MSTR Options History — February 2026 In February 2026, MSTR traded between $106.40 and $140.93. ATM implied volatility averaged 84.0%, placing in the 50.1% IV rank vs the trailing year. The 30-day expected move averaged 24.1%. IV traded below realized volatility by 34.7% (HV 20d: 118.8%). Max pain ranged from $140.00 to $165.00. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 1.05.
Notable Days 2026-02-06 : Highest Volume — 1,318,399 contracts2026-02-05 : Largest IV spike — 46.2% change2026-02-05 : Highest IV Rank — 100.0%2026-02-05 : Largest Expected Move — 32.9%Monthly Statistics Metric Avg Min Max Open Close Price $129.42 $106.40 $140.93 $140.93 $129.19 Max Pain $145.53 $140.00 $165.00 $165.00 $140.00 ATM IV 84.0% 75.8% 124.9% 75.9% 75.8% Expected Move 24.1% 21.8% 32.9% 22.5% 21.9% HV 20d 118.8% 71.3% 135.2% 71.6% 130.2% HV 60d 84.8% 65.9% 91.9% 66.1% 88.9% IV Rank 50.1% 39.5% 100.0% 42.0% 39.5% IV Percentile 84.2% 73.0% 100.0% 76.2% 73.0% Term Structure -0.2% -5.3% 2.2% 0.4% -0.8% VWIV 88.8% 81.3% 125.9% 83.5% 81.4% Skew 25d 13.6% 4.3% 33.5% 4.3% 11.0% Skew 10d 30.1% 9.9% 71.0% 9.9% 22.8% Call IV 25d 79.0% 71.7% 107.4% 76.1% 71.7% Put IV 25d 92.7% 80.4% 140.8% 80.4% 82.7% Bid-Ask Spread % 33.94 8.26 48.49 8.26 25.97 Gamma HHI 0.07 0.03 0.25 0.06 0.25 Net GEX 69.6M -30.7M 292.4M 46.0M 85.7M Net DEX 732.3M -1.42B 3.88B 844.0M 850.4M Net VEX -34.1M -37.7M -27.7M -36.0M -33.3M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 1.05 0.36 1.61 1.17 0.36 Total Volume 559,377.158 256,576 1,318,399 356,982 648,300 Total OI 2,677,930.316 2,284,866 2,990,325 2,284,866 2,716,383
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 2026-02-02 $140.93 $165.00 75.9% 22.5% 71.6% 42.0% 83.5% 4.3% 0.4% 46.0M 844.0M -36.0M 1.17 8.26 N/A N/A 164,369 192,613 1,279,960 1,004,906 2026-02-03 $132.20 $165.00 83.9% 24.8% 71.6% 52.3% 90.1% 8.5% -1.3% -7.6M 2.03B -33.5M 1.11 34.78 N/A N/A 242,312 269,055 1,317,486 1,040,531 2026-02-04 $129.16 $165.00 85.4% 25.2% 71.3% 54.4% 93.5% 10.8% -0.4% -20.4M 2.33B -33.0M 0.73 12.40 N/A N/A 377,985 275,109 1,355,253 1,090,158 2026-02-05 $106.40 $150.00 124.9% 32.9% 95.8% 100.0% 125.9% 33.5% -5.3% -30.7M 3.88B -27.7M 1.61 44.29 N/A N/A 448,819 720,468 1,393,208 1,146,806 2026-02-06 $133.90 $145.00 87.3% 24.9% 129.8% 53.7% 93.4% 16.9% 1.6% 41.9M -331.4M -37.4M 1.09 38.14 N/A N/A 630,377 688,022 1,542,013 1,309,237 2026-02-09 $137.59 $145.00 81.9% 23.4% 129.0% 47.0% 87.8% 11.4% 0.3% 94.7M -1.07B -37.7M 1.09 36.04 N/A N/A 215,365 233,742 1,440,049 1,268,191 2026-02-10 $133.47 $145.00 82.4% 23.7% 128.5% 47.6% 90.9% 12.8% 0.6% 83.7M -190.2M -36.2M 1.48 30.75 N/A N/A 120,963 179,509 1,465,115 1,307,600 2026-02-11 $125.05 $145.00 87.1% 24.7% 127.0% 53.4% 89.5% 14.7% -0.5% 32.0M 1.62B -33.5M 1.10 39.03 N/A N/A 204,446 223,992 1,479,636 1,364,587 2026-02-12 $123.27 $140.00 87.0% 24.6% 125.2% 53.3% 84.2% 15.0% -1.6% 18.2M 1.84B -32.8M 0.72 41.42 N/A N/A 493,585 356,482 1,509,140 1,390,123 2026-02-13 $133.60 $140.00 81.0% 23.3% 129.8% 45.9% 84.2% 13.9% 0.7% 154.3M -1.42B -36.5M 0.63 40.55 N/A N/A 452,808 283,025 1,589,328 1,400,997 2026-02-17 $129.20 $140.00 83.3% 23.9% 129.9% 48.8% 87.3% 12.7% -0.8% 76.6M 500.5M -34.3M 1.61 37.13 N/A N/A 124,015 199,321 1,426,396 1,285,911 2026-02-18 $125.78 $140.00 82.1% 23.5% 128.4% 47.3% 87.1% 12.9% -0.3% 47.0M 1.37B -33.0M 1.00 43.89 N/A N/A 165,030 165,749 1,453,047 1,339,324 2026-02-19 $128.74 $140.00 80.5% 23.0% 128.8% 45.3% 81.5% 13.7% 0.8% 94.0M 813.8M -33.5M 0.94 48.49 N/A N/A 287,130 269,000 1,486,472 1,351,699 2026-02-20 $131.74 $140.00 78.6% 22.5% 129.4% 42.9% 82.9% 13.5% 0.5% 292.4M -204.8M -34.0M 0.59 47.59 N/A N/A 426,458 251,844 1,531,241 1,380,567 2026-02-23 $124.44 $140.00 84.0% 24.3% 130.2% 49.6% 90.3% 15.7% -0.7% 23.8M 1.17B -32.2M 1.28 29.79 N/A N/A 121,156 154,974 1,246,824 1,216,087 2026-02-24 $124.57 $140.00 81.6% 23.7% 130.3% 46.6% 88.5% 15.0% 1.0% 23.9M 1.20B -32.2M 1.28 29.81 N/A N/A 112,424 144,152 1,275,392 1,249,168 2026-02-25 $136.04 $140.00 78.0% 22.3% 135.1% 42.2% 84.9% 10.3% 0.3% 126.4M -969.3M -35.8M 0.86 26.61 N/A N/A 228,898 197,759 1,300,111 1,277,038 2026-02-26 $133.74 $140.00 76.0% 21.8% 135.2% 39.7% 81.3% 12.1% 2.2% 141.2M -367.5M -35.0M 1.32 29.87 N/A N/A 154,671 204,239 1,343,207 1,307,485 2026-02-27 $129.19 $140.00 75.8% 21.9% 130.2% 39.5% 81.4% 11.0% -0.8% 85.7M 850.4M -33.3M 0.36 25.97 N/A N/A 477,454 170,846 1,370,903 1,345,480
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