MSTR Options History — December 2025

In December 2025, MSTR traded between $151.94 and $189.38. ATM implied volatility averaged 71.8%, placing in the 33.5% IV rank vs the trailing year. The 30-day expected move averaged 21.3%. IV traded above realized volatility by 4.0% (HV 20d: 67.8%). Max pain ranged from $141.00 to $160.00. Net GEX was positive for 18 of 22 trading days. Term structure was in contango for 17 of 22 days. Put/call ratio averaged 0.83.

Notable Days

2025-12-05: Highest Volume — 958,238 contracts
2025-12-15: Largest IV spike — 10.8% change
2025-12-17: Highest IV Rank — 45.1%
2025-12-01: Largest Expected Move — 24.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$170.30	$151.94	$189.38	$170.16	$151.94
Max Pain	$150.14	$141.00	$160.00	$160.00	$145.00
ATM IV	71.8%	67.2%	80.9%	80.9%	67.9%
Expected Move	21.3%	19.4%	24.8%	24.8%	19.7%
HV 20d	67.8%	46.6%	78.5%	71.5%	46.6%
HV 60d	64.0%	61.2%	66.0%	61.2%	61.5%
IV Rank	33.5%	26.1%	45.1%	29.5%	31.4%
IV Percentile	55.7%	46.8%	69.0%	67.9%	48.8%
Term Structure	1.5%	-2.5%	6.3%	1.1%	3.0%
VWIV	77.5%	68.4%	94.4%	94.4%	70.6%
Skew 25d	5.2%	2.8%	7.5%	7.5%	6.1%
Skew 10d	9.7%	5.2%	14.4%	12.8%	12.5%
Call IV 25d	71.3%	65.4%	79.6%	79.6%	66.2%
Put IV 25d	76.5%	71.5%	87.1%	87.1%	72.3%
Bid-Ask Spread %	29.19	19.98	37.89	37.89	20.74
Gamma HHI	0.06	0.03	0.11	0.04	0.07
Net GEX	76.0M	-15.4M	253.2M	50.8M	-12.3M
Net DEX	-1.31B	-4.70B	833.6M	-1.07B	833.6M
Net VEX	-39.8M	-46.6M	-32.2M	-39.9M	-32.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.83	0.34	1.50	0.89	1.31
Total Volume	544,103.636	290,623	958,238	799,729	690,147
Total OI	3,031,291.182	2,604,172	3,417,050	2,877,966	2,678,709

Daily Data (22 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
2025-12-01	$170.16	$160.00	80.9%	24.8%	71.5%	29.5%	94.4%	7.5%	1.1%	50.8M	-1.07B	-39.9M	0.89	37.89	N/A	N/A	424,211	375,518	1,628,633	1,249,333
2025-12-02	$182.15	$160.00	75.8%	22.9%	78.4%	27.4%	84.8%	5.7%	1.9%	151.7M	-3.58B	-45.0M	0.54	21.03	N/A	N/A	392,421	213,399	1,707,646	1,330,232
2025-12-03	$187.90	$160.00	73.2%	22.1%	78.2%	26.1%	82.5%	3.5%	1.4%	205.0M	-4.70B	-46.4M	0.65	30.21	N/A	N/A	276,603	178,572	1,758,974	1,366,616
2025-12-04	$186.06	$141.00	72.8%	22.3%	77.4%	30.6%	81.9%	2.8%	2.7%	253.2M	-4.17B	-46.6M	0.63	28.65	N/A	N/A	267,438	167,360	1,794,552	1,401,899
2025-12-05	$179.18	$141.00	70.5%	21.7%	75.9%	30.0%	79.4%	4.4%	2.3%	67.7M	-2.01B	-43.6M	0.34	33.75	N/A	N/A	712,774	245,464	1,846,260	1,431,732
2025-12-08	$183.71	$145.00	71.1%	21.3%	76.3%	30.7%	78.4%	4.5%	2.5%	119.5M	-3.03B	-44.5M	0.70	30.89	N/A	N/A	178,559	124,700	1,719,922	1,348,652
2025-12-09	$189.38	$145.00	71.3%	21.4%	77.9%	33.2%	78.2%	2.8%	3.8%	160.7M	-4.20B	-46.0M	0.53	32.23	N/A	N/A	346,923	185,446	1,740,732	1,366,254
2025-12-10	$187.65	$145.00	69.7%	21.3%	77.7%	32.1%	77.2%	2.9%	4.5%	182.0M	-3.74B	-45.5M	0.66	33.24	N/A	N/A	246,162	163,058	1,786,615	1,396,241
2025-12-11	$182.77	$146.00	70.8%	21.1%	77.1%	35.3%	76.1%	4.4%	4.5%	123.3M	-2.46B	-43.3M	0.53	34.09	N/A	N/A	480,833	254,381	1,826,239	1,432,587
2025-12-12	$177.56	$148.00	69.4%	21.1%	74.4%	33.5%	75.2%	5.4%	6.3%	35.4M	-1.57B	-41.5M	0.50	32.48	N/A	N/A	446,633	223,104	1,858,280	1,468,455
2025-12-15	$163.33	$152.00	76.9%	22.3%	78.0%	43.3%	79.6%	5.1%	-1.7%	-3.9M	290.3M	-37.6M	1.13	33.93	N/A	N/A	260,906	293,866	1,727,460	1,399,729
2025-12-16	$167.83	$155.00	74.5%	21.5%	78.5%	40.1%	79.1%	5.0%	-1.2%	27.4M	-581.3M	-39.8M	0.79	31.84	N/A	N/A	244,372	194,050	1,766,497	1,430,480
2025-12-17	$161.58	$155.00	78.3%	22.4%	72.2%	45.1%	80.7%	5.1%	-0.7%	-4.6M	215.6M	-37.5M	0.68	33.23	N/A	N/A	296,377	202,908	1,805,137	1,460,167
2025-12-18	$159.10	$152.00	76.2%	21.9%	59.3%	42.3%	78.9%	5.6%	-2.3%	-15.4M	480.3M	-36.9M	1.50	29.28	N/A	N/A	279,507	419,226	1,851,749	1,472,107
2025-12-19	$163.84	$150.00	72.6%	21.0%	58.9%	37.6%	76.2%	5.9%	-2.5%	27.8M	-814.4M	-38.3M	0.75	33.86	N/A	N/A	307,852	230,493	1,930,267	1,486,783
2025-12-22	$164.36	$155.00	68.7%	20.0%	57.9%	32.5%	74.3%	7.0%	0.5%	69.2M	-93.4M	-37.0M	1.02	28.66	N/A	N/A	171,522	174,149	1,447,528	1,156,644
2025-12-23	$159.13	$150.00	68.0%	19.9%	57.1%	31.6%	72.1%	6.5%	0.6%	6.8M	687.2M	-35.1M	0.51	19.98	N/A	N/A	415,139	211,868	1,478,897	1,173,955
2025-12-24	$158.43	$150.00	67.3%	19.6%	55.9%	30.7%	72.2%	6.2%	0.6%	35.0M	136.3M	-35.9M	1.37	30.15	N/A	N/A	232,705	319,533	1,588,400	1,209,354
2025-12-26	$158.54	$150.00	67.4%	19.9%	54.4%	30.8%	73.3%	5.9%	1.1%	64.7M	-71.4M	-35.4M	1.07	23.26	N/A	N/A	242,523	260,723	1,652,091	1,224,987
2025-12-29	$155.87	$150.00	68.6%	20.1%	54.5%	32.4%	72.3%	5.4%	3.2%	63.4M	345.3M	-33.7M	1.45	21.47	N/A	N/A	133,985	194,247	1,459,415	1,165,316
2025-12-30	$156.11	$148.00	67.2%	19.4%	53.4%	30.6%	68.4%	6.0%	2.2%	64.9M	331.7M	-33.5M	0.77	21.33	N/A	N/A	164,118	126,505	1,487,558	1,175,322
2025-12-31	$151.94	$145.00	67.9%	19.7%	46.6%	31.4%	70.6%	6.1%	3.0%	-12.3M	833.6M	-32.2M	1.31	20.74	N/A	N/A	298,935	391,212	1,502,513	1,176,196