MSTR Options History — July 2025

In July 2025, MSTR traded between $379.18 and $455.08. ATM implied volatility averaged 51.1%, placing in the 4.2% IV rank vs the trailing year. The 30-day expected move averaged 14.6%. IV traded above realized volatility by 7.2% (HV 20d: 43.9%). Max pain ranged from $370.00 to $400.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 20 of 22 days. Put/call ratio averaged 0.56.

Notable Days

  • 2025-07-18: Highest Volume — 1,171,254 contracts
  • 2025-07-18: Largest IV spike — 12.5% change
  • 2025-07-07: Highest IV Rank — 6.4%
  • 2025-07-07: Largest Expected Move — 15.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$416.31$379.18$455.08$379.18$403.71
Max Pain$387.95$370.00$400.00$370.00$400.00
ATM IV51.1%47.4%55.2%51.9%52.5%
Expected Move14.6%13.2%15.8%13.5%15.3%
HV 20d43.9%39.6%49.1%41.9%39.7%
HV 60d48.8%41.9%76.8%76.7%42.1%
IV Rank4.2%2.0%6.4%4.6%4.9%
IV Percentile6.2%1.6%12.3%5.2%12.3%
Term Structure1.0%-1.2%2.9%0.6%1.6%
VWIV55.2%48.6%59.8%49.4%59.8%
Skew 25d-0.4%-3.9%4.5%-1.1%4.3%
Skew 10d5.6%-0.9%27.6%2.1%14.0%
Call IV 25d53.7%48.0%58.2%55.6%52.5%
Put IV 25d53.3%48.7%56.7%54.5%56.7%
Bid-Ask Spread %11.735.2125.3718.5625.37
Gamma HHI0.070.040.160.070.04
Net GEX598.5M146.5M1.20B398.6M437.3M
Net DEX-21.13B-31.22B-13.50B-13.87B-16.32B
Net VEX-77.2M-81.3M-70.1M-70.1M-78.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.560.370.850.370.55
Total Volume521,831.909255,5241,171,254581,602478,386
Total OI2,391,829.52,204,7482,614,2872,281,8172,490,400

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-07-01$379.18$370.0051.9%13.5%41.9%4.6%49.4%-1.1%0.6%398.6M-13.87B-70.1M0.3718.56N/AN/A425,594156,0081,199,9431,081,874
2025-07-02$400.26$370.0053.7%13.7%43.5%5.6%51.2%-1.8%-0.3%1.09B-22.10B-76.7M0.4020.65N/AN/A607,297244,0131,264,3481,106,943
2025-07-03$402.49$385.0052.3%15.7%43.3%4.8%59.7%-0.9%2.9%1.20B-22.93B-77.8M0.535.21N/AN/A411,490219,0741,314,9211,201,755
2025-07-07$397.88$385.0055.2%15.8%41.3%6.4%56.2%-2.0%-1.2%514.6M-18.95B-75.1M0.416.10N/AN/A260,516107,2751,162,9111,054,802
2025-07-08$396.67$385.0049.1%14.5%41.3%3.0%56.0%-0.7%1.6%549.6M-18.61B-75.9M0.496.09N/AN/A171,41884,1061,206,6401,080,546
2025-07-09$412.61$385.0050.5%14.7%39.8%3.8%58.9%-2.9%0.6%819.6M-23.82B-77.6M0.536.89N/AN/A287,555153,1591,232,9261,104,437
2025-07-10$419.69$385.0050.6%14.8%40.0%3.9%58.9%-2.0%1.3%985.4M-26.49B-77.9M0.428.07N/AN/A495,988209,4901,270,5271,156,528
2025-07-11$428.98$385.0052.3%15.2%39.6%4.8%57.7%-2.5%1.0%1.12B-29.30B-80.3M0.616.31N/AN/A693,144424,4841,323,7281,228,636
2025-07-14$448.07$390.0053.3%15.3%41.3%5.4%56.8%-3.9%0.8%718.9M-29.76B-80.5M0.638.14N/AN/A360,390227,5031,215,6831,119,457
2025-07-15$443.74$390.0051.9%14.9%41.8%4.6%55.9%-2.4%1.2%719.2M-28.20B-80.7M0.5911.19N/AN/A298,063177,1901,253,2191,164,147
2025-07-16$455.08$390.0052.1%14.9%42.2%4.7%57.7%-3.0%0.8%829.7M-31.22B-81.3M0.627.85N/AN/A262,436161,5711,273,7591,188,501
2025-07-17$455.01$390.0047.8%13.7%41.4%2.3%53.1%-2.6%1.4%1.03B-30.72B-79.2M0.8510.99N/AN/A194,725165,4931,303,8731,230,971
2025-07-18$428.39$390.0053.8%15.4%47.6%5.7%57.8%-1.5%0.1%395.4M-21.39B-77.8M0.458.74N/AN/A806,903364,3511,336,8271,277,460
2025-07-21$426.18$390.0049.7%14.3%47.6%3.4%52.9%-0.1%0.8%377.3M-19.42B-77.3M0.7110.57N/AN/A202,746143,7721,154,2681,050,480
2025-07-22$427.07$390.0048.1%13.7%47.3%2.5%51.4%0.1%1.7%382.1M-19.32B-76.8M0.6314.41N/AN/A216,697136,1471,187,2701,084,202
2025-07-23$411.73$390.0049.3%14.1%49.1%3.1%53.9%1.5%0.5%242.6M-16.02B-75.1M0.5214.38N/AN/A289,567151,0771,238,1081,102,716
2025-07-24$417.23$390.0047.4%13.2%48.3%2.0%48.6%2.7%1.0%323.0M-17.57B-76.1M0.5314.96N/AN/A227,070119,8701,279,0691,138,362
2025-07-25$410.60$390.0049.6%14.2%48.7%3.3%52.9%2.2%0.5%146.5M-15.75B-75.7M0.5510.66N/AN/A420,952230,4321,323,6381,175,712
2025-07-28$404.81$390.0050.5%14.5%49.1%3.8%51.7%1.6%1.9%366.6M-15.93B-75.0M0.4715.33N/AN/A211,02898,8071,200,5141,074,812
2025-07-29$394.75$400.0052.5%15.1%48.4%5.0%56.2%2.8%0.1%258.2M-13.74B-77.1M0.6515.75N/AN/A186,867121,2471,244,2861,110,316
2025-07-30$394.62$395.0051.0%14.7%43.5%4.1%56.9%4.5%2.1%260.8M-13.50B-76.4M0.8511.78N/AN/A149,248127,1531,270,7711,139,963
2025-07-31$403.71$400.0052.5%15.3%39.7%4.9%59.8%4.3%1.6%437.3M-16.32B-78.8M0.5525.37N/AN/A308,084170,3021,303,2061,187,194