MSFT Options History — April 2008

In April 2008, MSFT traded between $28.06 and $31.80. ATM implied volatility averaged 31.7%, placing in the 52.6% IV rank vs the trailing year. The 30-day expected move averaged 9.4%. IV traded above realized volatility by 0.3% (HV 20d: 31.4%). Max pain ranged from $28.00 to $30.00. Net GEX was positive for 20 of 22 trading days. Term structure was in contango for 3 of 22 days. Put/call ratio averaged 0.67.

Notable Days

  • 2008-04-24: Highest Volume — 638,505 contracts
  • 2008-04-25: Largest IV drop — 32.5% change
  • 2008-04-24: Highest IV Rank — 79.5%
  • 2008-04-24: Largest Expected Move — 11.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$29.34$28.06$31.80$29.50$28.52
Max Pain$29.18$28.00$30.00$30.00$29.00
ATM IV31.7%26.2%40.2%27.3%28.3%
Expected Move9.4%7.6%11.5%7.8%8.1%
HV 20d31.4%25.7%38.3%34.9%35.6%
HV 60d32.1%30.9%34.9%33.0%32.1%
IV Rank52.6%35.5%79.5%38.8%42.1%
IV Percentile80.2%61.1%98.4%68.3%67.9%
Term Structure-2.5%-8.4%6.3%5.8%-1.1%
VWIV33.0%26.8%40.2%27.2%28.9%
Skew 25d3.3%-1.3%5.0%4.1%-1.3%
Skew 10d5.4%-3.1%9.0%7.3%-3.1%
Call IV 25d31.5%25.6%38.2%25.6%29.3%
Put IV 25d34.8%27.8%42.1%29.7%28.0%
Bid-Ask Spread %3.472.105.172.102.99
Gamma HHI0.130.080.610.120.09
Net GEX24.0M-4.1M156.5M19.4M13.2M
Net DEX-347.4M-1.64B251.5M-390.0M107.9M
Net VEX-20.0M-21.8M-18.8M-20.2M-20.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.670.221.230.700.62
Total Volume176,568.27352,446638,505113,664165,924
Total OI3,300,055.7732,776,3663,672,0773,226,4513,672,077

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-04-01$29.50$30.0027.3%7.8%34.9%38.8%27.2%4.1%5.8%19.4M-390.0M-20.2M0.702.10N/AN/A67,03546,6291,876,5481,349,903
2008-04-02$29.16$30.0027.0%7.7%34.7%37.8%27.8%4.5%6.0%15.1M-237.3M-20.2M1.002.14N/AN/A33,93033,8451,890,2721,376,423
2008-04-03$29.00$30.0026.4%7.6%34.3%36.0%26.8%4.5%6.3%12.7M-133.0M-19.9M1.103.14N/AN/A28,09531,0441,896,5351,384,317
2008-04-04$29.16$29.0026.5%9.4%33.4%36.3%33.0%4.4%-2.7%15.3M-150.5M-19.8M0.824.00N/AN/A31,39625,7781,899,2521,384,415
2008-04-07$29.16$29.0027.1%9.4%33.3%38.2%32.8%4.7%-2.8%14.8M-235.7M-19.7M0.583.63N/AN/A38,57622,4081,908,0451,382,265
2008-04-08$28.75$29.0026.2%9.3%33.7%35.5%33.0%5.0%-2.4%9.2M-42.9M-19.2M1.233.84N/AN/A44,89555,2861,920,0951,386,573
2008-04-09$28.89$29.0026.4%9.5%30.0%36.2%33.5%4.6%-2.9%12.1M-101.4M-19.5M1.075.17N/AN/A48,05451,4061,940,0911,395,679
2008-04-10$29.11$29.0032.3%9.3%29.0%54.6%32.4%4.5%-2.7%15.5M-217.8M-19.9M0.423.92N/AN/A37,01615,4301,951,6281,405,275
2008-04-11$28.28$29.0035.2%10.1%30.8%63.8%34.7%4.7%-4.0%3.3M137.7M-19.2M0.764.37N/AN/A55,07241,8861,952,8501,404,425
2008-04-14$28.06$29.0037.3%10.7%29.8%70.3%37.6%4.1%-3.6%-4.1M251.5M-18.8M1.003.43N/AN/A47,85347,9501,957,6671,423,183
2008-04-15$28.25$28.0036.0%10.3%29.6%66.3%35.0%4.7%-3.0%-380.7K172.2M-19.0M0.523.21N/AN/A35,39318,2851,975,4411,441,982
2008-04-16$28.95$28.0034.5%9.9%27.4%61.4%34.0%4.4%-3.6%12.5M-124.9M-19.4M0.533.21N/AN/A90,51848,4041,982,6081,439,199
2008-04-17$29.22$29.0034.9%10.0%25.7%62.9%34.7%4.1%-4.1%32.3M-384.4M-19.6M0.223.96N/AN/A65,88614,5252,015,9981,463,151
2008-04-18$30.00$29.0034.9%10.0%26.5%62.9%35.7%3.8%-5.3%156.5M-856.4M-19.9M0.443.21N/AN/A191,74483,4892,022,4541,460,639
2008-04-21$30.42$29.0037.9%10.9%26.9%72.2%37.1%3.4%-8.2%25.5M-852.9M-19.9M0.333.02N/AN/A182,01759,4351,526,3031,253,113
2008-04-22$30.25$29.0038.1%10.9%27.0%73.0%38.2%2.3%-7.8%24.9M-815.6M-19.7M0.523.71N/AN/A102,91653,2731,525,2781,251,088
2008-04-23$31.45$29.0037.4%10.7%28.7%70.6%37.7%2.8%-7.5%40.2M-1.45B-20.9M0.673.32N/AN/A230,944155,4001,660,4551,299,567
2008-04-24$31.80$29.0040.2%11.5%27.4%79.5%40.2%3.9%-8.4%44.4M-1.64B-21.8M0.414.54N/AN/A454,079184,4261,743,8731,329,256
2008-04-25$29.83$30.0027.1%7.8%37.0%38.3%27.4%0.6%-0.4%30.2M-567.6M-20.9M0.623.31N/AN/A257,380159,3321,926,1101,442,415
2008-04-28$28.99$30.0027.4%7.8%38.3%39.0%28.0%-0.3%-0.9%21.4M-143.6M-20.4M0.753.24N/AN/A181,806136,3672,024,0321,462,787
2008-04-29$28.64$30.0028.5%8.2%35.8%42.6%29.0%-0.2%-1.7%14.0M33.3M-20.8M0.382.95N/AN/A151,19458,1812,066,8221,531,138
2008-04-30$28.52$29.0028.3%8.1%35.6%42.1%28.9%-1.3%-1.1%13.2M107.9M-20.7M0.622.99N/AN/A102,26763,6572,121,1311,550,946