MSFT Options History — January 2008

In January 2008, MSFT traded between $31.93 and $35.37. ATM implied volatility averaged 34.4%, placing in the 77.4% IV rank vs the trailing year. The 30-day expected move averaged 10.0%. IV traded above realized volatility by 7.1% (HV 20d: 27.3%). Max pain ranged from $27.50 to $35.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 0.51.

Notable Days

  • 2008-01-24: Highest Volume — 561,399 contracts
  • 2008-01-25: Largest IV drop — 31.8% change
  • 2008-01-16: Highest IV Rank — 100.0%
  • 2008-01-24: Largest Expected Move — 13.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$33.51$31.93$35.37$35.22$32.60
Max Pain$33.45$27.50$35.00$27.50$32.50
ATM IV34.4%26.4%46.7%26.4%27.7%
Expected Move10.0%7.6%13.4%7.6%7.9%
HV 20d27.3%23.6%29.9%25.6%29.8%
HV 60d31.9%27.5%34.0%32.2%27.7%
IV Rank77.4%39.5%100.0%52.8%40.2%
IV Percentile95.6%84.1%100.0%86.9%84.1%
Term Structure-5.2%-11.7%4.4%4.4%-1.1%
VWIV35.1%26.6%46.4%26.6%28.5%
Skew 25d2.3%0.1%4.9%1.8%2.0%
Skew 10d4.0%0.0%10.0%1.7%3.5%
Call IV 25d34.6%26.4%44.6%27.0%27.6%
Put IV 25d36.8%28.5%49.5%28.9%29.6%
Bid-Ask Spread %2.742.004.602.922.43
Gamma HHI0.230.150.310.240.23
Net GEX62.8M27.5M85.7M82.6M45.4M
Net DEX-3.12B-5.33B-849.9M-5.21B-1.09B
Net VEX-19.9M-20.9M-19.1M-19.6M-20.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.510.120.900.440.50
Total Volume162,401.47650,468561,399107,563108,845
Total OI3,726,604.4762,349,2634,523,3334,243,6372,786,449

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-01-02$35.22$27.5026.4%7.6%25.6%52.8%26.6%1.8%4.4%82.6M-5.21B-19.6M0.442.92N/AN/A74,79232,7712,471,7251,771,912
2008-01-03$35.37$27.5026.6%7.6%25.4%53.6%26.7%2.1%4.2%85.7M-5.33B-19.4M0.902.00N/AN/A34,90031,3242,495,9911,788,521
2008-01-04$34.38$35.0029.8%9.5%23.8%68.6%33.9%0.1%-5.5%79.2M-4.50B-20.2M0.562.61N/AN/A78,01443,6122,493,1401,804,904
2008-01-07$34.61$35.0032.7%9.6%23.6%81.7%33.9%1.3%-6.0%81.4M-4.65B-20.1M0.742.33N/AN/A61,25545,2152,510,9871,820,582
2008-01-08$33.45$35.0034.4%10.1%26.5%89.5%35.2%1.0%-6.4%74.0M-3.84B-20.0M0.473.44N/AN/A95,41944,4722,521,2881,840,668
2008-01-09$34.44$35.0031.7%9.8%28.6%77.0%34.6%2.5%-6.3%78.6M-4.52B-20.0M0.572.31N/AN/A80,65445,8862,520,9301,848,918
2008-01-10$34.33$35.0034.8%10.0%27.7%91.6%35.3%2.9%-7.1%81.3M-4.44B-19.8M0.512.46N/AN/A50,20725,6862,540,3681,860,302
2008-01-11$33.91$35.0035.4%10.2%27.8%94.4%35.8%2.1%-7.5%77.6M-4.18B-19.7M0.772.50N/AN/A28,55921,9092,549,7651,852,996
2008-01-14$34.39$35.0035.9%10.3%27.1%96.5%36.7%3.0%-7.5%80.8M-4.47B-19.6M0.342.13N/AN/A67,51622,8432,545,2771,860,930
2008-01-15$34.00$35.0036.0%10.3%27.3%97.1%36.5%1.3%-7.9%79.6M-4.22B-19.4M0.122.96N/AN/A200,00524,5602,561,0021,868,985
2008-01-16$33.23$35.0038.6%11.1%26.9%100.0%38.5%1.2%-8.6%69.2M-3.79B-19.9M0.644.60N/AN/A100,82464,5742,634,6951,871,076
2008-01-17$33.11$35.0040.4%11.6%26.5%100.0%40.5%0.9%-9.3%64.5M-3.67B-20.0M0.443.47N/AN/A85,41737,9592,631,3811,891,952
2008-01-18$33.01$35.0039.9%11.4%26.5%97.7%39.2%3.0%-9.3%63.0M-3.71B-19.5M0.362.52N/AN/A125,09245,0512,631,2521,886,862
2008-01-22$31.99$35.0042.1%12.1%26.9%100.0%42.6%3.6%-10.4%27.5M-849.9M-19.1M0.492.35N/AN/A162,07079,3731,427,463921,800
2008-01-23$31.93$32.5045.4%13.0%25.8%100.0%46.4%4.6%-11.7%29.7M-916.9M-19.5M0.642.80N/AN/A130,45783,7181,478,677951,353
2008-01-24$33.25$32.5046.7%13.4%29.9%100.0%46.1%4.9%-8.5%36.0M-1.44B-20.8M0.413.31N/AN/A399,347162,0521,519,972985,635
2008-01-25$32.94$32.5031.8%9.1%29.9%53.2%31.6%3.8%-1.6%50.5M-1.41B-20.9M0.412.39N/AN/A267,291110,8361,708,3531,051,433
2008-01-28$32.72$32.5030.4%8.7%29.5%48.7%30.8%1.8%-1.4%47.7M-1.24B-20.6M0.492.48N/AN/A92,68145,6371,725,5681,068,330
2008-01-29$32.60$32.5028.6%8.2%29.3%43.0%29.6%2.4%-1.0%44.7M-1.15B-20.2M0.452.59N/AN/A51,50323,1631,709,2331,074,734
2008-01-30$32.20$32.5027.5%7.9%29.3%39.5%28.3%1.1%-0.9%38.8M-925.9M-19.5M0.512.90N/AN/A82,81142,1311,708,2531,065,032
2008-01-31$32.60$32.5027.7%7.9%29.8%40.2%28.5%2.0%-1.1%45.4M-1.09B-20.1M0.502.43N/AN/A72,48736,3581,721,3111,065,138