MSFT Options History — May 2009

In May 2009, MSFT traded between $19.32 and $20.89. ATM implied volatility averaged 32.7%, placing in the 14.3% IV rank vs the trailing year. The 30-day expected move averaged 9.3%. IV traded below realized volatility by 9.1% (HV 20d: 41.8%). Max pain ranged from $19.00 to $20.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 20 of 20 days. Put/call ratio averaged 0.70.

Notable Days

  • 2009-05-18: Highest Volume — 276,507 contracts
  • 2009-05-29: Largest IV drop — 11.8% change
  • 2009-05-04: Highest IV Rank — 21.0%
  • 2009-05-04: Largest Expected Move — 10.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$20.03$19.32$20.89$20.24$20.89
Max Pain$19.45$19.00$20.00$19.00$20.00
ATM IV32.7%26.8%37.5%34.4%26.8%
Expected Move9.3%7.7%10.8%9.9%7.7%
HV 20d41.8%25.2%49.9%49.9%26.3%
HV 60d48.9%47.6%50.5%50.5%47.8%
IV Rank14.3%6.2%21.0%16.9%6.2%
IV Percentile26.1%6.0%37.3%32.9%6.0%
Term Structure1.4%0.0%2.8%2.5%2.8%
VWIV32.8%28.0%38.0%34.5%28.0%
Skew 25d4.4%3.2%6.0%3.3%4.2%
Skew 10d7.7%5.3%10.1%5.3%8.9%
Call IV 25d30.7%26.0%35.0%32.9%26.0%
Put IV 25d35.1%30.2%40.3%36.1%30.2%
Bid-Ask Spread %3.372.195.315.312.87
Gamma HHI0.140.110.270.130.13
Net GEX25.9M18.9M36.8M28.1M29.4M
Net DEX-344.8M-641.8M-95.7M-538.9M-641.8M
Net VEX-13.1M-13.7M-12.6M-13.7M-13.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.700.221.450.800.68
Total Volume114,744.352,279276,507103,03968,914
Total OI3,615,117.453,426,7863,808,8563,611,2793,592,779

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-05-01$20.24$19.0034.4%9.9%49.9%16.9%34.5%3.3%2.5%28.1M-538.9M-13.7M0.805.31N/AN/A57,36545,6742,079,7661,531,513
2009-05-04$20.19$19.0037.5%10.8%48.6%21.0%37.5%6.0%0.6%28.8M-559.8M-13.7M0.563.82N/AN/A37,22720,9212,095,6671,521,731
2009-05-05$19.79$19.0036.8%10.5%49.3%20.0%38.0%5.7%0.6%26.5M-347.5M-13.0M1.044.18N/AN/A70,80573,7262,082,2691,516,183
2009-05-06$19.79$19.0036.3%10.3%49.3%19.3%35.8%4.5%0.1%26.7M-312.9M-13.1M0.694.79N/AN/A69,18947,8512,106,7191,553,057
2009-05-07$19.32$19.0036.9%10.6%49.6%20.2%37.2%4.0%0.2%22.6M-100.3M-12.7M0.574.00N/AN/A79,73345,6842,098,6571,541,994
2009-05-08$19.42$19.0033.7%9.9%48.8%16.0%34.4%4.2%0.1%25.6M-131.2M-12.6M1.193.26N/AN/A56,25667,0902,118,3951,560,562
2009-05-11$19.32$19.0037.4%10.5%48.8%20.8%36.4%3.2%0.0%22.6M-95.7M-12.7M0.654.64N/AN/A133,16386,6662,125,8371,596,871
2009-05-12$19.89$19.0034.7%9.7%49.7%17.2%34.7%4.5%1.2%32.0M-395.6M-13.4M0.822.64N/AN/A54,98145,2512,176,5431,632,313
2009-05-13$19.75$19.0035.5%10.0%48.7%18.3%35.9%4.7%0.6%28.8M-268.5M-12.9M0.502.22N/AN/A68,32534,3832,125,2691,595,276
2009-05-14$20.06$19.0032.4%9.3%45.9%14.1%32.5%3.9%1.8%36.8M-429.5M-12.8M0.512.50N/AN/A79,02240,4702,136,4141,599,775
2009-05-15$20.22$19.0030.2%8.7%44.6%11.3%29.9%4.0%2.1%30.9M-542.1M-12.7M0.242.36N/AN/A167,98440,3502,137,0961,606,736
2009-05-18$20.60$20.0028.0%8.0%43.1%8.4%30.8%4.8%2.6%24.1M-503.3M-12.9M0.222.19N/AN/A227,40349,1041,978,2401,448,546
2009-05-19$20.31$20.0029.3%8.4%43.3%9.4%28.6%4.5%2.3%22.9M-329.1M-13.2M0.652.93N/AN/A45,26129,3561,982,2781,479,269
2009-05-20$20.38$20.0029.1%8.3%43.0%9.2%28.5%4.3%2.2%23.3M-366.2M-13.0M0.463.51N/AN/A61,12628,3221,989,2311,493,304
2009-05-21$19.82$20.0031.6%9.1%44.4%12.5%31.8%3.8%2.4%19.5M-161.4M-13.0M1.103.73N/AN/A52,06157,1122,012,7711,496,299
2009-05-22$19.75$20.0030.3%8.7%25.3%10.8%30.5%4.6%2.0%18.9M-118.0M-13.1M1.452.19N/AN/A25,08536,2702,024,4821,521,731
2009-05-26$20.34$20.0030.9%8.9%26.4%11.6%30.4%4.9%1.6%23.3M-367.6M-13.2M0.603.21N/AN/A32,72019,5592,026,8151,536,082
2009-05-27$20.13$20.0030.8%8.8%25.3%11.5%30.4%4.6%1.1%22.0M-251.4M-13.3M0.753.68N/AN/A48,51736,3892,033,0621,540,290
2009-05-28$20.45$20.0030.4%8.7%25.2%10.9%29.4%4.7%1.8%25.3M-435.9M-13.5M0.543.29N/AN/A36,11219,4592,050,8261,557,701
2009-05-29$20.89$20.0026.8%7.7%26.3%6.2%28.0%4.2%2.8%29.4M-641.8M-13.5M0.682.87N/AN/A41,04727,8672,050,5461,542,233