MSTR Options History — May 2025 In May 2025, MSTR traded between $364.73 and $421.26. ATM implied volatility averaged 66.5%, placing in the 2.0% IV rank vs the trailing year. The 30-day expected move averaged 19.1%. IV traded above realized volatility by 5.8% (HV 20d: 60.7%). Max pain ranged from $295.00 to $350.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 0.57.
Notable Days 2025-05-23 : Highest Volume — 1,094,359 contracts2025-05-29 : Largest IV drop — 8.2% change2025-05-14 : Highest IV Rank — 5.1%2025-05-09 : Largest Expected Move — 21.0%Monthly Statistics Metric Avg Min Max Open Close Price $395.07 $364.73 $421.26 $385.90 $364.77 Max Pain $331.19 $295.00 $350.00 $295.00 $350.00 ATM IV 66.5% 58.7% 71.6% 68.2% 58.7% Expected Move 19.1% 16.2% 21.0% 19.1% 16.2% HV 20d 60.7% 37.9% 125.3% 125.3% 42.6% HV 60d 107.3% 99.9% 109.8% 109.8% 99.9% IV Rank 2.0% 0.0% 5.1% 0.9% 0.0% IV Percentile 2.1% 0.0% 7.5% 0.8% 0.0% Term Structure 0.9% -0.4% 2.3% 1.8% 0.9% VWIV 71.2% 58.3% 78.0% 76.2% 58.3% Skew 25d -1.6% -8.6% 2.1% -0.3% 1.7% Skew 10d -0.6% -16.3% 8.6% 2.0% 3.3% Call IV 25d 69.9% 59.2% 80.4% 70.6% 59.2% Put IV 25d 68.3% 60.9% 73.6% 70.3% 60.9% Bid-Ask Spread % 6.33 4.29 10.56 6.63 7.28 Gamma HHI 0.09 0.05 0.33 0.10 0.16 Net GEX 377.3M 42.0M 1.13B 605.7M 206.6M Net DEX -20.34B -27.29B -12.21B -22.66B -12.27B Net VEX -76.3M -81.7M -68.6M -74.4M -68.6M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 0.57 0.37 0.70 0.42 0.44 Total Volume 564,235.143 202,883 1,094,359 720,498 664,918 Total OI 2,354,373.524 2,067,386 2,648,699 2,286,681 2,539,075
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 2025-05-01 $385.90 $295.00 68.2% 19.1% 125.3% 0.9% 76.2% -0.3% 1.8% 605.7M -22.66B -74.4M 0.42 6.63 N/A N/A 507,331 213,167 1,219,638 1,067,043 2025-05-02 $394.81 $300.00 63.7% 17.1% 119.1% 0.0% 69.0% 1.1% 1.0% 1.13B -24.78B -76.5M 0.58 10.56 N/A N/A 537,755 309,359 1,283,650 1,138,576 2025-05-05 $390.35 $305.00 67.0% 20.3% 118.7% 2.1% 72.8% 0.7% 1.3% 302.4M -20.74B -75.9M 0.56 5.52 N/A N/A 257,279 144,958 1,070,892 996,494 2025-05-06 $386.44 $310.00 66.3% 20.0% 112.7% 1.7% 74.4% 2.1% 2.3% 341.9M -21.55B -78.0M 0.70 6.18 N/A N/A 119,068 83,815 1,186,321 1,029,372 2025-05-07 $391.99 $320.00 66.4% 19.6% 97.6% 1.7% 72.4% 1.4% 1.0% 386.2M -21.71B -76.8M 0.67 6.30 N/A N/A 166,245 111,907 1,172,379 1,045,952 2025-05-08 $414.89 $320.00 66.4% 19.8% 66.2% 1.7% 72.7% -0.8% 2.0% 489.1M -27.29B -77.9M 0.55 5.63 N/A N/A 461,957 255,956 1,201,525 1,074,903 2025-05-09 $413.80 $320.00 71.3% 21.0% 50.0% 4.8% 76.2% -1.6% 1.6% 387.8M -26.71B -81.5M 0.37 6.07 N/A N/A 743,666 277,011 1,268,965 1,137,447 2025-05-12 $408.64 $320.00 70.6% 20.3% 39.3% 4.4% 73.9% -1.7% -0.4% 360.1M -23.53B -80.4M 0.63 5.32 N/A N/A 252,628 160,336 1,218,451 973,773 2025-05-13 $421.26 $330.00 70.8% 20.3% 38.5% 4.6% 75.3% -5.2% -0.1% 459.7M -26.61B -81.7M 0.48 4.72 N/A N/A 267,257 129,402 1,294,290 1,030,885 2025-05-14 $417.72 $330.00 71.6% 20.5% 38.3% 5.1% 78.0% -8.6% 0.0% 482.2M -25.96B -81.3M 0.58 4.85 N/A N/A 238,319 138,030 1,336,995 1,074,935 2025-05-15 $399.00 $335.00 68.5% 19.7% 44.0% 3.1% 76.0% -4.0% -0.3% 277.9M -21.24B -77.8M 0.49 4.29 N/A N/A 514,472 253,270 1,387,584 1,118,602 2025-05-16 $398.81 $340.00 65.5% 18.8% 44.1% 1.2% 71.2% -4.2% 0.3% 246.2M -20.99B -76.5M 0.61 6.95 N/A N/A 514,679 312,705 1,432,339 1,216,360 2025-05-19 $410.69 $340.00 65.7% 18.8% 44.5% 1.3% 69.9% -4.2% 1.5% 413.1M -20.76B -78.2M 0.67 5.80 N/A N/A 207,751 139,766 1,142,971 1,062,458 2025-05-20 $414.84 $345.00 63.8% 18.3% 37.9% 0.1% 68.1% -4.9% 1.5% 492.4M -21.72B -77.8M 0.58 5.86 N/A N/A 223,296 130,431 1,182,594 1,105,421 2025-05-21 $402.60 $345.00 66.5% 19.1% 40.4% 1.8% 70.2% -1.8% 1.4% 373.1M -19.00B -77.3M 0.51 6.28 N/A N/A 390,523 198,000 1,233,426 1,133,128 2025-05-22 $400.02 $350.00 65.4% 18.7% 40.7% 1.1% 69.8% -2.6% 0.9% 329.8M -18.14B -76.8M 0.51 6.59 N/A N/A 393,080 201,508 1,273,274 1,174,970 2025-05-23 $376.00 $350.00 69.8% 19.9% 43.9% 3.9% 73.3% -0.3% 1.0% 42.0M -13.28B -74.5M 0.57 6.10 N/A N/A 695,624 398,735 1,320,088 1,245,711 2025-05-27 $371.08 $350.00 66.3% 18.6% 44.2% 1.7% 72.0% -1.2% 0.2% 214.5M -13.37B -72.2M 0.66 7.79 N/A N/A 256,974 170,604 1,196,665 1,072,141 2025-05-28 $364.73 $350.00 64.4% 18.1% 42.8% 0.5% 66.1% -0.0% 0.2% 180.3M -12.21B -69.8M 0.69 7.26 N/A N/A 189,710 130,457 1,241,982 1,120,838 2025-05-29 $368.16 $350.00 59.1% 16.6% 43.0% 0.0% 59.8% 0.8% 0.8% 205.8M -12.69B -69.3M 0.62 6.94 N/A N/A 301,483 185,506 1,270,385 1,149,346 2025-05-30 $364.77 $350.00 58.7% 16.2% 42.6% 0.0% 58.3% 1.7% 0.9% 206.6M -12.27B -68.6M 0.44 7.28 N/A N/A 463,262 201,656 1,334,021 1,205,054
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