MSTR Options History — November 2025

In November 2025, MSTR traded between $170.92 and $266.22. ATM implied volatility averaged 76.4%, placing in the 18.6% IV rank vs the trailing year. The 30-day expected move averaged 22.2%. IV traded above realized volatility by 10.4% (HV 20d: 66.0%). Max pain ranged from $160.00 to $330.00. Net GEX was positive for 13 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 0.66.

Notable Days

2025-11-21: Highest Volume — 886,285 contracts
2025-11-04: Largest IV spike — 14.6% change
2025-11-20: Highest IV Rank — 27.5%
2025-11-20: Largest Expected Move — 26.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$210.28	$170.92	$266.22	$266.22	$176.26
Max Pain	$224.21	$160.00	$330.00	$330.00	$160.00
ATM IV	76.4%	62.6%	92.4%	62.6%	73.7%
Expected Move	22.2%	17.9%	26.7%	17.9%	21.7%
HV 20d	66.0%	57.3%	77.4%	57.5%	75.2%
HV 60d	55.8%	50.5%	61.5%	50.5%	61.5%
IV Rank	18.6%	10.6%	27.5%	10.6%	20.7%
IV Percentile	59.5%	37.3%	77.4%	37.3%	58.7%
Term Structure	-0.4%	-4.2%	2.2%	0.9%	-0.2%
VWIV	81.8%	71.3%	96.3%	71.3%	79.4%
Skew 25d	10.9%	5.6%	16.7%	6.6%	5.6%
Skew 10d	21.1%	10.5%	32.5%	11.4%	10.5%
Call IV 25d	72.9%	62.8%	87.2%	62.8%	73.8%
Put IV 25d	83.8%	69.4%	102.7%	69.4%	79.4%
Bid-Ask Spread %	29.56	9.17	40.00	9.17	40.00
Gamma HHI	0.05	0.03	0.14	0.04	0.05
Net GEX	24.3M	-77.2M	123.6M	123.6M	87.7M
Net DEX	-848.4M	-3.84B	1.16B	-3.84B	-1.89B
Net VEX	-47.3M	-59.5M	-37.9M	-59.5M	-41.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.66	0.28	1.27	0.60	0.42
Total Volume	527,349.684	269,936	886,285	326,616	577,164
Total OI	2,897,552.474	2,733,261	3,174,897	2,733,261	3,118,126

Daily Data (19 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
2025-11-03	$266.22	$330.00	62.6%	17.9%	57.5%	10.6%	71.3%	6.6%	0.9%	123.6M	-3.84B	-59.5M	0.60	9.17	N/A	N/A	203,594	123,022	1,453,678	1,279,583
2025-11-04	$249.29	$330.00	71.7%	21.4%	57.3%	15.8%	79.1%	10.9%	1.0%	14.5M	-1.80B	-56.5M	0.60	14.61	N/A	N/A	292,182	175,407	1,480,269	1,296,040
2025-11-05	$253.74	$330.00	67.1%	18.9%	58.4%	13.2%	72.8%	9.1%	0.4%	52.9M	-2.71B	-58.4M	0.28	15.10	N/A	N/A	287,791	81,841	1,513,538	1,318,378
2025-11-06	$238.46	$235.00	70.3%	20.6%	60.9%	15.0%	75.6%	9.1%	1.5%	-25.2M	-763.8M	-54.8M	0.60	24.27	N/A	N/A	331,065	198,371	1,573,417	1,331,358
2025-11-07	$243.07	$240.00	70.4%	20.5%	60.9%	15.0%	77.8%	11.0%	2.2%	31.8M	-1.94B	-55.6M	0.70	33.25	N/A	N/A	414,725	290,716	1,661,264	1,341,687
2025-11-10	$240.11	$240.00	69.2%	20.1%	59.9%	14.4%	79.7%	8.6%	1.5%	102.4M	-2.40B	-55.0M	0.79	31.08	N/A	N/A	150,605	119,331	1,484,082	1,294,617
2025-11-11	$233.79	$240.00	68.0%	19.8%	59.7%	13.7%	73.0%	9.8%	1.5%	56.0M	-1.29B	-52.2M	1.27	32.76	N/A	N/A	126,159	160,745	1,507,199	1,309,906
2025-11-12	$224.57	$235.00	71.4%	20.7%	60.4%	15.6%	76.7%	10.7%	0.8%	2.0M	-612.6M	-50.1M	0.50	31.29	N/A	N/A	259,000	129,963	1,534,134	1,307,490
2025-11-13	$209.72	$235.00	76.5%	22.0%	62.3%	18.5%	79.0%	11.8%	-0.2%	-47.6M	962.8M	-46.2M	0.61	34.22	N/A	N/A	374,222	226,791	1,572,410	1,323,268
2025-11-14	$200.27	$215.00	78.0%	22.4%	61.6%	19.3%	82.0%	10.3%	0.6%	-77.2M	887.3M	-44.0M	0.60	30.72	N/A	N/A	469,652	282,886	1,663,024	1,300,688
2025-11-17	$193.38	$210.00	82.7%	23.6%	59.8%	22.0%	85.0%	13.6%	-2.3%	1.6M	672.5M	-42.1M	0.66	30.70	N/A	N/A	281,322	186,548	1,566,424	1,235,395
2025-11-18	$209.28	$200.00	79.1%	22.7%	68.6%	20.0%	82.7%	10.0%	-2.5%	103.6M	-2.29B	-47.2M	0.72	29.78	N/A	N/A	230,495	165,367	1,625,347	1,236,357
2025-11-19	$184.91	$200.00	90.1%	25.8%	75.9%	26.2%	92.0%	14.4%	-3.3%	-12.7M	970.8M	-40.3M	0.86	31.52	N/A	N/A	289,647	249,035	1,673,448	1,268,512
2025-11-20	$176.81	$185.00	92.4%	26.7%	75.2%	27.5%	96.3%	15.5%	-4.2%	-31.9M	1.16B	-39.0M	0.71	34.04	N/A	N/A	497,224	353,377	1,735,314	1,287,506
2025-11-21	$171.00	$175.00	89.4%	25.9%	73.8%	25.8%	93.7%	16.7%	-3.3%	-34.9M	1.05B	-37.9M	0.60	37.77	N/A	N/A	552,400	333,885	1,866,959	1,307,938
2025-11-24	$177.24	$170.00	80.0%	23.4%	74.8%	20.5%	85.3%	12.4%	-0.7%	46.5M	-711.7M	-39.5M	0.83	27.50	N/A	N/A	215,485	179,885	1,563,849	1,222,359
2025-11-25	$170.92	$170.00	81.2%	24.1%	74.8%	21.2%	88.4%	12.7%	-1.4%	12.6M	-156.0M	-38.1M	0.64	36.25	N/A	N/A	315,882	202,957	1,615,810	1,263,236
2025-11-26	$176.32	$160.00	77.3%	23.0%	77.4%	19.0%	84.2%	7.4%	-0.4%	55.8M	-1.43B	-41.0M	0.48	37.58	N/A	N/A	467,745	223,158	1,637,474	1,283,413
2025-11-28	$176.26	$160.00	73.7%	21.7%	75.2%	20.7%	79.4%	5.6%	-0.2%	87.7M	-1.89B	-41.6M	0.42	40.00	N/A	N/A	406,987	170,177	1,797,330	1,320,796