MSTR Options History — September 2025

In September 2025, MSTR traded between $302.03 and $347.74. ATM implied volatility averaged 54.8%, placing in the 6.2% IV rank vs the trailing year. The 30-day expected move averaged 15.7%. IV traded above realized volatility by 13.6% (HV 20d: 41.2%). Max pain ranged from $342.50 to $375.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 0.68.

Notable Days

2025-09-19: Highest Volume — 911,733 contracts
2025-09-25: Largest IV spike — 18.6% change
2025-09-25: Highest IV Rank — 12.3%
2025-09-25: Largest Expected Move — 18.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$328.53	$302.03	$347.74	$342.73	$322.38
Max Pain	$362.02	$342.50	$375.00	$370.00	$345.00
ATM IV	54.8%	49.3%	65.5%	55.6%	59.1%
Expected Move	15.7%	14.3%	18.7%	16.5%	15.9%
HV 20d	41.2%	31.4%	47.3%	46.6%	44.8%
HV 60d	45.7%	45.1%	46.5%	45.8%	46.5%
IV Rank	6.2%	3.1%	12.3%	6.7%	8.7%
IV Percentile	18.9%	4.0%	34.1%	23.4%	31.3%
Term Structure	1.0%	-1.0%	3.6%	1.5%	0.6%
VWIV	59.2%	52.8%	72.8%	63.4%	60.0%
Skew 25d	4.4%	0.5%	9.1%	4.3%	5.7%
Skew 10d	13.4%	4.1%	23.8%	16.8%	14.8%
Call IV 25d	54.6%	48.2%	62.5%	55.8%	58.1%
Put IV 25d	59.0%	52.3%	71.6%	60.1%	63.9%
Bid-Ask Spread %	12.37	7.19	17.04	12.36	12.37
Gamma HHI	0.06	0.03	0.17	0.05	0.05
Net GEX	285.0M	-32.4M	696.5M	381.5M	485.4M
Net DEX	-8.57B	-15.57B	-3.80B	-8.84B	-10.77B
Net VEX	-67.4M	-71.5M	-63.8M	-67.5M	-69.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.68	0.38	1.10	0.96	1.03
Total Volume	480,839.524	206,666	911,733	392,552	206,666
Total OI	2,729,961.952	2,497,527	2,962,658	2,734,163	2,694,975

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
2025-09-02	$342.73	$370.00	55.6%	16.5%	46.6%	6.7%	63.4%	4.3%	1.5%	381.5M	-8.84B	-67.5M	0.96	12.36	N/A	N/A	200,524	192,028	1,370,767	1,363,396
2025-09-03	$330.63	$370.00	58.3%	17.3%	47.3%	8.2%	67.2%	6.0%	-1.0%	184.3M	-6.29B	-65.8M	1.10	12.82	N/A	N/A	159,554	175,031	1,407,852	1,369,568
2025-09-04	$325.63	$375.00	60.5%	17.3%	47.0%	9.4%	65.4%	6.3%	-0.6%	117.6M	-5.66B	-65.0M	0.58	7.19	N/A	N/A	425,476	245,441	1,445,401	1,383,918
2025-09-05	$334.19	$375.00	60.4%	17.3%	43.7%	9.4%	63.7%	5.8%	0.2%	325.8M	-8.88B	-70.7M	0.47	7.56	N/A	N/A	559,854	263,577	1,528,562	1,434,096
2025-09-08	$329.76	$375.00	53.5%	15.5%	43.7%	5.5%	57.6%	5.3%	0.5%	235.5M	-7.60B	-64.7M	0.90	9.35	N/A	N/A	178,957	160,186	1,375,274	1,323,738
2025-09-09	$327.13	$375.00	52.1%	15.2%	42.8%	4.7%	56.3%	5.1%	0.4%	219.7M	-6.92B	-64.7M	0.73	12.12	N/A	N/A	141,391	102,644	1,404,179	1,342,029
2025-09-10	$324.85	$375.00	51.2%	14.9%	42.8%	4.2%	56.9%	5.7%	0.8%	162.2M	-6.43B	-63.8M	0.46	12.16	N/A	N/A	308,161	141,476	1,413,915	1,354,710
2025-09-11	$325.80	$370.00	49.3%	14.4%	42.9%	3.1%	52.8%	4.2%	1.0%	182.5M	-6.91B	-63.9M	0.50	13.39	N/A	N/A	253,632	127,671	1,441,131	1,375,014
2025-09-12	$330.04	$370.00	49.8%	14.4%	42.6%	3.4%	54.1%	4.1%	0.8%	269.8M	-8.53B	-66.9M	0.46	13.78	N/A	N/A	435,902	198,790	1,489,063	1,388,838
2025-09-15	$327.06	$370.00	50.9%	14.7%	42.4%	4.0%	55.0%	2.9%	0.8%	262.4M	-8.41B	-64.9M	0.71	12.69	N/A	N/A	164,869	116,275	1,355,602	1,270,895
2025-09-16	$332.58	$365.00	49.9%	14.3%	42.9%	3.4%	53.0%	1.9%	0.9%	378.9M	-10.16B	-67.4M	0.74	14.17	N/A	N/A	147,143	108,560	1,397,436	1,285,651
2025-09-17	$330.35	$360.00	50.2%	14.4%	35.1%	3.6%	54.4%	2.9%	1.9%	374.9M	-9.63B	-66.8M	0.57	16.76	N/A	N/A	223,645	127,186	1,426,319	1,310,621
2025-09-18	$347.74	$360.00	51.7%	14.8%	39.2%	4.5%	53.9%	1.3%	0.1%	666.3M	-15.57B	-71.2M	0.38	16.06	N/A	N/A	656,565	247,209	1,445,671	1,323,540
2025-09-19	$342.96	$360.00	51.3%	14.6%	38.8%	4.3%	53.9%	0.5%	0.8%	696.5M	-12.18B	-71.5M	0.39	17.04	N/A	N/A	658,169	253,564	1,523,198	1,399,636
2025-09-22	$336.24	$350.00	52.9%	15.2%	32.9%	5.2%	55.6%	3.5%	3.2%	274.2M	-10.16B	-71.2M	0.89	9.97	N/A	N/A	160,072	142,149	1,325,631	1,171,896
2025-09-23	$329.49	$350.00	52.9%	15.0%	31.4%	5.1%	56.6%	2.7%	3.3%	155.9M	-8.47B	-68.7M	0.98	10.77	N/A	N/A	147,828	144,870	1,350,197	1,205,126
2025-09-24	$324.64	$350.00	55.2%	15.6%	31.5%	6.5%	62.9%	3.6%	3.6%	120.2M	-7.77B	-69.0M	0.50	13.27	N/A	N/A	251,196	125,713	1,367,222	1,232,255
2025-09-25	$302.03	$350.00	65.5%	18.7%	39.9%	12.3%	72.8%	9.1%	0.8%	-32.4M	-3.80B	-63.9M	0.85	13.84	N/A	N/A	399,853	340,253	1,373,869	1,257,205
2025-09-26	$308.17	$345.00	61.5%	17.3%	40.8%	10.0%	69.2%	7.0%	1.7%	67.9M	-5.51B	-68.2M	0.45	11.30	N/A	N/A	537,902	242,035	1,457,056	1,319,406
2025-09-29	$324.66	$342.50	58.9%	16.0%	45.5%	8.6%	59.2%	5.0%	-0.6%	456.3M	-11.57B	-69.8M	0.56	10.81	N/A	N/A	272,466	153,147	1,388,264	1,236,079
2025-09-30	$322.38	$345.00	59.1%	15.9%	44.8%	8.7%	60.0%	5.7%	0.6%	485.4M	-10.77B	-69.4M	1.03	12.37	N/A	N/A	101,647	105,019	1,429,301	1,265,674