MSTR Options History — January 2026 In January 2026, MSTR traded between $141.80 and $179.42. ATM implied volatility averaged 67.1%, placing in the 30.4% IV rank vs the trailing year. The 30-day expected move averaged 19.2%. IV traded above realized volatility by 11.3% (HV 20d: 55.7%). Max pain ranged from $145.00 to $165.00. Net GEX was positive for 19 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 0.71.
Notable Days 2026-01-09 : Highest Volume — 1,101,492 contracts2026-01-29 : Largest IV spike — 13.7% change2026-01-29 : Highest IV Rank — 40.3%2026-01-29 : Largest Expected Move — 21.4%Monthly Statistics Metric Avg Min Max Open Close Price $162.41 $141.80 $179.42 $157.26 $148.70 Max Pain $164.00 $145.00 $165.00 $145.00 $165.00 ATM IV 67.1% 62.7% 74.6% 66.9% 71.2% Expected Move 19.2% 17.9% 21.4% 19.4% 20.5% HV 20d 55.7% 47.0% 70.5% 47.0% 70.5% HV 60d 64.3% 61.3% 66.5% 61.3% 66.5% IV Rank 30.4% 24.7% 40.3% 30.2% 35.7% IV Percentile 48.9% 37.7% 73.0% 46.0% 67.1% Term Structure 0.3% -1.3% 2.8% 1.5% -0.7% VWIV 69.8% 65.3% 77.8% 69.4% 77.5% Skew 25d 1.0% -2.1% 6.3% 5.4% 3.3% Skew 10d 3.3% -2.2% 11.9% 11.9% 9.4% Call IV 25d 68.6% 64.2% 73.7% 64.2% 71.3% Put IV 25d 69.7% 63.8% 78.6% 69.6% 74.6% Bid-Ask Spread % 33.38 21.28 44.53 21.28 44.53 Gamma HHI 0.09 0.04 0.37 0.09 0.06 Net GEX 139.8M -48.8M 314.4M 57.4M 50.3M Net DEX -1.65B -6.30B 2.24B -195.8M 232.1M Net VEX -39.2M -44.4M -33.3M -33.3M -37.8M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 0.71 0.37 1.40 0.62 0.62 Total Volume 612,476.05 233,900 1,101,492 770,290 662,737 Total OI 2,560,008.75 2,117,163 3,051,891 2,696,967 2,491,388
Daily Data (20 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 2026-01-02 $157.26 $145.00 66.9% 19.4% 47.0% 30.2% 69.4% 5.4% 1.5% 57.4M -195.8M -33.3M 0.62 21.28 N/A N/A 475,043 295,247 1,502,991 1,193,976 2026-01-05 $164.82 $165.00 67.5% 19.4% 51.0% 31.0% 70.2% 2.0% 0.9% 145.3M -2.29B -36.0M 0.79 37.65 N/A N/A 292,681 231,966 1,368,634 1,136,663 2026-01-06 $159.30 $165.00 68.0% 19.6% 50.7% 31.6% 69.8% 3.5% 0.5% 137.2M -1.37B -36.7M 0.71 34.74 N/A N/A 322,564 227,565 1,440,266 1,186,454 2026-01-07 $161.59 $165.00 67.7% 19.5% 50.0% 31.2% 71.3% 2.1% -1.3% 197.5M -2.18B -38.6M 0.53 35.20 N/A N/A 455,486 242,070 1,514,624 1,219,110 2026-01-08 $167.31 $165.00 66.1% 19.0% 50.4% 29.2% 68.8% 0.8% 0.5% 293.5M -3.62B -40.4M 0.95 26.31 N/A N/A 439,461 417,019 1,556,144 1,257,669 2026-01-09 $157.14 $165.00 68.1% 19.5% 54.3% 31.7% 70.3% 1.9% 0.4% 199.3M -653.0M -37.4M 0.56 31.72 N/A N/A 707,381 394,111 1,629,595 1,304,802 2026-01-12 $161.88 $165.00 67.1% 19.1% 55.5% 30.5% 68.9% 1.2% -1.1% 113.3M -1.78B -38.7M 1.40 25.28 N/A N/A 173,551 242,321 1,498,356 1,229,668 2026-01-13 $172.33 $165.00 66.8% 19.0% 59.8% 30.1% 68.9% -0.3% -0.5% 200.6M -4.31B -42.2M 0.91 31.16 N/A N/A 231,209 210,450 1,530,842 1,252,543 2026-01-14 $179.42 $165.00 70.1% 19.8% 53.1% 34.3% 72.4% -2.1% -1.1% 220.3M -6.30B -44.4M 0.55 33.46 N/A N/A 517,279 286,585 1,551,522 1,283,644 2026-01-15 $172.96 $165.00 67.6% 19.2% 54.3% 31.1% 69.6% -0.5% -0.6% 256.6M -4.35B -42.7M 1.05 34.82 N/A N/A 383,655 401,514 1,627,251 1,316,530 2026-01-16 $172.87 $165.00 65.2% 18.6% 52.3% 28.0% 67.0% -1.1% -0.5% 314.4M -4.12B -42.8M 0.37 33.99 N/A N/A 565,836 210,028 1,699,951 1,351,940 2026-01-20 $161.37 $165.00 69.7% 19.9% 58.0% 33.8% 72.0% -0.3% 0.8% 55.3M -349.9M -39.8M 0.59 29.72 N/A N/A 294,655 175,038 1,190,992 926,171 2026-01-21 $163.53 $165.00 66.6% 19.1% 57.2% 29.8% 69.0% -1.1% -0.7% 64.0M -554.1M -40.4M 0.41 38.49 N/A N/A 364,569 151,040 1,215,792 975,508 2026-01-22 $162.06 $165.00 63.0% 17.9% 57.3% 25.1% 65.3% 0.8% 2.8% 74.7M -530.5M -40.1M 0.66 35.86 N/A N/A 237,467 157,140 1,274,728 999,578 2026-01-23 $163.35 $165.00 62.7% 17.9% 56.1% 24.7% 66.2% -0.4% 1.3% 124.1M -1.04B -40.8M 0.61 37.57 N/A N/A 423,054 258,464 1,309,988 1,044,279 2026-01-26 $161.49 $165.00 64.0% 18.1% 56.3% 26.4% 65.8% 0.2% 0.7% 122.5M -873.7M -39.8M 0.82 25.05 N/A N/A 152,522 125,458 1,223,918 974,911 2026-01-27 $160.78 $165.00 63.1% 18.1% 56.3% 25.2% 66.1% -0.4% 1.7% 121.4M -635.1M -39.5M 0.67 33.97 N/A N/A 140,343 93,557 1,259,737 1,003,487 2026-01-28 $158.33 $165.00 65.6% 18.8% 56.2% 28.5% 69.3% -0.4% 0.6% 97.0M -270.5M -39.1M 0.75 35.48 N/A N/A 151,949 113,933 1,288,108 1,022,328 2026-01-29 $141.80 $165.00 74.6% 21.4% 68.7% 40.3% 77.8% 6.3% 0.8% -48.8M 2.24B -33.7M 0.62 41.33 N/A N/A 631,985 392,588 1,305,521 1,040,566 2026-01-30 $148.70 $165.00 71.2% 20.5% 70.5% 35.7% 77.5% 3.3% -0.7% 50.3M 232.1M -37.8M 0.62 44.53 N/A N/A 409,189 253,548 1,420,400 1,070,988
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