MSFT Options History — August 2007

In August 2007, MSFT traded between $27.81 and $30.00. ATM implied volatility averaged 24.6%, placing in the 59.9% IV rank vs the trailing year. The 30-day expected move averaged 6.8%. IV traded above realized volatility by 1.4% (HV 20d: 23.2%). Max pain ranged from $27.50 to $30.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 16 of 23 days. Put/call ratio averaged 0.63.

Notable Days

  • 2007-08-10: Highest Volume — 124,963 contracts
  • 2007-08-27: Largest IV spike — 29.4% change
  • 2007-08-10: Highest IV Rank — 100.0%
  • 2007-08-16: Largest Expected Move — 8.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$28.67$27.81$30.00$29.30$28.73
Max Pain$28.91$27.50$30.00$30.00$27.50
ATM IV24.6%16.3%31.5%23.6%22.7%
Expected Move6.8%4.7%8.5%6.8%6.5%
HV 20d23.2%21.3%25.7%21.3%23.5%
HV 60d19.6%17.4%21.0%17.4%20.6%
IV Rank59.9%8.3%100.0%58.0%46.9%
IV Percentile82.6%7.4%100.0%86.9%77.2%
Term Structure0.7%-1.5%3.7%0.1%0.3%
VWIV23.4%17.2%29.5%24.6%20.4%
Skew 25d3.2%1.9%4.5%4.0%3.1%
Skew 10d6.5%1.8%12.3%12.3%6.3%
Call IV 25d22.6%16.5%28.8%25.3%19.4%
Put IV 25d25.8%19.8%32.2%29.3%22.4%
Bid-Ask Spread %2.782.154.172.612.35
Gamma HHI0.320.250.370.330.34
Net GEX42.8M27.1M64.0M52.0M45.5M
Net DEX-1.46B-2.15B-1.03B-1.82B-1.56B
Net VEX-21.0M-22.1M-20.2M-22.1M-20.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.630.281.280.280.57
Total Volume57,585.30417,161124,96376,16723,467
Total OI3,469,411.3913,324,8823,587,1113,467,2813,436,075

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2007-08-01$29.30$30.0023.6%6.8%21.3%58.0%24.6%4.0%0.1%52.0M-1.82B-22.1M0.282.61N/AN/A59,57816,5892,049,4811,417,800
2007-08-02$29.52$30.0022.7%6.5%21.5%52.0%23.1%2.4%-0.2%57.4M-2.03B-21.3M0.423.43N/AN/A33,94714,1892,045,5361,421,726
2007-08-03$28.96$30.0025.6%7.3%22.4%71.2%25.8%2.0%-1.5%49.7M-1.66B-21.3M0.662.15N/AN/A40,34526,5072,046,8491,427,039
2007-08-06$29.54$30.0023.0%6.4%23.7%54.3%22.8%3.0%0.1%60.1M-1.95B-21.6M0.922.80N/AN/A27,67825,3862,067,4311,439,247
2007-08-07$29.55$30.0022.9%6.1%22.8%53.1%21.7%3.3%0.8%57.5M-1.87B-21.2M0.372.79N/AN/A36,24213,4052,055,6741,447,717
2007-08-08$30.00$30.0020.1%5.9%23.3%34.3%20.9%3.7%0.4%64.0M-2.15B-21.6M0.543.43N/AN/A34,00818,2692,061,9191,447,446
2007-08-09$28.92$30.0025.8%6.9%25.7%73.0%24.8%4.0%-0.1%47.0M-1.55B-21.4M0.863.30N/AN/A59,31350,9502,069,2031,454,519
2007-08-10$28.71$30.0031.3%8.2%25.7%100.0%26.7%4.5%-0.6%41.6M-1.39B-22.0M0.502.55N/AN/A83,18041,7832,079,4301,477,013
2007-08-13$28.63$30.0031.5%7.7%25.5%100.0%25.8%3.3%-0.3%40.6M-1.36B-21.9M0.452.98N/AN/A40,38218,3032,108,7961,478,315
2007-08-14$28.27$30.0031.4%7.8%23.6%99.6%26.3%3.4%-0.2%35.0M-1.14B-21.2M0.332.82N/AN/A27,8289,1412,080,4331,474,508
2007-08-15$28.10$30.0029.7%8.0%23.4%89.0%27.1%3.8%-0.2%31.4M-1.17B-20.7M0.752.86N/AN/A21,60616,1322,084,6501,451,065
2007-08-16$27.81$30.0029.8%8.5%21.7%89.7%29.5%3.4%0.8%27.1M-1.03B-21.4M1.123.42N/AN/A38,98143,4662,090,0661,460,853
2007-08-17$28.25$30.0025.6%7.3%23.0%64.4%25.1%2.7%2.4%32.6M-1.19B-21.1M0.774.17N/AN/A39,06330,1992,086,5761,452,482
2007-08-20$28.26$27.5024.1%6.9%22.9%55.2%23.0%3.7%2.3%34.7M-1.26B-20.7M0.382.37N/AN/A54,73120,8041,925,5841,399,298
2007-08-21$28.07$27.5023.5%6.7%22.8%51.9%23.1%3.1%2.0%33.8M-1.17B-21.0M0.702.15N/AN/A43,40630,5471,963,7211,412,561
2007-08-22$28.22$27.5022.4%6.4%23.0%44.7%22.0%2.4%2.0%36.0M-1.24B-20.7M0.732.52N/AN/A28,90921,1181,970,4301,419,894
2007-08-23$28.30$27.5022.3%6.4%21.9%44.1%21.5%3.9%1.0%37.4M-1.27B-20.5M1.282.23N/AN/A22,73129,0881,971,3511,425,387
2007-08-24$28.81$27.5016.3%4.7%22.1%8.3%17.2%3.4%3.7%44.7M-1.58B-20.5M0.562.69N/AN/A33,33918,8241,979,5831,429,821
2007-08-27$28.49$27.5021.1%6.1%22.4%37.4%19.9%2.3%1.7%40.5M-1.39B-20.3M0.472.45N/AN/A11,6455,5161,983,3941,425,378
2007-08-28$27.93$27.5023.6%6.8%22.9%52.1%23.2%2.7%0.9%32.9M-1.09B-20.4M0.812.50N/AN/A24,29219,7261,982,9631,428,452
2007-08-29$28.59$27.5023.2%6.6%24.3%49.6%21.5%3.1%0.7%41.7M-1.44B-20.4M0.542.25N/AN/A30,07916,1871,993,0341,434,211
2007-08-30$28.45$27.5022.8%6.5%24.1%47.7%22.2%1.9%1.1%40.6M-1.39B-20.5M0.423.09N/AN/A16,6366,9472,001,1111,438,440
2007-08-31$28.73$27.5022.7%6.5%23.5%46.9%20.4%3.1%0.3%45.5M-1.56B-20.2M0.572.35N/AN/A14,9518,5161,999,0721,437,003