MSTR Options History — August 2025

In August 2025, MSTR traded between $336.05 and $400.90. ATM implied volatility averaged 54.1%, placing in the 5.9% IV rank vs the trailing year. The 30-day expected move averaged 15.7%. IV traded above realized volatility by 3.9% (HV 20d: 50.3%). Max pain ranged from $370.00 to $397.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 0.82.

Notable Days

2025-08-01: Highest Volume — 1,210,570 contracts
2025-08-19: Largest IV spike — 14.0% change
2025-08-01: Highest IV Rank — 8.9%
2025-08-01: Largest Expected Move — 17.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$366.46	$336.05	$400.90	$373.73	$336.05
Max Pain	$381.19	$370.00	$397.50	$397.50	$370.00
ATM IV	54.1%	51.1%	59.5%	59.5%	54.8%
Expected Move	15.7%	14.7%	17.2%	17.2%	15.7%
HV 20d	50.3%	44.4%	55.7%	48.3%	48.1%
HV 60d	45.4%	44.2%	47.1%	45.0%	46.1%
IV Rank	5.9%	4.1%	8.9%	8.9%	6.2%
IV Percentile	16.1%	9.1%	21.8%	17.5%	20.6%
Term Structure	0.3%	-0.8%	1.8%	1.1%	0.4%
VWIV	60.8%	56.8%	69.8%	69.8%	61.7%
Skew 25d	4.0%	0.7%	10.8%	6.4%	5.0%
Skew 10d	14.9%	7.9%	33.3%	21.6%	14.6%
Call IV 25d	55.2%	52.4%	60.3%	60.3%	54.8%
Put IV 25d	59.2%	54.7%	67.9%	66.6%	59.7%
Bid-Ask Spread %	14.15	9.32	24.03	24.03	11.80
Gamma HHI	0.09	0.04	0.34	0.06	0.05
Net GEX	333.3M	5.1M	1.09B	5.1M	22.7M
Net DEX	-10.39B	-19.75B	-4.06B	-8.87B	-5.77B
Net VEX	-72.1M	-79.3M	-64.6M	-75.1M	-65.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.82	0.46	1.84	0.56	0.51
Total Volume	549,101.286	214,799	1,210,570	1,210,570	723,040
Total OI	2,714,592.048	2,502,222	2,965,345	2,646,177	2,965,345

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
2025-08-01	$373.73	$397.50	59.5%	17.2%	48.3%	8.9%	69.8%	6.4%	1.1%	5.1M	-8.87B	-75.1M	0.56	24.03	N/A	N/A	776,124	434,446	1,383,069	1,263,108
2025-08-04	$387.40	$385.00	54.9%	16.1%	50.1%	6.3%	59.1%	1.9%	0.3%	515.5M	-14.76B	-79.3M	0.91	9.53	N/A	N/A	177,508	161,393	1,334,129	1,236,672
2025-08-05	$377.36	$385.00	54.2%	15.9%	50.9%	5.9%	58.3%	3.1%	0.6%	397.9M	-11.51B	-76.3M	0.95	10.84	N/A	N/A	111,977	105,838	1,360,326	1,284,842
2025-08-06	$380.72	$385.00	53.0%	15.3%	48.7%	5.2%	56.8%	3.3%	-0.8%	498.9M	-12.38B	-75.7M	0.85	12.11	N/A	N/A	125,804	106,710	1,378,501	1,302,927
2025-08-07	$400.42	$385.00	52.8%	15.7%	51.9%	5.1%	57.2%	1.8%	1.8%	927.4M	-19.75B	-79.2M	0.51	9.86	N/A	N/A	494,673	250,138	1,399,083	1,348,230
2025-08-08	$395.37	$385.00	52.8%	15.7%	51.2%	5.1%	58.5%	3.4%	0.7%	1.09B	-15.64B	-78.1M	0.46	9.32	N/A	N/A	583,575	267,227	1,455,537	1,435,736
2025-08-11	$400.90	$385.00	52.0%	15.3%	48.6%	4.6%	58.4%	0.7%	1.6%	428.5M	-16.46B	-77.9M	0.73	11.75	N/A	N/A	217,592	158,441	1,196,852	1,305,370
2025-08-12	$394.44	$385.00	51.1%	14.8%	48.7%	4.1%	56.8%	1.9%	0.5%	410.0M	-14.56B	-75.8M	0.62	10.77	N/A	N/A	183,906	114,770	1,251,851	1,349,686
2025-08-13	$388.19	$385.00	52.9%	15.2%	47.4%	5.2%	57.5%	2.3%	0.1%	333.4M	-12.89B	-75.0M	0.58	9.88	N/A	N/A	291,098	168,388	1,273,072	1,389,518
2025-08-14	$375.51	$385.00	54.6%	15.8%	48.1%	6.2%	60.0%	4.0%	-0.0%	100.3M	-9.58B	-72.7M	1.07	16.60	N/A	N/A	298,557	319,418	1,266,405	1,435,121
2025-08-15	$368.95	$385.00	54.8%	15.8%	44.4%	6.2%	60.6%	3.2%	1.0%	9.3M	-8.68B	-71.4M	0.58	13.99	N/A	N/A	558,723	326,654	1,292,043	1,521,049
2025-08-18	$363.02	$380.00	51.2%	14.7%	44.5%	4.2%	58.7%	3.8%	-0.0%	321.1M	-9.40B	-69.0M	1.12	15.98	N/A	N/A	155,102	173,840	1,274,128	1,310,570
2025-08-19	$338.18	$380.00	58.4%	16.7%	49.6%	8.3%	66.4%	10.8%	-0.1%	15.5M	-4.06B	-65.1M	0.68	19.12	N/A	N/A	510,856	349,411	1,302,925	1,343,858
2025-08-20	$344.52	$377.50	54.9%	15.7%	49.8%	6.3%	61.7%	7.3%	-0.0%	187.1M	-6.54B	-66.8M	1.03	20.56	N/A	N/A	227,674	233,408	1,304,718	1,352,113
2025-08-21	$337.35	$375.00	54.5%	15.6%	49.2%	6.1%	60.6%	7.3%	-0.1%	112.3M	-5.08B	-64.6M	1.84	15.42	N/A	N/A	131,459	241,434	1,333,604	1,381,538
2025-08-22	$357.62	$375.00	51.8%	14.9%	54.9%	4.6%	57.8%	2.8%	-0.1%	653.2M	-11.72B	-70.3M	0.62	16.26	N/A	N/A	691,687	425,667	1,348,596	1,440,667
2025-08-25	$345.57	$375.00	55.8%	16.1%	55.7%	6.8%	65.2%	2.5%	-0.6%	278.2M	-8.58B	-70.1M	1.09	18.38	N/A	N/A	189,681	207,119	1,280,207	1,394,651
2025-08-26	$347.89	$375.00	53.5%	15.6%	55.5%	5.5%	61.9%	3.2%	0.1%	330.2M	-8.44B	-70.1M	1.05	14.21	N/A	N/A	104,784	110,015	1,348,645	1,449,132
2025-08-27	$343.87	$375.00	55.2%	15.7%	55.5%	6.5%	69.2%	4.5%	0.1%	244.2M	-7.35B	-69.7M	0.88	10.29	N/A	N/A	179,194	156,863	1,364,698	1,476,310
2025-08-28	$338.55	$375.00	54.4%	15.7%	54.5%	6.0%	60.5%	4.7%	0.3%	120.9M	-6.11B	-66.1M	0.66	16.42	N/A	N/A	293,744	193,189	1,394,591	1,477,010
2025-08-29	$336.05	$370.00	54.8%	15.7%	48.1%	6.2%	61.7%	5.0%	0.4%	22.7M	-5.77B	-65.7M	0.51	11.80	N/A	N/A	479,102	243,938	1,446,089	1,519,256