MSFT Options History — July 2008

In July 2008, MSFT traded between $25.15 and $27.52. ATM implied volatility averaged 35.8%, placing in the 61.6% IV rank vs the trailing year. The 30-day expected move averaged 9.9%. IV traded above realized volatility by 0.8% (HV 20d: 35.0%). Max pain ranged from $26.00 to $29.00. Net GEX was positive for 7 of 22 trading days. Term structure was in contango for 4 of 22 days. Put/call ratio averaged 0.72.

Notable Days

  • 2008-07-17: Highest Volume — 557,715 contracts
  • 2008-07-10: Largest IV drop — 22.6% change
  • 2008-07-09: Highest IV Rank — 100.0%
  • 2008-07-15: Largest Expected Move — 12.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$25.98$25.15$27.52$26.87$25.72
Max Pain$26.77$26.00$29.00$29.00$26.00
ATM IV35.8%26.9%48.4%36.3%30.1%
Expected Move9.9%7.7%12.1%10.4%8.6%
HV 20d35.0%22.8%43.1%32.1%40.8%
HV 60d32.1%30.9%33.9%30.9%32.8%
IV Rank61.6%33.1%100.0%65.7%43.1%
IV Percentile82.3%47.6%100.0%94.0%66.7%
Term Structure-2.5%-6.2%0.8%-4.2%0.8%
VWIV34.8%27.5%42.8%37.7%30.4%
Skew 25d4.0%0.5%7.8%3.9%1.4%
Skew 10d8.2%1.8%15.8%8.9%1.8%
Call IV 25d33.0%26.5%39.5%36.1%29.9%
Put IV 25d37.0%28.3%46.3%40.0%31.3%
Bid-Ask Spread %3.372.164.802.162.46
Gamma HHI0.110.090.140.110.11
Net GEX-2.0M-14.8M19.1M-1.6M2.6M
Net DEX809.5M-145.5M1.37B686.9M681.9M
Net VEX-17.6M-19.2M-16.3M-18.6M-17.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.720.221.530.740.71
Total Volume161,518.72766,483557,715151,10891,174
Total OI3,629,188.0453,273,2534,174,2073,571,6893,551,254

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-07-01$26.87$29.0036.3%10.4%32.1%65.7%37.7%3.9%-4.2%-1.6M686.9M-18.6M0.742.16N/AN/A86,81264,2961,962,2181,609,471
2008-07-02$25.88$29.0040.5%11.6%34.4%79.7%41.2%4.5%-5.5%-7.7M1.07B-17.5M1.532.98N/AN/A53,37681,4081,987,1501,612,689
2008-07-03$25.98$29.0038.4%11.0%32.6%72.8%39.9%4.9%-3.9%-10.8M1.09B-17.9M1.212.25N/AN/A30,14336,5291,991,4531,646,234
2008-07-07$26.03$28.0044.1%10.7%31.3%91.3%37.5%6.0%-3.3%-9.4M1.04B-17.3M1.143.03N/AN/A82,02993,4141,994,9091,634,166
2008-07-08$25.85$27.0046.4%10.2%31.1%98.8%37.2%5.3%-3.7%-11.9M1.14B-16.9M0.473.40N/AN/A156,17673,4052,013,2111,644,326
2008-07-09$25.23$27.0048.4%10.8%31.7%100.0%37.5%4.5%-3.7%-12.3M1.31B-16.3M0.893.53N/AN/A54,03047,9622,049,8871,656,274
2008-07-10$25.45$27.0037.4%10.7%30.8%65.8%37.1%5.2%-3.4%-11.8M1.25B-16.6M1.184.33N/AN/A48,70557,2402,063,8231,670,459
2008-07-11$25.25$27.0038.8%11.1%26.2%70.2%38.8%5.2%-3.7%-13.2M1.30B-16.8M0.734.47N/AN/A64,59046,8952,079,6611,702,653
2008-07-14$25.15$27.0040.7%11.7%22.8%76.0%40.1%5.5%-4.9%-14.8M1.37B-16.5M0.714.38N/AN/A53,00237,5292,082,3591,714,714
2008-07-15$26.15$27.0042.3%12.1%28.1%81.1%42.8%7.5%-6.2%-5.5M884.1M-17.7M0.634.80N/AN/A240,039150,9012,095,5411,724,640
2008-07-16$27.26$26.0039.1%11.2%32.6%70.9%39.3%7.8%-5.4%12.4M176.1M-18.7M0.394.34N/AN/A157,39761,9952,205,7081,760,579
2008-07-17$27.52$26.0037.4%10.7%32.7%65.7%38.3%6.9%-4.2%19.1M-145.5M-19.2M0.664.57N/AN/A335,711222,0042,250,4591,775,019
2008-07-18$25.86$26.0030.3%8.7%38.4%43.7%31.0%4.2%0.8%-1.7M1.10B-17.7M0.763.70N/AN/A187,968143,3452,328,7941,845,413
2008-07-21$25.64$26.0029.8%8.5%37.7%41.9%30.3%3.6%-2.3%-2.5M756.4M-17.1M0.702.93N/AN/A76,79153,4721,777,6771,495,576
2008-07-22$25.80$26.0026.9%7.7%37.9%33.1%27.5%1.8%-0.3%-9.2K679.9M-17.2M0.323.12N/AN/A60,80719,4021,813,5941,506,704
2008-07-23$26.43$26.0028.0%8.0%39.1%36.2%27.8%2.5%-0.4%8.1M387.2M-18.1M0.372.96N/AN/A70,59126,0361,826,7461,528,480
2008-07-24$25.44$26.0030.4%8.7%40.0%44.0%30.5%0.5%0.1%-3.5M779.3M-17.2M0.442.64N/AN/A46,23320,2501,830,5521,535,867
2008-07-25$26.16$26.0028.7%8.2%41.2%38.6%28.7%2.2%-0.1%6.6M491.9M-17.9M0.663.19N/AN/A71,22747,1701,852,3291,542,521
2008-07-28$25.50$26.0032.1%9.2%41.9%49.2%31.8%1.2%-0.8%-2.6M797.0M-17.2M0.652.75N/AN/A61,64240,2471,875,3961,574,480
2008-07-29$26.11$26.0029.9%8.6%43.1%42.2%30.1%1.4%-0.5%6.5M519.5M-17.9M0.223.34N/AN/A66,85914,9021,904,7251,592,085
2008-07-30$26.23$26.0030.8%8.8%42.4%45.2%30.8%2.5%0.5%10.1M440.1M-18.1M0.682.72N/AN/A71,04948,6591,933,8661,598,475
2008-07-31$25.72$26.0030.1%8.6%40.8%43.1%30.4%1.4%0.8%2.6M681.9M-17.6M0.712.46N/AN/A53,33137,8431,943,3881,607,866