MSFT Options History — July 2009

In July 2009, MSFT traded between $22.39 and $25.56. ATM implied volatility averaged 30.5%, placing in the 9.4% IV rank vs the trailing year. The 30-day expected move averaged 9.2%. IV traded below realized volatility by 2.1% (HV 20d: 32.7%). Max pain ranged from $20.00 to $24.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 6 of 22 days. Put/call ratio averaged 0.58.

Notable Days

  • 2009-07-24: Highest Volume — 432,329 contracts
  • 2009-07-24: Largest IV drop — 12.3% change
  • 2009-07-07: Highest IV Rank — 13.7%
  • 2009-07-09: Largest Expected Move — 10.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$23.66$22.39$25.56$24.04$23.52
Max Pain$23.23$20.00$24.00$20.00$24.00
ATM IV30.5%27.0%33.8%29.6%27.1%
Expected Move9.2%7.7%10.7%8.5%7.8%
HV 20d32.7%22.5%44.2%22.5%42.7%
HV 60d32.5%26.1%35.1%34.3%32.1%
IV Rank9.4%4.5%13.7%8.1%4.7%
IV Percentile20.1%4.0%31.0%14.3%4.8%
Term Structure-0.6%-2.7%4.7%4.0%1.5%
VWIV32.0%27.2%37.3%29.9%27.8%
Skew 25d4.1%1.5%5.5%2.3%3.2%
Skew 10d7.0%2.1%9.8%5.9%4.1%
Call IV 25d30.0%25.5%34.9%29.1%26.3%
Put IV 25d34.1%28.8%40.2%31.4%29.5%
Bid-Ask Spread %3.152.024.162.133.03
Gamma HHI0.140.110.270.180.14
Net GEX39.5M27.0M69.6M47.5M30.3M
Net DEX-1.57B-2.43B-918.3M-2.06B-1.13B
Net VEX-14.6M-15.3M-14.1M-14.5M-15.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.580.221.000.760.56
Total Volume140,740.59137,438432,329119,01075,581
Total OI3,935,689.2733,386,7264,275,1984,011,0173,870,869

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-07-01$24.04$20.0029.6%8.5%22.5%8.1%29.9%2.3%4.0%47.5M-2.06B-14.5M0.762.13N/AN/A67,55751,4532,348,0671,662,950
2009-07-02$23.37$20.0030.7%8.8%25.5%9.6%31.0%1.5%4.7%41.7M-1.71B-14.7M0.223.12N/AN/A156,46433,8712,377,5101,694,622
2009-07-06$23.20$24.0031.8%10.3%25.4%11.1%35.8%4.9%-2.4%42.3M-1.62B-14.5M0.613.15N/AN/A30,00118,3852,416,3561,689,484
2009-07-07$22.53$23.0033.8%10.5%27.7%13.7%35.2%5.1%-2.2%37.0M-1.25B-14.3M0.443.04N/AN/A97,83043,3482,414,4671,696,577
2009-07-08$22.56$23.0032.7%10.6%27.7%12.4%37.3%5.3%-2.5%38.9M-1.29B-14.6M0.503.44N/AN/A93,62246,6982,476,1111,706,950
2009-07-09$22.44$23.0031.5%10.7%26.8%10.7%36.0%5.5%-2.2%36.0M-1.18B-14.4M0.682.45N/AN/A22,29115,1472,472,6601,721,638
2009-07-10$22.39$23.0030.0%10.3%26.3%8.7%34.9%5.4%-2.0%35.5M-1.16B-14.1M0.233.68N/AN/A118,34927,7842,474,7311,723,190
2009-07-13$23.23$23.0031.0%9.6%28.5%10.0%32.9%5.3%-1.3%45.6M-1.66B-14.3M0.503.97N/AN/A52,51326,0192,502,7531,717,722
2009-07-14$23.11$23.0030.0%9.4%28.5%8.6%32.7%4.9%-0.9%38.9M-1.57B-14.1M0.814.09N/AN/A31,39125,4252,496,0441,716,096
2009-07-15$24.12$23.0029.6%9.4%32.4%8.1%32.6%4.7%-1.8%58.7M-2.23B-14.2M0.454.16N/AN/A122,42354,7482,498,6321,724,505
2009-07-16$24.44$23.0031.9%9.1%32.6%11.2%31.8%4.4%-1.5%69.6M-2.43B-14.2M0.702.02N/AN/A94,50165,8032,499,3201,735,638
2009-07-17$24.29$23.0032.3%9.3%32.5%11.7%31.8%4.7%-2.2%44.6M-2.28B-14.4M0.472.99N/AN/A122,46957,5992,510,2321,764,966
2009-07-20$24.53$24.0031.0%8.9%31.6%10.0%31.9%5.5%-1.5%35.5M-1.63B-14.5M0.723.18N/AN/A42,03730,2222,027,7381,358,988
2009-07-21$24.83$24.0031.6%9.1%29.1%10.8%32.2%5.1%-2.0%37.0M-1.76B-14.5M0.492.56N/AN/A65,21832,1622,043,5371,371,943
2009-07-22$24.80$24.0031.7%9.1%29.1%11.0%32.9%4.5%-2.1%38.0M-1.77B-14.8M0.443.46N/AN/A71,88531,3922,078,2381,389,165
2009-07-23$25.56$24.0032.3%9.2%30.7%11.7%33.1%2.6%-2.7%40.1M-2.19B-15.0M0.513.50N/AN/A226,077115,9102,113,3871,403,075
2009-07-24$23.45$24.0028.3%8.1%44.2%6.3%27.8%2.3%-0.1%27.0M-1.00B-14.4M0.723.30N/AN/A251,509180,8202,155,6931,488,967
2009-07-27$23.11$24.0029.8%8.6%44.0%8.4%30.0%2.9%-0.3%28.8M-918.3M-14.9M0.993.54N/AN/A77,88677,1272,245,3221,515,505
2009-07-28$23.47$24.0029.9%8.6%43.6%8.5%29.8%2.4%0.1%31.4M-1.12B-15.0M1.003.09N/AN/A70,48770,5332,249,8341,545,273
2009-07-29$23.80$24.0028.2%8.1%43.9%6.3%28.9%3.3%1.1%33.0M-1.30B-15.3M0.452.72N/AN/A61,74827,8582,256,5471,575,494
2009-07-30$23.81$24.0027.0%7.7%43.7%4.5%27.2%4.3%2.1%32.7M-1.29B-15.3M0.502.70N/AN/A74,96537,1852,269,9061,584,462
2009-07-31$23.52$24.0027.1%7.8%42.7%4.7%27.8%3.2%1.5%30.3M-1.13B-15.0M0.563.03N/AN/A48,35627,2252,275,3571,595,512