MSFT Options History — December 2008

In December 2008, MSFT traded between $18.61 and $21.01. ATM implied volatility averaged 52.9%, placing in the 41.7% IV rank vs the trailing year. The 30-day expected move averaged 15.3%. IV traded below realized volatility by 18.3% (HV 20d: 71.2%). Max pain ranged from $21.00 to $25.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 20 of 22 days. Put/call ratio averaged 0.78.

Notable Days

  • 2008-12-09: Highest Volume — 179,961 contracts
  • 2008-12-11: Largest IV spike — 22.5% change
  • 2008-12-01: Highest IV Rank — 58.3%
  • 2008-12-01: Largest Expected Move — 18.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.52$18.61$21.01$18.61$19.44
Max Pain$24.27$21.00$25.00$21.00$25.00
ATM IV52.9%42.9%65.5%65.5%42.9%
Expected Move15.3%12.3%18.8%18.8%12.3%
HV 20d71.2%46.1%81.9%80.3%46.1%
HV 60d79.0%76.1%80.7%78.3%76.1%
IV Rank41.7%28.1%58.3%58.3%28.1%
IV Percentile82.3%71.0%94.0%94.0%71.0%
Term Structure4.4%-2.0%10.2%-2.0%9.7%
VWIV53.1%42.3%67.0%67.0%42.3%
Skew 25d8.5%4.3%12.8%11.1%4.7%
Skew 10d16.2%9.2%25.4%18.3%10.9%
Call IV 25d49.4%41.0%61.5%61.5%41.0%
Put IV 25d57.9%45.7%72.5%72.5%45.7%
Bid-Ask Spread %2.671.434.123.081.61
Gamma HHI0.110.090.280.120.09
Net GEX-9.8M-24.5M-6.8M-8.4M-6.8M
Net DEX1.54B1.12B1.78B1.75B1.56B
Net VEX-12.3M-14.1M-11.0M-11.4M-11.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.780.441.260.660.71
Total Volume110,358.36432,016179,961143,82160,925
Total OI4,497,892.7734,335,1624,757,3254,342,3794,474,370

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-12-01$18.61$21.0065.5%18.8%80.3%58.3%67.0%11.1%-2.0%-8.4M1.75B-11.4M0.663.08N/AN/A86,64257,1792,444,7271,897,652
2008-12-02$19.15$21.0062.7%18.0%81.1%54.6%62.9%11.5%-1.5%-8.5M1.66B-12.1M0.863.40N/AN/A54,43347,0122,477,4521,908,805
2008-12-03$19.87$21.0058.2%16.7%80.9%48.7%59.3%10.7%1.6%-8.4M1.40B-12.8M0.932.63N/AN/A69,56564,6082,483,8911,860,126
2008-12-04$19.11$21.0062.4%17.9%79.1%54.2%61.9%10.3%0.5%-8.7M1.57B-12.3M1.263.82N/AN/A40,16750,4362,503,1781,898,907
2008-12-05$19.87$25.0056.4%16.9%78.5%46.3%59.1%11.2%1.1%-9.0M1.43B-12.8M0.583.00N/AN/A75,38143,4252,516,3671,905,026
2008-12-08$21.01$25.0054.8%15.8%80.5%44.2%55.2%12.8%1.7%-7.4M1.12B-13.7M0.763.28N/AN/A87,46666,7412,530,9201,909,770
2008-12-09$20.60$25.0054.2%16.3%80.7%43.4%55.5%12.2%1.7%-7.4M1.17B-13.9M0.763.48N/AN/A101,99477,9672,543,4371,937,556
2008-12-10$20.61$25.0049.8%15.6%80.7%37.6%52.8%11.7%3.9%-8.2M1.21B-14.1M0.672.37N/AN/A88,37259,0982,582,8811,980,576
2008-12-11$19.45$25.0061.0%17.5%81.9%52.3%59.6%9.6%1.9%-9.7M1.52B-12.9M0.772.79N/AN/A67,45551,6792,618,7751,992,975
2008-12-12$19.36$25.0060.3%17.3%79.9%51.5%57.8%9.3%2.0%-10.2M1.60B-12.8M0.702.81N/AN/A55,01938,5872,627,9622,008,884
2008-12-15$19.04$25.0061.0%17.5%77.6%52.3%60.1%10.1%1.5%-10.5M1.67B-12.2M0.733.27N/AN/A48,30435,0422,627,2642,004,589
2008-12-16$20.11$25.0052.9%15.2%79.0%41.8%53.1%10.8%4.7%-11.0M1.48B-12.9M0.654.12N/AN/A92,19859,4802,637,4182,011,136
2008-12-17$19.66$25.0049.4%14.2%79.2%37.2%49.6%6.7%4.7%-12.3M1.63B-12.5M0.942.02N/AN/A76,82272,3392,648,6972,027,512
2008-12-18$19.30$25.0050.7%14.5%75.2%38.9%49.6%6.7%4.8%-13.6M1.73B-12.2M0.642.95N/AN/A52,34433,4272,691,7822,053,133
2008-12-19$19.12$25.0046.9%13.4%73.5%33.9%46.1%5.9%6.9%-24.5M1.78B-11.5M1.152.33N/AN/A40,07145,8932,708,2962,049,029
2008-12-22$19.18$25.0045.7%13.1%60.6%32.3%44.9%6.7%8.4%-9.4M1.66B-11.4M0.702.32N/AN/A48,90534,1492,486,8781,848,284
2008-12-23$19.28$25.0047.6%13.7%57.5%34.9%46.4%5.2%9.5%-9.1M1.58B-11.8M0.441.89N/AN/A97,75342,8772,505,2391,864,579
2008-12-24$19.17$25.0046.2%13.2%56.4%32.4%47.5%5.2%9.9%-8.1M1.59B-11.6M0.702.13N/AN/A20,34814,3372,546,4871,870,947
2008-12-26$19.13$25.0044.1%12.6%55.5%29.6%44.3%4.3%10.2%-7.9M1.64B-11.3M0.751.43N/AN/A18,29713,7192,547,8241,866,937
2008-12-29$18.96$25.0046.6%13.3%55.4%32.9%48.1%5.3%8.1%-7.8M1.69B-11.0M0.562.21N/AN/A66,16836,8432,550,9421,864,398
2008-12-30$19.34$25.0045.6%13.1%47.2%31.6%45.1%5.2%7.6%-7.5M1.57B-11.1M1.151.79N/AN/A62,38972,0282,586,4761,851,557
2008-12-31$19.44$25.0042.9%12.3%46.1%28.1%42.3%4.7%9.7%-6.8M1.56B-11.5M0.711.61N/AN/A35,67225,2532,598,9941,875,376