MSFT Options History — March 2011

In March 2011, MSFT traded between $24.78 and $26.20. ATM implied volatility averaged 21.8%, placing in the 31.9% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded above realized volatility by 6.4% (HV 20d: 15.4%). Max pain ranged from $25.00 to $27.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 23 of 23 days. Put/call ratio averaged 0.72.

Notable Days

  • 2011-03-16: Highest Volume — 299,674 contracts
  • 2011-03-10: Largest IV spike — 19.8% change
  • 2011-03-16: Highest IV Rank — 58.9%
  • 2011-03-16: Largest Expected Move — 8.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$25.56$24.78$26.20$26.16$25.39
Max Pain$26.04$25.00$27.00$27.00$26.00
ATM IV21.8%18.0%28.4%25.6%18.0%
Expected Move6.2%4.8%8.1%6.4%5.2%
HV 20d15.4%12.7%17.7%14.8%17.2%
HV 60d17.2%16.4%18.1%16.6%18.1%
IV Rank31.9%16.4%58.9%47.6%16.4%
IV Percentile37.0%2.4%86.5%74.2%2.4%
Term Structure3.2%0.5%5.1%0.5%5.1%
VWIV22.0%17.3%28.8%22.8%17.3%
Skew 25d3.3%1.1%5.4%3.5%2.0%
Skew 10d6.9%2.4%10.9%7.9%2.4%
Call IV 25d21.0%17.6%27.3%21.2%17.9%
Put IV 25d24.3%18.6%32.7%24.8%19.9%
Bid-Ask Spread %3.372.394.442.393.24
Gamma HHI0.110.110.130.110.12
Net GEX21.6M2.5M43.2M25.1M29.2M
Net DEX-170.7M-523.8M336.3M-355.8M-250.6M
Net VEX-18.1M-18.9M-17.4M-17.6M-18.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.720.351.211.090.50
Total Volume127,611.21734,810299,674129,90484,918
Total OI3,485,097.0433,180,1963,887,0903,180,1963,572,183

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2011-03-01$26.16$27.0025.6%6.4%14.8%47.6%22.8%3.5%0.5%25.1M-355.8M-17.6M1.092.39N/AN/A62,15367,7511,979,7571,200,439
2011-03-02$26.08$27.0021.3%6.1%14.0%30.1%20.9%3.8%2.1%21.9M-319.4M-17.6M1.082.40N/AN/A78,43984,8972,010,4321,218,236
2011-03-03$26.20$27.0020.4%6.2%14.3%26.2%21.2%3.2%0.9%21.5M-383.8M-17.6M0.612.76N/AN/A104,43163,3412,030,6881,245,483
2011-03-04$25.95$26.0020.8%6.5%14.3%27.9%23.6%3.7%2.8%11.3M-258.4M-17.7M0.614.44N/AN/A94,60458,0642,072,7491,265,608
2011-03-07$25.72$26.0024.7%6.6%14.1%43.8%24.0%3.8%2.8%18.5M-114.4M-17.4M0.732.87N/AN/A78,94757,9732,102,2841,281,211
2011-03-08$25.91$26.0021.9%6.3%12.9%32.3%22.9%3.8%3.0%23.5M-254.2M-17.8M1.182.98N/AN/A33,17139,1202,118,4681,301,050
2011-03-09$25.89$26.0020.4%6.2%12.7%26.1%22.6%3.3%3.2%23.1M-218.0M-17.8M1.212.82N/AN/A40,49548,8372,124,4241,311,631
2011-03-10$25.41$26.0024.4%7.0%13.5%42.6%24.4%3.0%2.9%12.7M52.8M-17.5M0.743.48N/AN/A67,03749,5122,138,9071,332,828
2011-03-11$25.68$26.0021.9%6.3%13.8%32.4%22.8%3.6%3.4%15.6M-103.3M-17.7M0.944.07N/AN/A85,42180,3802,161,3961,352,590
2011-03-14$25.69$26.0022.2%6.4%13.6%33.4%23.2%3.5%3.8%14.9M-121.7M-18.2M0.502.74N/AN/A68,04433,7492,192,3241,395,831
2011-03-15$25.39$26.0024.8%7.1%14.0%44.1%24.9%3.8%2.7%10.7M43.3M-18.1M0.833.59N/AN/A84,56470,3882,223,2551,404,216
2011-03-16$24.79$26.0028.4%8.1%15.6%58.9%28.8%5.4%1.4%4.3M327.8M-18.1M0.784.37N/AN/A168,643131,0312,251,9731,438,409
2011-03-17$24.78$26.0026.1%7.5%15.5%49.5%26.6%4.6%1.8%2.5M336.3M-18.2M0.534.39N/AN/A97,60652,0492,342,5551,482,201
2011-03-18$24.80$25.0023.1%6.6%15.0%37.0%23.3%4.4%3.4%6.2M298.1M-18.1M0.602.96N/AN/A83,55850,0622,391,5871,495,503
2011-03-21$25.33$25.0020.9%6.0%17.6%28.2%20.9%4.4%3.7%26.0M-223.3M-18.2M0.483.14N/AN/A135,75765,1562,023,2981,307,618
2011-03-22$25.30$26.0020.7%5.9%16.8%27.3%20.7%2.6%3.5%24.4M-177.9M-18.3M0.713.40N/AN/A81,43557,7242,054,7441,334,023
2011-03-23$25.54$26.0018.4%5.3%17.3%18.2%20.3%3.1%4.0%34.2M-363.8M-18.4M0.893.57N/AN/A44,26339,4582,079,5401,349,958
2011-03-24$25.81$26.0018.5%5.3%17.6%18.2%19.7%3.0%3.9%43.2M-523.8M-18.9M0.823.45N/AN/A56,31646,0042,091,3811,366,766
2011-03-25$25.62$26.0018.9%5.1%17.6%20.1%18.4%1.7%4.6%32.7M-388.5M-18.6M0.363.21N/AN/A72,85626,0152,106,2131,389,675
2011-03-28$25.41$26.0021.6%5.5%17.7%31.3%18.9%2.4%4.6%27.3M-255.3M-18.6M0.453.55N/AN/A51,66523,3662,122,0961,392,841
2011-03-29$25.49$26.0019.1%5.5%17.0%20.6%18.7%2.3%4.2%30.7M-286.4M-18.5M0.543.94N/AN/A22,64012,1702,139,2351,407,097
2011-03-30$25.61$26.0019.4%4.8%17.1%22.2%18.3%1.1%5.1%36.7M-386.4M-18.5M0.353.63N/AN/A60,22620,8222,143,9861,410,543
2011-03-31$25.39$26.0018.0%5.2%17.2%16.4%17.3%2.0%5.1%29.2M-250.6M-18.2M0.503.24N/AN/A56,74828,1702,154,5881,417,595