MSFT Options History — April 2011

In April 2011, MSFT traded between $25.08 and $26.71. ATM implied volatility averaged 20.4%, placing in the 27.9% IV rank vs the trailing year. The 30-day expected move averaged 6.6%. IV traded above realized volatility by 4.8% (HV 20d: 15.5%). Max pain ranged from $25.00 to $26.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 2 of 20 days. Put/call ratio averaged 0.53.

Notable Days

  • 2011-04-29: Highest Volume — 565,871 contracts
  • 2011-04-14: Largest IV spike — 80.0% change
  • 2011-04-28: Highest IV Rank — 53.3%
  • 2011-04-28: Largest Expected Move — 7.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$25.78$25.08$26.71$25.48$25.92
Max Pain$25.75$25.00$26.00$26.00$26.00
ATM IV20.4%12.8%26.5%18.6%18.1%
Expected Move6.6%5.1%7.6%5.1%5.3%
HV 20d15.5%12.3%19.9%17.0%19.9%
HV 60d16.9%16.0%18.2%18.2%17.2%
IV Rank27.9%0.0%53.3%18.7%20.8%
IV Percentile31.0%0.0%79.8%6.3%6.0%
Term Structure-1.7%-4.8%5.5%5.5%0.2%
VWIV23.2%17.0%26.8%17.0%19.0%
Skew 25d2.1%-0.3%3.1%2.1%0.6%
Skew 10d4.5%-0.8%6.8%3.7%3.7%
Call IV 25d22.2%17.3%26.2%17.3%18.4%
Put IV 25d24.2%19.0%27.4%19.3%19.0%
Bid-Ask Spread %4.923.1015.053.5815.05
Gamma HHI0.130.110.200.120.20
Net GEX45.9M24.7M74.4M29.4M74.4M
Net DEX-591.1M-1.40B-175.5M-283.9M-641.2M
Net VEX-18.5M-19.4M-17.7M-18.4M-18.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.530.261.460.640.47
Total Volume169,133.654,113565,871108,078565,871
Total OI3,587,657.33,282,5503,828,4293,620,3263,729,751

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2011-04-01$25.48$26.0018.6%5.1%17.0%18.7%17.0%2.1%5.5%29.4M-283.9M-18.4M0.643.58N/AN/A65,81042,2682,189,6461,430,680
2011-04-04$25.55$25.0016.4%6.4%16.8%9.8%22.5%3.1%-1.0%31.1M-328.6M-18.4M0.413.56N/AN/A42,10517,1262,188,6921,442,605
2011-04-05$25.78$25.0019.9%6.9%16.9%24.3%24.3%2.6%-1.9%43.7M-541.3M-18.7M0.455.09N/AN/A135,63661,3232,204,2481,448,586
2011-04-06$26.15$26.0017.8%6.9%17.6%15.6%24.3%2.8%-1.9%66.2M-937.1M-19.1M0.313.66N/AN/A113,40734,8452,251,0241,444,688
2011-04-07$26.20$26.0016.6%6.9%16.1%10.7%23.6%2.8%-1.6%64.4M-898.6M-18.9M0.333.15N/AN/A61,28020,0012,238,4031,447,044
2011-04-08$26.07$26.0015.5%6.8%15.9%6.0%23.7%3.0%-1.6%60.8M-822.4M-18.8M0.554.03N/AN/A34,82819,2852,258,8661,447,012
2011-04-11$25.98$26.0015.8%6.6%16.0%7.4%23.4%3.0%-1.4%55.8M-727.5M-18.4M1.464.59N/AN/A31,61446,2022,249,4111,453,998
2011-04-12$25.64$26.0016.6%6.6%16.1%10.4%23.0%2.8%-1.3%41.4M-429.5M-18.2M0.713.10N/AN/A35,26224,9242,260,6951,476,974
2011-04-13$25.63$26.0012.8%6.4%13.3%0.0%22.8%2.7%-1.0%42.1M-396.4M-18.2M0.303.80N/AN/A57,22416,9052,261,8701,476,651
2011-04-14$25.42$26.0023.1%6.6%13.8%40.3%22.7%2.5%-1.3%28.0M-216.8M-17.7M0.264.76N/AN/A310,98180,8242,263,5151,480,784
2011-04-15$25.37$26.0022.7%6.5%13.8%38.4%22.8%2.3%-1.2%24.7M-248.9M-18.2M0.663.58N/AN/A69,30646,0212,300,2681,528,161
2011-04-18$25.08$26.0023.8%6.8%12.3%43.0%23.7%1.7%-2.2%26.9M-186.8M-18.2M0.475.20N/AN/A92,74244,0142,041,3601,241,190
2011-04-19$25.15$26.0023.2%6.6%12.4%40.4%23.1%2.6%-2.1%25.9M-175.5M-18.0M0.474.33N/AN/A46,59022,0942,032,6641,264,454
2011-04-20$25.76$26.0021.5%6.2%14.7%33.9%21.4%2.8%-1.8%42.4M-586.4M-18.3M0.525.38N/AN/A124,97064,4342,050,2691,275,908
2011-04-21$25.52$26.0022.8%6.5%14.6%39.0%23.4%2.1%-2.3%36.4M-420.6M-18.4M0.544.98N/AN/A76,28041,2012,076,4941,304,496
2011-04-25$25.61$25.0024.9%7.1%14.5%47.1%25.4%0.8%-3.8%40.6M-488.9M-18.4M0.584.76N/AN/A75,43043,6772,102,1911,312,792
2011-04-26$26.19$25.0025.4%7.3%16.1%49.0%25.5%-0.3%-4.4%54.4M-962.7M-19.3M0.455.60N/AN/A140,12663,4542,137,1291,342,116
2011-04-27$26.38$25.0025.4%7.3%16.3%49.1%25.1%0.6%-4.0%61.4M-1.12B-19.2M0.514.28N/AN/A75,26838,0382,163,1611,369,917
2011-04-28$26.71$26.0026.5%7.6%16.7%53.3%26.8%1.2%-4.8%66.9M-1.40B-19.4M0.495.95N/AN/A335,689165,6172,183,2591,382,174
2011-04-29$25.92$26.0018.1%5.3%19.9%20.8%19.0%0.6%0.2%74.4M-641.2M-18.5M0.4715.05N/AN/A385,174180,6972,291,1971,438,554