MSFT Options History — October 2008

In October 2008, MSFT traded between $21.18 and $26.48. ATM implied volatility averaged 65.0%, placing in the 72.4% IV rank vs the trailing year. The 30-day expected move averaged 18.3%. IV traded below realized volatility by 17.4% (HV 20d: 82.5%). Max pain ranged from $23.00 to $27.00. Net GEX was positive for 4 of 23 trading days. Term structure was in contango for 1 of 23 days. Put/call ratio averaged 0.84.

Notable Days

  • 2008-10-23: Highest Volume — 399,638 contracts
  • 2008-10-10: Largest IV spike — 34.8% change
  • 2008-10-06: Highest IV Rank — 100.0%
  • 2008-10-10: Largest Expected Move — 24.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$23.50$21.18$26.48$26.48$22.33
Max Pain$24.52$23.00$27.00$27.00$23.00
ATM IV65.0%45.6%97.4%45.6%57.3%
Expected Move18.3%13.1%24.8%13.1%16.4%
HV 20d82.5%54.5%99.8%55.8%97.2%
HV 60d55.2%41.8%65.6%42.1%64.8%
IV Rank72.4%47.4%100.0%81.7%47.6%
IV Percentile97.8%93.3%100.0%97.2%93.3%
Term Structure-8.0%-24.5%1.3%-1.0%1.3%
VWIV63.8%43.8%83.8%43.8%56.2%
Skew 25d19.2%7.5%28.8%7.5%9.7%
Skew 10d36.9%14.4%66.7%14.4%20.7%
Call IV 25d54.5%41.4%69.7%41.4%51.2%
Put IV 25d73.7%48.9%95.9%48.9%61.0%
Bid-Ask Spread %4.922.937.774.034.03
Gamma HHI0.110.090.320.090.10
Net GEX-7.8M-38.4M8.9M8.9M-7.0M
Net DEX1.19B258.4M1.80B258.4M1.23B
Net VEX-16.7M-19.4M-14.0M-19.4M-17.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.840.291.581.110.88
Total Volume228,856.08779,046399,63879,04693,516
Total OI4,205,354.9573,756,8594,630,3943,965,7914,630,394

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-10-01$26.48$27.0045.6%13.1%55.8%81.7%43.8%7.5%-1.0%8.9M258.4M-19.4M1.114.03N/AN/A37,50841,5382,174,6051,791,186
2008-10-02$26.25$27.0048.6%13.9%55.4%90.5%49.5%8.0%-2.5%7.5M342.4M-19.4M0.565.06N/AN/A86,72248,3952,186,1461,802,634
2008-10-03$26.32$27.0046.7%13.4%54.5%85.0%45.4%8.4%-0.9%7.7M321.2M-19.4M0.445.28N/AN/A63,98228,4602,219,5571,810,831
2008-10-06$24.91$25.0054.5%14.3%57.6%100.0%51.0%13.8%-5.4%-7.6M1.02B-17.8M0.456.42N/AN/A141,08863,7332,223,6481,821,354
2008-10-07$23.23$24.0060.2%17.3%62.4%100.0%59.1%18.3%-9.1%-13.1M1.58B-15.9M0.707.77N/AN/A143,584100,5462,264,0921,829,394
2008-10-08$23.01$25.0061.5%18.9%62.0%100.0%63.5%23.5%-10.2%-12.3M1.60B-15.9M0.687.52N/AN/A125,80385,8092,291,6931,861,030
2008-10-09$22.30$25.0072.3%20.3%60.6%100.0%71.9%25.0%-13.8%-11.7M1.73B-14.8M1.265.47N/AN/A123,292154,8962,272,7951,850,414
2008-10-10$21.50$25.0097.4%24.8%60.8%100.0%83.8%27.1%-24.5%-11.2M1.80B-14.3M0.876.75N/AN/A205,307177,6102,306,2241,885,241
2008-10-13$25.50$24.0068.2%17.4%88.6%61.8%66.1%25.8%-10.2%928.0K586.6M-18.7M0.616.22N/AN/A158,72097,2232,365,8501,948,672
2008-10-14$24.10$24.0070.2%18.3%90.1%64.4%70.9%24.5%-11.6%-11.7M1.24B-16.9M0.984.71N/AN/A132,679129,6822,395,7271,955,998
2008-10-15$22.66$24.0078.0%21.1%90.5%74.5%70.9%26.9%-13.6%-14.1M1.64B-16.1M1.105.81N/AN/A90,83699,5022,421,8991,999,802
2008-10-16$24.19$24.0069.2%19.8%93.2%63.1%70.9%28.8%-14.7%-13.1M1.19B-17.8M0.705.19N/AN/A132,73192,3592,460,6182,037,457
2008-10-17$23.93$24.0078.7%22.6%93.3%75.5%77.5%28.0%-18.7%-38.4M1.20B-18.1M0.713.41N/AN/A177,279125,4102,498,1222,066,302
2008-10-20$24.72$25.0060.1%17.2%94.0%51.1%67.8%25.4%-6.5%-431.5K750.0M-17.6M1.393.70N/AN/A94,187130,6502,006,2511,750,608
2008-10-21$23.36$25.0069.0%19.8%96.0%62.8%65.4%25.0%-10.2%-6.5M1.19B-16.1M1.583.40N/AN/A76,519120,9942,047,3781,816,113
2008-10-22$21.53$25.0080.2%23.0%99.6%77.4%79.5%20.1%-12.4%-9.3M1.55B-15.0M1.184.40N/AN/A110,870131,1522,082,5901,881,126
2008-10-23$22.32$24.0074.0%21.2%99.8%69.3%73.3%16.2%-10.3%-8.6M1.41B-15.6M0.684.38N/AN/A238,587161,0512,115,5201,902,874
2008-10-24$21.96$24.0065.6%18.8%98.8%58.4%67.3%16.6%-2.7%-8.5M1.49B-15.3M1.052.93N/AN/A157,873165,4852,209,4321,972,089
2008-10-27$21.18$24.0065.2%18.7%94.7%57.9%61.3%15.5%-3.6%-12.7M1.78B-14.0M0.663.82N/AN/A141,74793,4452,234,2042,024,047
2008-10-28$23.10$23.0057.2%16.4%97.2%47.4%56.5%19.3%-2.3%-7.0M1.20B-16.3M0.773.65N/AN/A120,31592,3202,281,8252,075,957
2008-10-29$23.00$23.0058.3%16.7%97.2%48.8%57.6%14.6%-1.3%-6.1M1.18B-16.5M0.295.03N/AN/A234,88167,1762,300,2552,091,224
2008-10-30$22.63$23.0057.8%16.6%97.2%48.1%57.8%13.1%-0.2%-5.5M1.13B-17.2M0.604.30N/AN/A105,32862,9002,439,5532,120,433
2008-10-31$22.33$23.0057.3%16.4%97.2%47.6%56.2%9.7%1.3%-7.0M1.23B-17.0M0.884.03N/AN/A49,75243,7642,484,7752,145,619