MSFT Options History — July 2011

In July 2011, MSFT traded between $26.02 and $28.08. ATM implied volatility averaged 21.5%, placing in the 41.1% IV rank vs the trailing year. The 30-day expected move averaged 6.5%. IV traded above realized volatility by 0.0% (HV 20d: 21.5%). 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 0.68.

Notable Days

  • 2011-07-21: Highest Volume — 422,225 contracts
  • 2011-07-14: Largest IV spike — 44.8% change
  • 2011-07-29: Highest IV Rank — 85.4%
  • 2011-07-29: Largest Expected Move — 7.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$26.97$26.02$28.08$26.02$27.40
Max Pain$25.65$25.00$26.00$25.00$26.00
ATM IV21.5%13.7%30.8%13.7%30.8%
Expected Move6.5%4.4%7.7%4.4%7.7%
HV 20d21.5%19.3%23.9%20.8%22.3%
HV 60d20.0%19.3%20.8%19.6%20.5%
IV Rank41.1%4.1%85.4%4.1%85.4%
IV Percentile46.2%0.4%99.6%0.4%99.6%
Term Structure-0.8%-2.7%4.6%4.6%-1.9%
VWIV23.3%16.0%27.4%16.0%27.4%
Skew 25d3.2%0.0%4.8%2.1%3.9%
Skew 10d7.2%0.9%10.8%6.5%9.4%
Call IV 25d21.7%15.9%26.3%15.9%24.8%
Put IV 25d24.9%17.9%28.7%17.9%28.7%
Bid-Ask Spread %4.031.887.465.564.10
Gamma HHI0.160.110.310.310.11
Net GEX72.8M52.3M108.1M108.1M55.6M
Net DEX-1.67B-2.27B-1.15B-1.23B-1.62B
Net VEX-20.4M-22.0M-19.0M-19.2M-22.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.680.191.390.570.55
Total Volume196,989.789,881422,225109,028153,566
Total OI3,853,620.33,425,8614,073,6583,952,5893,919,894

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2011-07-01$26.02$25.0013.7%4.4%20.8%4.1%16.0%2.1%4.6%108.1M-1.23B-19.2M0.575.56N/AN/A69,24239,7862,378,6051,573,984
2011-07-05$26.03$25.0018.8%6.0%20.8%28.4%21.7%4.8%-0.3%66.1M-1.15B-19.0M0.903.67N/AN/A47,18342,6982,333,8261,559,438
2011-07-06$26.33$25.0018.4%6.2%21.0%26.3%21.6%3.7%-1.1%77.5M-1.41B-19.0M0.547.46N/AN/A96,02551,8562,340,5101,556,336
2011-07-07$26.77$25.0017.4%6.2%21.1%21.8%22.1%3.5%-1.0%87.7M-1.76B-19.4M0.474.11N/AN/A172,14780,8012,365,5701,587,962
2011-07-08$26.92$25.0016.8%6.4%21.0%18.9%22.6%3.6%-0.7%89.6M-1.89B-19.8M0.423.40N/AN/A139,26158,8212,389,4241,604,908
2011-07-11$26.63$25.0019.7%6.7%21.0%32.5%23.8%3.6%-1.1%83.4M-1.69B-19.9M0.503.50N/AN/A93,95047,2832,408,4001,610,597
2011-07-12$26.54$25.0021.6%7.0%21.0%41.7%24.9%3.5%-1.7%79.6M-1.58B-20.2M0.473.97N/AN/A84,84339,9642,422,6481,625,065
2011-07-13$26.63$26.0017.5%6.9%21.0%22.3%24.3%3.6%-1.4%82.6M-1.67B-19.9M0.433.51N/AN/A86,86537,5622,426,9271,627,040
2011-07-14$26.47$26.0025.4%7.3%19.3%59.7%24.7%3.4%-1.5%71.1M-1.48B-19.8M0.524.01N/AN/A87,02045,2422,425,7901,640,167
2011-07-15$26.78$26.0024.0%6.9%19.4%53.1%24.1%3.2%-1.2%71.9M-1.71B-20.1M0.193.10N/AN/A156,60029,5432,416,1411,657,517
2011-07-18$26.59$26.0024.6%7.1%19.7%55.9%25.3%2.4%-1.5%52.3M-1.31B-20.3M0.984.38N/AN/A72,99771,7312,084,6961,341,165
2011-07-19$27.54$26.0023.0%6.6%22.5%48.5%24.5%3.8%-1.6%64.1M-1.91B-20.8M0.653.72N/AN/A241,198156,0652,116,3381,384,148
2011-07-20$27.06$26.0024.6%7.1%23.9%55.9%25.3%2.8%-1.2%60.2M-1.61B-21.2M0.463.56N/AN/A123,97057,5862,193,4151,439,336
2011-07-21$27.09$26.0026.1%7.5%23.7%63.1%26.5%0.0%-2.7%59.3M-1.64B-20.9M0.961.88N/AN/A215,236206,9892,168,1541,480,083
2011-07-22$27.53$26.0019.3%5.5%23.9%30.5%20.4%2.8%0.4%71.9M-1.93B-20.9M0.724.22N/AN/A163,445117,3362,235,9381,534,444
2011-07-25$27.91$26.0020.2%5.8%23.0%35.0%21.1%2.7%-0.1%76.7M-2.13B-21.0M1.044.12N/AN/A161,943168,7282,196,8901,487,307
2011-07-26$28.08$26.0020.8%6.0%20.2%37.9%22.0%2.7%-0.2%78.0M-2.27B-21.5M1.394.67N/AN/A76,753106,3702,239,2431,565,259
2011-07-27$27.33$26.0023.9%6.8%22.0%52.5%24.1%3.7%-1.2%56.3M-1.60B-21.8M0.923.77N/AN/A95,67088,0842,248,0571,611,741
2011-07-28$27.72$26.0023.2%6.6%22.1%49.0%23.6%4.2%-0.5%64.5M-1.89B-22.0M0.843.80N/AN/A84,66070,7752,251,5191,623,924
2011-07-29$27.40$26.0030.8%7.7%22.3%85.4%27.4%3.9%-1.9%55.6M-1.62B-22.0M0.554.10N/AN/A98,91054,6562,261,4341,658,460