MSFT Options History — February 2009

In February 2009, MSFT traded between $16.15 and $19.66. ATM implied volatility averaged 44.3%, placing in the 29.9% IV rank vs the trailing year. The 30-day expected move averaged 12.8%. IV traded below realized volatility by 13.7% (HV 20d: 58.0%). Max pain ranged from $18.00 to $19.00. Net GEX was positive for 14 of 19 trading days. Term structure was in contango for 16 of 19 days. Put/call ratio averaged 0.86.

Notable Days

  • 2009-02-13: Highest Volume — 502,882 contracts
  • 2009-02-17: Largest IV spike — 12.3% change
  • 2009-02-23: Highest IV Rank — 37.0%
  • 2009-02-23: Largest Expected Move — 14.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$18.18$16.15$19.66$17.83$16.15
Max Pain$18.16$18.00$19.00$19.00$18.00
ATM IV44.3%38.7%49.7%43.3%47.7%
Expected Move12.8%11.6%14.2%12.4%13.7%
HV 20d58.0%39.8%68.4%66.8%42.2%
HV 60d60.6%52.4%65.6%65.6%52.4%
IV Rank29.9%22.5%37.0%28.6%34.5%
IV Percentile68.5%58.7%77.8%67.5%75.0%
Term Structure0.8%-1.1%1.9%1.4%0.0%
VWIV45.0%41.3%48.9%44.3%47.2%
Skew 25d7.5%4.6%9.3%8.4%6.1%
Skew 10d13.6%7.7%17.7%14.7%9.3%
Call IV 25d41.4%37.5%46.0%39.9%45.1%
Put IV 25d48.8%45.0%53.0%48.4%51.2%
Bid-Ask Spread %3.061.803.922.503.07
Gamma HHI0.140.100.380.110.13
Net GEX2.7M-21.6M12.5M-462.7K-2.7M
Net DEX568.0M158.0M919.8M737.8M919.8M
Net VEX-10.7M-11.9M-8.8M-10.9M-8.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.860.061.501.020.42
Total Volume142,493.15864,844502,882225,31692,013
Total OI3,292,853.9473,054,2663,488,0693,251,3763,196,886

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-02-02$17.83$19.0043.3%12.4%66.8%28.6%44.3%8.4%1.4%-462.7K737.8M-10.9M1.022.50N/AN/A111,522113,7941,769,3961,481,980
2009-02-03$18.50$18.0042.7%12.2%68.4%27.8%42.6%7.5%0.9%2.8M584.9M-11.1M1.062.88N/AN/A64,18468,0661,769,4291,483,952
2009-02-04$18.63$19.0040.3%11.6%68.3%24.7%42.7%7.0%1.9%4.4M525.7M-11.0M0.852.69N/AN/A92,80579,2181,757,6381,443,271
2009-02-05$19.04$19.0040.4%11.6%65.5%24.7%42.0%7.6%1.8%7.2M388.3M-11.4M0.762.69N/AN/A51,54138,9751,808,0541,472,541
2009-02-06$19.66$18.0038.7%11.7%65.5%22.5%41.3%9.3%1.5%12.5M158.0M-11.9M0.613.39N/AN/A92,61556,1461,805,6611,469,374
2009-02-09$19.44$18.0043.2%12.5%64.8%28.5%42.9%9.1%1.3%9.9M294.9M-11.4M1.413.39N/AN/A37,67552,9601,805,8071,473,932
2009-02-10$18.80$18.0043.8%13.2%65.8%29.3%46.6%8.1%0.6%6.1M451.5M-11.2M0.723.01N/AN/A63,30245,8271,820,0121,478,156
2009-02-11$19.21$18.0040.9%12.8%66.0%25.4%44.4%8.9%0.9%10.2M299.1M-11.3M1.503.14N/AN/A64,63296,6581,832,8841,477,687
2009-02-12$19.26$18.0044.3%12.7%64.6%29.9%44.7%8.1%0.2%11.0M293.3M-11.7M0.753.40N/AN/A78,79058,7821,874,3341,532,398
2009-02-13$19.09$18.0042.3%12.1%64.6%27.3%42.2%7.9%0.9%9.2M381.8M-11.6M0.063.71N/AN/A474,14528,7371,911,5661,551,643
2009-02-17$18.09$18.0047.5%13.6%66.6%34.2%46.7%8.2%1.1%1.3M668.2M-11.0M1.013.25N/AN/A55,02755,3331,930,0531,558,016
2009-02-18$18.12$18.0045.8%13.1%62.7%31.9%45.5%7.8%1.4%1.1M651.3M-10.9M0.743.21N/AN/A37,33827,5061,945,4211,538,246
2009-02-19$17.91$18.0045.1%12.9%60.1%31.0%45.3%7.5%1.9%-404.2K706.3M-10.6M1.322.35N/AN/A37,59349,4711,954,5001,515,660
2009-02-20$18.00$18.0045.6%13.1%39.8%31.6%46.3%7.4%1.7%-21.6M681.4M-10.8M0.933.45N/AN/A61,23156,7771,950,4501,521,391
2009-02-23$17.21$18.0049.7%14.2%43.1%37.0%48.9%6.9%-1.1%1.6M707.3M-9.7M0.803.92N/AN/A42,26133,6641,724,4751,329,791
2009-02-24$17.17$18.0046.8%13.4%42.1%33.2%47.2%4.6%-0.0%935.3K729.1M-9.8M0.663.57N/AN/A104,63969,1281,742,0461,340,773
2009-02-25$16.96$18.0045.1%12.9%42.3%31.0%46.6%5.8%0.0%594.9K761.8M-9.6M0.921.80N/AN/A65,10059,8181,774,5051,363,282
2009-02-26$16.42$18.0047.5%13.6%42.7%34.2%47.2%5.2%-0.1%-1.8M850.9M-9.2M0.792.80N/AN/A50,40639,6911,769,3921,389,623
2009-02-27$16.15$18.0047.7%13.7%42.2%34.5%47.2%6.1%0.0%-2.7M919.8M-8.8M0.423.07N/AN/A64,80027,2131,790,1071,406,779