MSFT Options History — March 2007

In March 2007, MSFT traded between $26.72 and $28.52. ATM implied volatility averaged 18.1%. The 30-day expected move averaged 5.2%. IV traded below realized volatility by 5.2% (HV 20d: 23.3%). Max pain ranged from $27.50 to $27.50. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 0.61.

Notable Days

  • 2007-03-19: Highest Volume — 138,145 contracts
  • 2007-03-13: Largest IV spike — 16.8% change
  • 2007-03-05: Largest Expected Move — 6.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$27.69$26.72$28.52$28.09$27.87
Max Pain$27.50$27.50$27.50$27.50$27.50
ATM IV18.1%16.1%22.3%20.5%16.6%
Expected Move5.2%4.6%6.2%5.9%4.8%
HV 20d23.3%20.6%25.8%22.1%20.6%
HV 60d20.9%19.9%21.4%20.1%20.7%
Term Structure1.9%-0.4%3.8%-0.4%3.4%
VWIV18.5%16.3%21.4%21.1%16.7%
Skew 25d0.8%-1.0%2.4%-1.0%0.0%
Skew 10d2.7%1.4%4.9%3.3%2.7%
Call IV 25d19.6%17.2%24.2%22.9%18.7%
Put IV 25d20.4%17.3%24.0%21.9%18.8%
Bid-Ask Spread %1.541.062.471.661.30
Gamma HHI0.360.320.410.390.33
Net GEX42.3M28.1M63.9M41.2M53.1M
Net DEX-1.52B-2.11B-887.1M-1.70B-1.71B
Net VEX-21.1M-22.1M-20.5M-22.1M-21.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.610.310.980.640.52
Total Volume70,491.77331,496138,145110,63231,795
Total OI3,347,734.9093,212,8023,395,9473,298,6003,381,011

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2007-03-01$28.09$27.5020.5%5.9%22.1%0.0%21.1%-1.0%-0.4%41.2M-1.70B-22.1M0.641.66N/AN/A67,35543,2772,005,9651,292,635
2007-03-02$27.76$27.5020.7%5.9%22.1%0.0%20.8%-0.2%-0.3%37.4M-1.50B-21.6M0.821.42N/AN/A27,28222,4662,029,3571,299,896
2007-03-05$27.55$27.5022.3%6.2%22.0%0.0%21.4%2.4%-0.1%33.4M-1.39B-21.9M0.761.68N/AN/A38,66629,2492,031,7731,299,560
2007-03-06$27.83$27.5020.2%5.9%21.8%0.0%20.5%1.9%0.6%35.5M-1.54B-21.5M0.562.47N/AN/A45,90025,7182,039,5721,305,085
2007-03-07$27.61$27.5018.9%5.7%21.9%0.0%20.1%1.5%1.1%32.6M-1.39B-21.7M0.321.64N/AN/A34,39010,8422,050,0471,302,737
2007-03-08$27.32$27.5017.3%5.3%22.1%0.0%19.2%1.5%1.5%28.6M-1.22B-21.2M0.641.64N/AN/A76,63548,6972,066,3011,294,985
2007-03-09$27.28$27.5016.3%5.2%22.1%0.0%18.1%1.4%2.1%28.1M-1.23B-21.4M0.801.63N/AN/A38,65230,9352,092,7411,303,206
2007-03-12$27.44$27.5017.6%5.2%22.2%0.0%19.0%1.1%2.0%29.7M-1.33B-21.3M0.981.06N/AN/A19,32218,9542,090,9921,302,221
2007-03-13$26.72$27.5020.5%5.6%23.7%0.0%19.7%1.4%1.4%30.1M-887.1M-20.9M0.601.33N/AN/A68,88041,1772,071,1611,291,103
2007-03-14$27.40$27.5018.6%5.6%25.8%0.0%20.0%1.6%1.1%29.2M-1.34B-21.3M0.471.62N/AN/A67,14231,2832,089,4571,285,593
2007-03-15$27.28$27.5018.7%5.4%25.1%0.0%19.0%1.1%1.6%31.7M-1.26B-20.8M0.451.88N/AN/A32,45414,6552,100,9791,292,317
2007-03-16$27.33$27.5018.3%5.3%25.1%0.0%18.7%1.1%2.0%28.1M-1.29B-21.0M0.891.23N/AN/A40,44236,0482,112,1731,266,893
2007-03-19$27.83$27.5016.1%4.6%25.0%0.0%16.3%0.8%3.0%44.2M-1.53B-20.7M0.311.29N/AN/A105,67032,4751,972,5681,240,234
2007-03-20$27.84$27.5016.2%4.6%24.9%0.0%16.6%0.7%2.2%54.1M-1.65B-21.0M0.451.09N/AN/A30,75213,8162,044,0261,258,142
2007-03-21$28.52$27.5017.9%5.1%25.6%0.0%17.5%0.4%2.7%63.9M-2.11B-20.8M0.491.66N/AN/A67,21632,8242,053,7911,249,005
2007-03-22$28.27$27.5017.3%5.0%25.8%0.0%17.1%-0.1%2.8%63.0M-2.00B-20.6M0.562.47N/AN/A20,17211,3522,072,3411,258,493
2007-03-23$28.02$27.5016.7%4.8%25.3%0.0%17.1%0.5%3.4%55.2M-1.75B-20.5M0.541.14N/AN/A40,70221,8992,062,0861,260,986
2007-03-26$28.22$27.5017.3%5.0%25.4%0.0%17.4%0.0%3.2%58.6M-1.88B-21.1M0.851.70N/AN/A34,03728,8402,074,9501,272,039
2007-03-27$27.72$27.5016.7%4.8%21.3%0.0%16.8%0.5%3.8%49.0M-1.57B-20.9M0.521.31N/AN/A62,12332,6092,082,8591,281,310
2007-03-28$27.64$27.5017.0%4.9%20.9%0.0%17.6%0.1%2.8%51.6M-1.57B-20.7M0.541.16N/AN/A27,76114,8592,110,0531,278,987
2007-03-29$27.75$27.5016.7%4.8%21.0%0.0%16.9%0.3%2.8%51.2M-1.65B-20.5M0.631.45N/AN/A19,33012,1662,100,7131,279,825
2007-03-30$27.87$27.5016.6%4.8%20.6%0.0%16.7%0.0%3.4%53.1M-1.71B-21.0M0.521.30N/AN/A20,88910,9062,101,1091,279,902