MSFT Options History — September 2007

In September 2007, MSFT traded between $28.42 and $29.56. ATM implied volatility averaged 22.0%, placing in the 42.3% IV rank vs the trailing year. The 30-day expected move averaged 6.4%. IV traded above realized volatility by 2.7% (HV 20d: 19.3%). Max pain ranged from $27.50 to $30.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 15 of 19 days. Put/call ratio averaged 0.57.

Notable Days

  • 2007-09-24: Highest Volume — 144,222 contracts
  • 2007-09-18: Largest IV drop — 22.7% change
  • 2007-09-17: Highest IV Rank — 70.5%
  • 2007-09-17: Largest Expected Move — 7.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$28.93$28.42$29.56$28.81$29.46
Max Pain$29.61$27.50$30.00$27.50$30.00
ATM IV22.0%19.1%26.6%20.6%19.1%
Expected Move6.4%5.5%7.6%5.9%5.5%
HV 20d19.3%15.8%22.6%22.3%15.8%
HV 60d20.6%20.3%20.9%20.4%20.5%
IV Rank42.3%25.0%70.5%34.3%25.0%
IV Percentile70.6%49.5%94.9%65.5%49.5%
Term Structure1.3%-1.2%4.5%0.1%4.0%
VWIV22.4%19.4%24.7%22.2%19.4%
Skew 25d2.3%-1.1%4.8%2.2%0.7%
Skew 10d4.9%-1.5%9.4%4.2%-0.5%
Call IV 25d22.1%20.0%25.3%20.8%21.0%
Put IV 25d24.4%21.3%28.2%23.0%21.7%
Bid-Ask Spread %2.131.283.473.001.47
Gamma HHI0.350.320.400.340.40
Net GEX49.9M36.7M66.0M47.1M66.0M
Net DEX-1.68B-2.17B-1.32B-1.61B-2.09B
Net VEX-19.5M-20.1M-18.8M-19.9M-18.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.570.111.150.540.76
Total Volume51,409.21123,192144,22234,43349,844
Total OI3,512,148.3683,438,0693,569,8993,438,0693,546,220

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2007-09-04$28.81$27.5020.6%5.9%22.3%34.3%22.2%2.2%0.1%47.1M-1.61B-19.9M0.543.00N/AN/A22,33912,0942,001,1961,436,873
2007-09-05$28.48$27.5023.3%6.7%22.6%50.5%22.5%1.1%1.0%41.5M-1.41B-20.0M0.493.16N/AN/A23,07611,2572,008,7111,441,533
2007-09-06$28.91$27.5019.8%5.7%22.6%29.2%21.0%3.2%1.6%50.0M-1.72B-19.9M0.273.47N/AN/A46,02112,5532,019,2251,442,105
2007-09-07$28.44$30.0024.0%7.3%19.3%55.0%24.3%4.1%-0.8%41.4M-1.37B-20.0M1.112.45N/AN/A17,47619,3132,036,0471,451,298
2007-09-10$28.48$30.0025.0%7.6%19.2%60.7%23.6%4.8%-0.6%39.9M-1.37B-20.1M0.112.89N/AN/A49,9325,6242,022,0101,461,933
2007-09-11$28.93$30.0020.3%6.5%20.0%32.5%24.2%3.9%0.8%50.6M-1.70B-20.1M1.091.63N/AN/A13,44014,6242,058,2381,464,282
2007-09-12$28.93$30.0020.2%6.5%19.4%31.7%23.9%3.8%0.9%47.1M-1.64B-19.8M0.322.22N/AN/A24,0307,6982,025,1061,468,427
2007-09-13$29.16$30.0022.0%6.3%19.3%42.8%22.4%4.0%0.9%52.7M-1.81B-19.6M0.242.46N/AN/A40,6779,9002,031,0661,468,795
2007-09-14$29.04$30.0022.1%6.3%18.9%43.5%23.6%4.3%0.7%52.5M-1.73B-19.9M0.661.74N/AN/A14,0019,1912,049,3351,469,901
2007-09-17$28.73$30.0026.6%7.6%18.7%70.5%24.7%3.8%-1.2%42.8M-1.51B-19.3M0.831.69N/AN/A21,14617,4602,040,1091,467,564
2007-09-18$28.93$30.0020.6%5.9%18.9%34.0%21.8%3.5%1.4%48.7M-1.61B-19.1M1.151.87N/AN/A37,94743,6452,050,7361,476,153
2007-09-19$28.67$30.0024.2%6.9%19.0%55.8%22.5%3.2%-0.0%41.6M-1.43B-19.2M0.541.89N/AN/A29,12115,6512,066,3331,488,789
2007-09-20$28.42$30.0023.0%6.6%19.2%48.5%22.1%2.3%0.6%36.7M-1.32B-19.0M0.412.25N/AN/A18,0557,4402,073,1051,488,865
2007-09-21$28.65$30.0021.5%6.2%19.4%39.4%21.3%0.2%2.1%42.3M-1.49B-19.1M0.621.73N/AN/A38,06623,7112,081,8601,488,039
2007-09-24$29.08$30.0024.0%6.9%19.1%54.9%24.1%-1.1%1.6%51.8M-1.79B-19.2M0.351.72N/AN/A106,81237,4102,020,8231,447,418
2007-09-25$29.56$30.0021.6%6.2%19.4%40.0%21.8%0.7%4.3%65.1M-2.17B-19.4M0.422.16N/AN/A52,70422,2572,075,9481,463,974
2007-09-26$29.50$30.0019.7%5.7%17.7%28.9%19.9%-0.3%4.5%64.6M-2.11B-18.9M0.381.31N/AN/A54,74720,6432,072,6341,471,102
2007-09-27$29.49$30.0019.4%5.6%15.9%26.9%19.9%-0.2%3.7%65.8M-2.12B-19.1M0.481.28N/AN/A18,1568,7142,087,8221,467,244
2007-09-28$29.46$30.0019.1%5.5%15.8%25.0%19.4%0.7%4.0%66.0M-2.09B-18.8M0.761.47N/AN/A28,30421,5402,083,9091,462,311