MSFT Options History — January 2009

In January 2009, MSFT traded between $17.10 and $20.76. ATM implied volatility averaged 44.9%, placing in the 30.7% IV rank vs the trailing year. The 30-day expected move averaged 13.6%. IV traded below realized volatility by 6.5% (HV 20d: 51.4%). Max pain ranged from $19.00 to $25.00. Net GEX was positive for 2 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 0.86.

Notable Days

  • 2009-01-22: Highest Volume — 406,680 contracts
  • 2009-01-20: Largest IV spike — 23.8% change
  • 2009-01-20: Highest IV Rank — 48.6%
  • 2009-01-20: Largest Expected Move — 16.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$18.91$17.10$20.76$20.33$17.10
Max Pain$19.70$19.00$25.00$25.00$19.00
ATM IV44.9%37.1%58.5%40.7%42.1%
Expected Move13.6%10.6%16.8%11.7%12.1%
HV 20d51.4%38.5%67.1%47.0%67.1%
HV 60d67.3%62.7%76.0%75.5%65.5%
IV Rank30.7%20.4%48.6%25.2%27.0%
IV Percentile71.4%57.9%88.1%68.7%66.3%
Term Structure0.1%-3.5%8.1%8.1%4.5%
VWIV47.7%37.5%57.0%41.0%42.1%
Skew 25d9.4%5.6%12.6%6.1%6.5%
Skew 10d16.7%7.4%23.0%14.1%10.3%
Call IV 25d42.8%34.7%51.5%37.6%39.7%
Put IV 25d52.1%40.4%62.5%43.7%46.2%
Bid-Ask Spread %3.382.075.122.072.94
Gamma HHI0.110.080.190.100.11
Net GEX-3.4M-8.5M4.4M-5.7M-3.4M
Net DEX1.12B356.4M1.59B1.33B905.8M
Net VEX-10.8M-12.0M-9.3M-11.9M-10.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.860.311.390.500.90
Total Volume153,502.3557,947406,680112,666119,666
Total OI3,883,825.452,628,5244,767,2734,470,2083,183,553

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-01-02$20.33$25.0040.7%11.7%47.0%25.2%41.0%6.1%8.1%-5.7M1.33B-11.9M0.502.07N/AN/A75,22537,4412,602,7771,867,431
2009-01-05$20.52$20.0041.9%13.1%44.6%26.7%46.9%12.2%-1.1%-4.6M1.27B-11.8M0.313.77N/AN/A105,93432,3582,636,3301,872,516
2009-01-06$20.76$19.0040.4%13.2%42.8%24.8%48.0%12.6%-1.4%-3.7M1.18B-12.0M1.063.61N/AN/A91,29896,7702,649,6811,876,160
2009-01-07$19.51$20.0045.6%14.5%43.6%31.7%52.4%11.3%-2.2%-7.0M1.57B-11.3M0.913.41N/AN/A73,70567,1802,665,3151,917,050
2009-01-08$20.12$20.0044.6%15.3%44.8%30.3%53.1%12.2%-3.2%-2.4M1.34B-11.8M0.784.24N/AN/A98,67077,2782,687,1051,914,004
2009-01-09$19.52$20.0041.2%14.9%46.0%25.8%52.0%11.3%-2.7%-5.1M1.50B-11.3M0.853.38N/AN/A31,38226,5652,727,0551,926,214
2009-01-12$19.47$20.0049.7%15.4%41.1%37.1%52.8%10.3%-3.5%-5.2M1.52B-11.0M0.972.54N/AN/A50,84749,1222,731,5941,918,654
2009-01-13$19.82$20.0045.4%14.4%41.6%31.4%51.9%11.7%-2.0%-2.8M1.36B-11.4M1.213.25N/AN/A41,01849,5762,741,8451,913,473
2009-01-14$19.09$20.0049.6%15.5%43.4%36.9%54.0%11.2%-2.3%-6.3M1.58B-10.9M1.283.44N/AN/A58,78575,1212,751,8711,919,564
2009-01-15$19.24$20.0054.3%15.6%38.5%43.1%55.1%11.8%-2.7%-8.5M1.59B-10.9M0.852.92N/AN/A108,07092,1482,764,1641,930,947
2009-01-16$19.71$19.0047.3%13.5%38.8%33.8%48.6%10.8%0.4%-6.4M1.44B-11.3M0.934.47N/AN/A82,19676,0512,815,2381,952,035
2009-01-20$18.48$19.0058.5%16.8%44.7%48.6%57.0%11.0%-3.0%2.2M511.3M-10.5M0.814.38N/AN/A113,18391,6521,452,5291,175,995
2009-01-21$19.38$19.0049.9%14.3%47.9%37.3%50.0%10.8%0.0%4.4M356.4M-11.2M0.675.12N/AN/A156,783105,4641,500,5191,211,635
2009-01-22$17.11$19.0047.3%13.6%65.3%33.9%46.5%6.1%0.9%-1.8M835.9M-9.3M0.952.89N/AN/A208,714197,9661,584,6491,266,772
2009-01-23$17.20$19.0043.7%12.5%65.3%29.1%43.5%6.6%2.3%-3.1M898.1M-9.7M0.932.40N/AN/A86,57780,8161,668,6131,371,566
2009-01-26$17.63$19.0040.7%11.7%66.2%25.2%40.8%6.7%2.2%-2.9M820.2M-10.1M0.583.52N/AN/A79,54845,9611,685,8541,396,234
2009-01-27$17.66$19.0038.6%11.1%66.2%22.3%39.2%5.8%2.7%-2.5M803.8M-10.1M0.493.55N/AN/A62,05330,2211,703,3911,408,571
2009-01-28$18.04$19.0037.1%10.6%66.8%20.4%37.5%5.6%2.7%-383.4K732.3M-10.5M0.953.18N/AN/A48,89946,3161,728,4311,412,795
2009-01-29$17.59$19.0039.8%11.4%66.7%23.9%40.6%6.4%2.6%-2.0M790.3M-10.2M1.392.50N/AN/A41,67857,8101,720,4851,423,894
2009-01-30$17.10$19.0042.1%12.1%67.1%27.0%42.1%6.5%4.5%-3.4M905.8M-10.0M0.902.94N/AN/A63,11956,5471,734,8911,448,662