MSFT Options History — April 2009

In April 2009, MSFT traded between $18.61 and $20.91. ATM implied volatility averaged 43.6%, placing in the 29.0% IV rank vs the trailing year. The 30-day expected move averaged 12.8%. IV traded below realized volatility by 9.6% (HV 20d: 53.2%). Max pain ranged from $18.00 to $19.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 0.70.

Notable Days

  • 2009-04-24: Highest Volume — 374,288 contracts
  • 2009-04-24: Largest IV drop — 31.9% change
  • 2009-04-23: Highest IV Rank — 38.3%
  • 2009-04-23: Largest Expected Move — 14.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.40$18.61$20.91$19.31$20.26
Max Pain$18.81$18.00$19.00$19.00$19.00
ATM IV43.6%34.5%50.6%47.5%35.7%
Expected Move12.8%9.9%14.5%13.6%10.2%
HV 20d53.2%48.5%61.7%61.7%49.9%
HV 60d53.1%47.8%57.3%57.3%50.5%
IV Rank29.0%17.0%38.3%34.2%18.5%
IV Percentile56.8%34.5%77.0%70.6%34.9%
Term Structure-0.6%-5.9%5.5%5.0%1.9%
VWIV44.9%34.6%51.2%47.3%35.3%
Skew 25d6.0%2.6%9.9%6.5%3.0%
Skew 10d10.8%3.5%17.2%11.8%3.9%
Call IV 25d42.3%33.3%49.4%44.8%34.2%
Put IV 25d48.3%36.6%56.1%51.3%37.2%
Bid-Ask Spread %3.311.454.381.453.85
Gamma HHI0.120.100.160.120.13
Net GEX17.3M9.4M27.6M12.5M27.6M
Net DEX-212.0M-851.0M100.5M-160.3M-622.8M
Net VEX-12.4M-13.8M-11.2M-12.5M-13.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.700.341.610.371.09
Total Volume159,566.42959,975374,288214,609153,399
Total OI3,586,356.9053,015,7273,908,9053,649,4663,568,579

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-04-01$19.31$19.0047.5%13.6%61.7%34.2%47.3%6.5%5.0%12.5M-160.3M-12.5M0.371.45N/AN/A156,48458,1252,086,4921,562,974
2009-04-02$19.29$19.0046.1%13.2%57.2%32.3%45.8%5.1%5.5%13.3M-137.2M-12.6M0.493.01N/AN/A93,91046,2792,130,5571,587,641
2009-04-03$18.75$18.0044.2%14.4%58.9%29.8%50.3%9.5%-2.8%9.5M100.5M-11.9M0.572.95N/AN/A120,24368,2402,090,1021,597,779
2009-04-06$18.76$18.0044.7%14.2%58.6%30.4%49.6%9.6%-2.8%11.2M74.2M-11.9M0.854.15N/AN/A32,56827,5282,146,9561,615,436
2009-04-07$18.76$18.0045.1%14.3%51.8%30.9%50.2%9.9%-2.5%11.8M49.8M-11.9M0.794.03N/AN/A39,95831,4292,138,6521,612,619
2009-04-08$19.19$18.0042.3%14.1%50.9%27.2%50.2%8.5%-1.8%14.8M-112.1M-12.2M0.812.89N/AN/A75,57761,1992,150,3881,619,412
2009-04-09$19.67$19.0044.9%12.9%51.1%30.8%45.3%7.8%-0.2%18.8M-286.2M-12.7M0.344.38N/AN/A81,17227,2712,180,7631,647,944
2009-04-13$19.59$19.0046.0%13.2%50.2%32.1%47.4%7.7%-1.6%19.9M-266.7M-12.3M0.613.41N/AN/A37,24022,7352,201,2771,648,023
2009-04-14$19.35$19.0049.3%14.1%49.3%36.5%51.2%7.5%-2.5%17.5M-111.6M-12.1M0.832.84N/AN/A64,62653,8402,203,2091,651,614
2009-04-15$18.83$19.0049.0%14.1%49.5%36.1%50.1%6.9%-1.7%13.8M46.2M-11.8M1.613.42N/AN/A49,09179,2672,216,0291,671,632
2009-04-16$19.76$19.0044.8%12.8%51.8%30.6%44.4%6.3%-1.2%22.2M-300.7M-12.0M0.663.13N/AN/A92,10660,9082,202,5381,641,599
2009-04-17$19.20$19.0042.9%12.3%53.4%28.1%42.6%5.7%0.6%17.9M-42.7M-11.8M0.613.94N/AN/A67,66241,5312,233,2161,675,689
2009-04-20$18.61$19.0048.2%13.8%54.9%35.1%47.8%5.2%-3.1%9.4M70.2M-11.2M0.412.10N/AN/A139,93557,2271,727,7621,287,965
2009-04-21$18.97$19.0045.8%13.1%49.2%31.9%45.3%5.5%-2.7%13.1M-69.5M-11.6M0.733.10N/AN/A140,997102,9141,805,5881,306,869
2009-04-22$18.78$19.0045.3%13.0%48.5%31.2%44.7%3.7%-3.7%13.5M-7.5M-12.0M0.983.03N/AN/A60,76559,2671,882,6301,354,652
2009-04-23$18.92$19.0050.6%14.5%48.5%38.3%51.0%3.0%-5.9%13.9M-69.9M-12.0M0.953.57N/AN/A105,444100,3071,873,0941,341,273
2009-04-24$20.91$19.0034.5%9.9%57.2%17.0%36.3%4.3%1.8%25.2M-851.0M-13.1M0.603.51N/AN/A233,826140,4621,910,9381,360,357
2009-04-27$20.40$19.0037.9%10.9%56.1%21.4%37.2%4.5%0.8%25.7M-668.0M-13.3M0.503.37N/AN/A116,52057,8061,982,9261,413,539
2009-04-28$19.93$19.0035.7%10.2%54.9%18.5%36.8%2.6%2.4%24.4M-494.0M-13.3M0.603.31N/AN/A146,88688,2292,012,4161,435,068
2009-04-29$20.25$19.0035.3%10.1%52.7%18.0%34.6%3.3%1.5%26.6M-593.2M-13.7M0.414.14N/AN/A112,28445,6382,058,5911,478,707
2009-04-30$20.26$19.0035.7%10.2%49.9%18.5%35.3%3.0%1.9%27.6M-622.8M-13.8M1.093.85N/AN/A73,46079,9392,069,4531,499,126