MSFT Options History — September 2013

In September 2013, MSFT traded between $31.15 and $33.64. ATM implied volatility averaged 22.2%, placing in the 57.5% IV rank vs the trailing year. The 30-day expected move averaged 7.1%. IV traded below realized volatility by 12.2% (HV 20d: 34.4%). Max pain ranged from $30.00 to $35.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 17 of 20 days. Put/call ratio averaged 0.59.

Notable Days

  • 2013-09-03: Highest Volume — 546,949 contracts
  • 2013-09-11: Largest IV spike — 19.8% change
  • 2013-09-03: Highest IV Rank — 85.8%
  • 2013-09-03: Largest Expected Move — 7.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$32.52$31.15$33.64$31.88$33.28
Max Pain$31.32$30.00$35.00$33.00$30.00
ATM IV22.2%19.0%27.7%27.7%23.6%
Expected Move7.1%6.3%7.5%7.5%7.2%
HV 20d34.4%25.7%38.8%38.1%25.7%
HV 60d36.3%36.0%36.7%36.2%36.3%
IV Rank57.5%40.9%85.8%85.8%64.7%
IV Percentile67.3%28.2%99.2%99.2%84.9%
Term Structure1.5%-1.2%3.0%-1.2%2.7%
VWIV24.9%22.6%26.5%26.4%25.5%
Skew 25d1.0%0.3%1.7%1.1%1.2%
Skew 10d2.1%0.7%3.4%2.4%2.8%
Call IV 25d22.2%19.4%26.4%26.4%20.9%
Put IV 25d23.3%20.2%27.7%27.5%22.1%
Bid-Ask Spread %4.762.6516.753.402.96
Gamma HHI0.130.100.240.120.12
Net GEX124.5M60.7M240.9M90.5M112.7M
Net DEX-1.36B-2.68B-146.8M-715.5M-1.87B
Net VEX-18.8M-19.9M-17.9M-18.9M-18.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.590.341.170.510.63
Total Volume196,808.4567,093546,949546,94987,453
Total OI4,061,600.053,562,3374,440,5633,878,9883,695,129

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2013-09-03$31.88$33.0027.7%7.5%38.1%85.8%26.4%1.1%-1.2%90.5M-715.5M-18.9M0.513.40N/AN/A363,082183,8672,499,2741,379,714
2013-09-04$31.20$33.0026.2%7.4%38.8%78.3%26.3%1.5%-0.9%61.8M-146.8M-18.2M0.583.38N/AN/A207,203120,8332,572,7401,444,574
2013-09-05$31.24$32.0021.5%7.2%38.4%53.8%25.4%0.8%-0.4%72.6M-195.5M-18.3M0.564.02N/AN/A107,55859,9952,629,7701,510,897
2013-09-06$31.15$32.0021.5%6.9%37.1%53.7%24.3%1.7%1.3%60.7M-164.6M-18.4M0.416.29N/AN/A93,04938,6042,690,8231,538,511
2013-09-09$31.66$32.0022.2%6.3%37.6%57.5%22.6%1.4%2.1%82.7M-529.4M-18.5M0.473.12N/AN/A104,62949,0522,639,1671,513,418
2013-09-10$32.39$32.0021.9%6.8%38.6%56.1%23.9%1.3%1.1%129.8M-1.32B-19.9M0.344.47N/AN/A169,27658,1312,665,7811,529,070
2013-09-11$32.74$32.0026.3%6.6%38.1%78.5%23.4%1.0%1.1%153.8M-1.72B-19.8M0.414.73N/AN/A103,54242,9102,680,1961,542,295
2013-09-12$32.69$32.0022.6%6.5%38.1%59.6%23.3%1.4%1.6%153.4M-1.65B-19.6M0.435.36N/AN/A101,68143,2662,686,8391,541,971
2013-09-13$33.03$32.0022.2%6.4%37.6%57.5%22.6%1.2%1.6%240.9M-2.10B-19.8M0.466.77N/AN/A62,72129,0132,734,6341,556,855
2013-09-16$32.80$0.0023.1%7.5%37.7%62.0%26.2%1.1%1.3%155.3M-1.71B-19.3M0.9016.75N/AN/A116,338104,8552,681,1091,540,889
2013-09-17$32.93$35.0022.4%7.4%37.4%58.3%26.5%0.3%1.4%161.5M-1.82B-19.0M0.606.47N/AN/A162,20596,9442,707,4631,592,793
2013-09-18$33.32$30.0021.4%7.3%37.5%53.0%25.3%0.9%2.4%197.4M-2.31B-19.1M0.525.76N/AN/A97,23150,1322,757,6301,628,260
2013-09-19$33.64$30.0021.5%7.1%37.5%53.8%25.8%0.8%1.4%214.1M-2.68B-18.9M0.674.10N/AN/A147,10798,8402,724,0011,626,549
2013-09-20$32.79$30.0020.9%7.2%38.0%50.5%24.5%0.5%1.9%156.4M-1.38B-18.1M0.633.48N/AN/A178,678112,3692,771,8311,668,732
2013-09-23$32.74$30.0019.9%7.2%27.6%45.5%25.5%1.1%2.6%88.7M-1.31B-18.1M0.523.02N/AN/A112,33558,3742,149,6951,412,642
2013-09-24$32.46$30.0019.6%7.2%27.2%43.8%25.6%1.1%2.6%80.8M-1.11B-17.9M1.172.72N/AN/A82,27496,4942,217,3621,432,424
2013-09-25$32.51$30.0019.0%7.2%25.7%40.9%25.4%0.8%3.0%75.7M-1.14B-18.2M0.632.82N/AN/A41,24325,8502,248,2281,489,885
2013-09-26$32.77$30.0019.2%7.2%25.8%42.0%24.7%0.8%2.9%92.1M-1.43B-18.4M1.012.65N/AN/A39,53039,9192,263,2081,493,804
2013-09-27$33.27$30.0021.7%7.3%25.7%54.7%24.6%0.8%2.4%109.9M-1.90B-18.7M0.372.99N/AN/A181,95067,6362,266,9931,506,845
2013-09-30$33.28$30.0023.6%7.2%25.7%64.7%25.5%1.2%2.7%112.7M-1.87B-18.5M0.632.96N/AN/A53,59933,8542,226,8131,468,316