MSTR Options History — June 2025

In June 2025, MSTR traded between $366.28 and $401.72. ATM implied volatility averaged 50.4%, placing in the 0.5% IV rank vs the trailing year. The 30-day expected move averaged 14.3%. IV traded above realized volatility by 9.7% (HV 20d: 40.7%). Max pain ranged from $350.00 to $370.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 20 of 20 days. Put/call ratio averaged 0.56.

Notable Days

2025-06-27: Highest Volume — 948,796 contracts
2025-06-30: Largest IV spike — 7.7% change
2025-06-30: Highest IV Rank — 3.8%
2025-06-05: Largest Expected Move — 16.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$381.26	$366.28	$401.72	$371.51	$401.72
Max Pain	$367.00	$350.00	$370.00	$350.00	$370.00
ATM IV	50.4%	43.8%	56.8%	56.8%	50.5%
Expected Move	14.3%	11.9%	16.6%	15.4%	13.1%
HV 20d	40.7%	34.0%	46.4%	42.2%	36.0%
HV 60d	85.1%	78.2%	100.1%	99.9%	78.3%
IV Rank	0.5%	0.0%	3.8%	0.0%	3.8%
IV Percentile	0.5%	0.0%	4.0%	0.0%	4.0%
Term Structure	2.5%	0.9%	3.9%	0.9%	1.1%
VWIV	52.7%	46.3%	59.0%	54.4%	49.2%
Skew 25d	1.1%	-1.1%	3.3%	-0.0%	-0.7%
Skew 10d	5.3%	0.4%	14.4%	2.6%	3.4%
Call IV 25d	51.5%	44.6%	58.9%	58.9%	55.3%
Put IV 25d	52.6%	45.3%	58.9%	58.9%	54.7%
Bid-Ask Spread %	10.67	5.54	22.41	8.34	22.41
Gamma HHI	0.12	0.07	0.51	0.14	0.07
Net GEX	695.6M	221.6M	2.99B	412.5M	777.4M
Net DEX	-16.48B	-21.07B	-12.02B	-14.15B	-21.07B
Net VEX	-70.7M	-74.5M	-65.9M	-69.3M	-71.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.56	0.43	0.78	0.45	0.52
Total Volume	430,870.7	239,940	948,796	315,945	628,339
Total OI	2,314,566.4	2,027,851	2,586,617	2,167,009	2,144,908

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
2025-06-02	$371.51	$350.00	56.8%	15.4%	42.2%	0.0%	54.4%	-0.0%	0.9%	412.5M	-14.15B	-69.3M	0.45	8.34	N/A	N/A	217,847	98,098	1,167,587	999,422
2025-06-03	$387.73	$350.00	55.3%	14.8%	45.1%	0.0%	53.4%	-0.6%	2.1%	656.6M	-18.60B	-73.1M	0.57	7.11	N/A	N/A	217,890	124,909	1,198,516	1,023,828
2025-06-04	$383.58	$350.00	53.7%	13.9%	45.1%	0.0%	50.2%	-1.1%	1.8%	725.2M	-17.31B	-72.3M	0.71	6.61	N/A	N/A	160,507	114,078	1,229,396	1,055,315
2025-06-05	$370.06	$370.00	54.9%	16.6%	46.4%	0.7%	58.4%	2.9%	2.0%	392.2M	-13.34B	-69.1M	0.43	6.03	N/A	N/A	376,772	161,769	1,263,495	1,089,585
2025-06-06	$373.37	$370.00	52.5%	16.1%	41.1%	0.0%	59.0%	2.0%	2.5%	314.3M	-14.55B	-71.0M	0.63	6.41	N/A	N/A	389,139	244,885	1,329,321	1,132,561
2025-06-09	$392.68	$370.00	52.4%	15.8%	45.6%	0.0%	56.5%	-0.1%	3.1%	636.4M	-20.18B	-73.7M	0.60	5.54	N/A	N/A	210,807	126,539	1,197,327	1,048,894
2025-06-10	$391.51	$370.00	50.6%	15.4%	45.5%	0.0%	56.0%	-0.2%	2.7%	729.0M	-20.33B	-74.5M	0.46	6.64	N/A	N/A	189,994	87,825	1,256,273	1,088,731
2025-06-11	$384.15	$370.00	49.8%	15.0%	44.1%	0.0%	54.1%	1.0%	2.6%	772.5M	-17.58B	-73.2M	0.53	9.69	N/A	N/A	206,967	109,003	1,311,403	1,110,755
2025-06-12	$380.06	$370.00	49.5%	14.8%	44.2%	0.0%	52.1%	1.3%	2.2%	675.0M	-15.63B	-71.1M	0.44	11.87	N/A	N/A	347,556	152,302	1,330,984	1,141,974
2025-06-13	$381.98	$370.00	52.5%	15.5%	41.5%	1.8%	57.5%	2.8%	2.6%	528.8M	-16.00B	-72.8M	0.54	11.28	N/A	N/A	405,794	219,941	1,396,631	1,189,986
2025-06-16	$382.11	$370.00	50.0%	14.5%	41.5%	0.3%	53.2%	0.4%	2.4%	501.8M	-16.42B	-71.5M	0.64	13.23	N/A	N/A	146,503	93,437	1,238,956	1,084,818
2025-06-17	$376.42	$370.00	51.8%	14.9%	40.0%	1.4%	54.0%	1.8%	2.2%	418.8M	-14.77B	-70.8M	0.65	15.95	N/A	N/A	207,076	134,428	1,268,194	1,104,127
2025-06-18	$371.20	$370.00	48.8%	14.0%	39.8%	0.0%	52.4%	2.0%	1.9%	285.5M	-13.19B	-68.8M	0.47	13.50	N/A	N/A	292,929	137,713	1,297,292	1,151,240
2025-06-20	$369.20	$370.00	49.7%	14.0%	38.7%	0.5%	55.0%	3.3%	2.1%	221.6M	-12.94B	-69.0M	0.62	9.63	N/A	N/A	357,298	220,073	1,361,280	1,198,653
2025-06-23	$366.28	$370.00	48.6%	13.5%	38.7%	0.0%	50.4%	3.1%	3.7%	329.1M	-12.02B	-65.9M	0.78	11.22	N/A	N/A	170,298	133,484	1,079,970	947,881
2025-06-24	$377.17	$370.00	45.4%	12.5%	34.0%	0.0%	47.1%	1.3%	3.5%	574.6M	-15.04B	-67.3M	0.66	11.82	N/A	N/A	193,690	128,628	1,121,294	986,972
2025-06-25	$388.88	$370.00	44.4%	12.3%	35.2%	0.0%	46.4%	1.1%	3.2%	889.0M	-19.18B	-69.6M	0.57	10.46	N/A	N/A	218,486	124,177	1,165,777	1,007,161
2025-06-26	$387.69	$370.00	43.8%	11.9%	34.5%	0.0%	48.0%	0.6%	3.9%	1.08B	-18.55B	-69.7M	0.49	12.38	N/A	N/A	214,699	104,738	1,202,745	1,047,537
2025-06-27	$387.88	$370.00	46.9%	12.4%	34.5%	1.8%	46.3%	1.1%	3.0%	2.99B	-18.71B	-68.7M	0.52	13.28	N/A	N/A	625,275	323,521	1,244,440	1,076,099
2025-06-30	$401.72	$370.00	50.5%	13.1%	36.0%	3.8%	49.2%	-0.7%	1.1%	777.4M	-21.07B	-71.8M	0.52	22.41	N/A	N/A	413,291	215,048	1,137,520	1,007,388