.18	9.79	N/A	N/A	176,126	207,271	1,190,871	981,475