MSFT Options History — March 2012

In March 2012, MSFT traded between $31.56 and $32.85. ATM implied volatility averaged 18.5%, placing in the 11.3% IV rank vs the trailing year. The 30-day expected move averaged 5.7%. IV traded above realized volatility by 1.9% (HV 20d: 16.6%). Max pain ranged from $29.00 to $30.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 0.82.

Notable Days

  • 2012-03-01: Highest Volume — 274,491 contracts
  • 2012-03-06: Largest IV spike — 30.1% change
  • 2012-03-06: Highest IV Rank — 22.8%
  • 2012-03-06: Largest Expected Move — 6.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$32.20$31.56$32.85$32.29$32.26
Max Pain$29.64$29.00$30.00$30.00$30.00
ATM IV18.5%15.4%24.3%17.6%16.3%
Expected Move5.7%5.2%6.2%5.3%5.8%
HV 20d16.6%13.4%19.7%18.3%13.4%
HV 60d20.0%18.7%20.5%20.4%18.7%
IV Rank11.3%5.2%22.8%9.5%7.0%
IV Percentile19.2%1.2%61.5%7.1%4.0%
Term Structure0.5%-0.6%3.0%2.9%-0.5%
VWIV20.2%18.7%22.4%19.3%20.2%
Skew 25d1.9%0.9%3.3%1.4%1.7%
Skew 10d4.5%2.4%8.5%3.5%5.2%
Call IV 25d19.3%17.9%21.1%18.4%19.5%
Put IV 25d21.2%19.6%24.4%19.8%21.2%
Bid-Ask Spread %4.472.1510.187.4910.18
Gamma HHI0.120.110.140.140.12
Net GEX81.8M69.0M101.6M95.1M81.1M
Net DEX-2.97B-3.55B-2.55B-3.26B-2.93B
Net VEX-18.0M-19.2M-16.6M-18.5M-16.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.820.431.630.680.95
Total Volume105,304.40946,767274,491274,49154,565
Total OI3,337,529.1363,132,0593,536,6293,299,3883,358,309

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2012-03-01$32.29$30.0017.6%5.3%18.3%9.5%19.3%1.4%2.9%95.1M-3.26B-18.5M0.687.49N/AN/A163,528110,9631,818,5041,480,884
2012-03-02$32.08$30.0017.3%5.2%18.6%8.8%18.7%1.5%3.0%92.7M-3.09B-19.0M0.882.15N/AN/A53,87847,1801,847,7851,534,090
2012-03-05$31.80$29.0018.7%6.0%18.9%11.6%21.7%2.7%0.8%85.1M-2.86B-18.7M1.183.81N/AN/A36,87443,4011,842,9781,509,150
2012-03-06$31.56$29.0024.3%6.2%19.2%22.8%22.4%3.3%0.3%75.9M-2.61B-19.2M1.135.43N/AN/A54,30861,3661,847,4481,524,233
2012-03-07$31.84$29.0018.5%6.0%19.4%11.2%22.2%2.9%0.6%83.6M-2.86B-19.1M0.714.52N/AN/A31,37022,1781,863,6241,541,551
2012-03-08$32.01$29.0018.2%6.0%19.2%10.6%20.9%2.6%0.3%92.9M-3.04B-18.5M0.623.82N/AN/A52,66132,7341,866,9051,546,726
2012-03-09$31.99$29.0016.1%5.8%19.2%6.5%20.9%2.3%0.7%97.0M-3.03B-18.4M0.675.07N/AN/A38,13125,3681,871,7341,551,522
2012-03-12$32.04$29.0016.8%5.9%18.8%7.9%20.7%2.4%0.1%101.6M-3.07B-18.2M1.433.30N/AN/A44,90064,3431,868,7051,537,929
2012-03-13$32.67$29.0015.6%5.5%19.7%5.5%20.1%2.4%0.4%92.0M-3.51B-17.7M0.524.37N/AN/A101,20152,9771,865,3911,579,183
2012-03-14$32.77$29.0015.4%5.6%19.0%5.2%20.4%2.4%0.5%90.1M-3.54B-17.7M1.634.52N/AN/A54,86589,4191,861,7821,581,568
2012-03-15$32.85$30.0020.0%5.7%18.6%14.2%20.2%2.4%0.4%87.1M-3.55B-17.7M0.513.91N/AN/A85,89543,6581,859,8301,628,324
2012-03-16$32.60$30.0019.3%5.5%13.4%12.8%19.7%2.1%0.4%72.8M-3.34B-18.1M0.433.76N/AN/A73,34831,8021,885,4321,651,197
2012-03-19$32.20$30.0019.5%5.6%14.3%13.2%19.7%1.8%0.5%69.9M-2.69B-18.0M0.733.52N/AN/A67,79949,4481,745,1211,386,938
2012-03-20$31.99$30.0019.7%5.6%14.4%13.7%19.8%1.5%0.1%69.2M-2.55B-18.1M0.842.83N/AN/A57,11447,8501,759,7541,398,935
2012-03-21$31.91$30.0018.9%5.4%14.3%12.0%19.1%1.3%0.5%71.4M-2.57B-17.8M0.784.38N/AN/A34,71327,1421,781,6791,419,212
2012-03-22$32.00$30.0019.1%5.5%14.3%12.4%19.3%1.4%0.2%74.4M-2.62B-17.8M0.614.02N/AN/A41,17025,0161,792,1001,433,663
2012-03-23$32.01$30.0018.6%5.3%14.3%11.4%18.9%1.1%0.6%70.9M-2.62B-17.9M0.624.29N/AN/A28,90217,8651,801,2531,441,405
2012-03-26$32.59$30.0018.2%5.2%15.4%10.6%18.7%1.7%0.1%79.2M-3.00B-17.3M1.154.36N/AN/A31,70636,3301,791,4641,438,500
2012-03-27$32.52$30.0019.1%5.5%14.4%12.4%19.5%1.5%-0.6%75.2M-3.03B-16.6M0.803.96N/AN/A109,17587,5351,798,4781,453,721
2012-03-28$32.19$30.0019.8%5.7%14.9%13.9%19.9%0.9%0.1%73.1M-2.82B-17.6M0.573.66N/AN/A54,12830,9211,875,7491,450,397
2012-03-29$32.12$30.0020.8%6.0%13.5%15.8%21.2%1.5%-0.6%69.0M-2.73B-18.2M0.624.88N/AN/A61,19137,7791,879,7301,452,758
2012-03-30$32.26$30.0016.3%5.8%13.4%7.0%20.2%1.7%-0.5%81.1M-2.93B-16.9M0.9510.18N/AN/A27,91926,6461,897,5671,460,742