MSFT Options History — March 2014

In March 2014, MSFT traded between $37.70 and $40.99. ATM implied volatility averaged 19.8%, placing in the 38.6% IV rank vs the trailing year. The 30-day expected move averaged 6.6%. IV traded above realized volatility by 2.9% (HV 20d: 17.0%). Max pain ranged from $32.00 to $35.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 0.73.

Notable Days

  • 2014-03-18: Highest Volume — 424,735 contracts
  • 2014-03-24: Largest IV spike — 17.2% change
  • 2014-03-31: Highest IV Rank — 63.0%
  • 2014-03-03: Largest Expected Move — 6.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$38.99$37.70$40.99$37.78$40.99
Max Pain$34.43$32.00$35.00$35.00$35.00
ATM IV19.8%17.2%24.8%19.4%24.8%
Expected Move6.6%6.4%6.8%6.8%6.4%
HV 20d17.0%12.2%22.9%18.7%22.6%
HV 60d21.1%19.9%22.6%21.2%22.6%
IV Rank38.6%19.3%63.0%41.6%63.0%
IV Percentile31.4%6.3%75.8%28.6%75.8%
Term Structure0.6%-1.6%5.3%-0.5%-1.1%
VWIV23.7%22.6%25.4%23.1%23.2%
Skew 25d2.1%1.4%3.0%2.4%2.1%
Skew 10d4.7%3.0%7.1%5.5%4.0%
Call IV 25d19.2%16.6%24.0%18.7%23.5%
Put IV 25d21.4%18.7%26.1%21.1%25.5%
Bid-Ask Spread %5.644.238.344.516.26
Gamma HHI0.190.150.410.150.16
Net GEX126.4M101.5M198.5M103.7M110.9M
Net DEX-2.68B-3.93B-1.91B-1.99B-3.59B
Net VEX-16.6M-17.2M-16.1M-17.2M-16.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.730.401.561.110.55
Total Volume139,060.85733,848424,73574,140262,541
Total OI2,658,903.2382,560,3472,941,5332,560,3472,571,776

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2014-03-03$37.78$35.0019.4%6.8%18.7%41.6%23.1%2.4%-0.5%103.7M-1.99B-17.2M1.114.51N/AN/A35,09239,0481,524,4121,035,935
2014-03-04$38.41$35.0018.0%6.7%13.8%34.5%23.7%2.1%-0.0%118.1M-2.39B-16.9M0.585.34N/AN/A47,60227,7251,529,8041,050,169
2014-03-05$38.11$35.0018.1%6.7%14.1%35.1%25.1%1.9%0.0%119.9M-2.25B-17.0M1.114.37N/AN/A26,24329,0361,550,8141,059,279
2014-03-06$38.15$35.0017.9%6.7%12.6%33.9%23.8%1.9%0.3%121.4M-2.24B-16.9M0.805.93N/AN/A29,94223,9781,550,2341,069,120
2014-03-07$37.90$35.0017.7%6.7%12.8%33.0%24.1%1.9%0.4%121.1M-2.03B-16.9M0.484.23N/AN/A41,18219,7021,557,8991,077,186
2014-03-10$37.82$35.0018.2%6.6%12.5%35.8%23.3%2.5%-0.1%103.2M-1.98B-16.5M0.504.40N/AN/A22,57711,2711,542,7391,063,413
2014-03-11$38.02$35.0017.8%6.6%12.4%33.6%24.1%2.3%-0.4%113.8M-2.12B-16.5M0.584.93N/AN/A46,28826,7591,547,4931,068,285
2014-03-12$38.27$35.0017.2%6.7%12.2%30.8%24.6%2.5%-0.0%127.3M-2.31B-16.3M1.565.55N/AN/A29,25545,6621,559,1021,076,779
2014-03-13$37.89$32.0018.4%6.7%12.6%36.7%25.1%2.2%-0.6%109.6M-2.02B-16.5M0.704.82N/AN/A42,80129,9591,565,8561,086,608
2014-03-14$37.70$32.0018.6%6.7%12.7%26.0%25.4%3.0%-1.6%106.6M-1.91B-16.3M0.795.00N/AN/A43,69734,5191,574,7521,089,143
2014-03-17$38.05$32.0017.5%6.7%13.1%19.3%23.7%2.2%5.3%118.8M-2.13B-16.3M0.744.98N/AN/A31,05822,9151,557,6761,069,309
2014-03-18$39.55$32.0018.8%6.5%18.6%27.5%23.5%2.0%4.6%145.9M-3.19B-16.2M0.498.34N/AN/A285,033139,7021,562,5561,075,370
2014-03-19$39.27$35.0017.8%6.4%18.9%21.0%23.0%1.9%4.2%169.5M-3.02B-16.4M0.606.89N/AN/A130,73378,1961,647,5661,116,800
2014-03-20$40.33$35.0018.8%6.5%20.8%26.9%22.7%1.4%4.2%188.5M-3.93B-16.4M0.606.08N/AN/A225,862136,0051,698,9861,150,487
2014-03-21$40.16$35.0019.5%6.4%20.9%31.6%22.7%1.8%3.8%198.5M-3.77B-16.7M0.745.83N/AN/A115,69785,8841,743,9971,197,536
2014-03-24$40.50$35.0022.9%6.5%20.6%51.6%24.2%2.2%-1.2%120.0M-3.36B-16.6M0.795.67N/AN/A84,84667,1551,545,6911,030,553
2014-03-25$40.34$35.0023.2%6.4%20.6%53.5%22.6%1.9%-0.8%119.1M-3.24B-16.7M0.405.05N/AN/A99,95840,3681,558,5831,061,623
2014-03-26$39.79$35.0023.8%6.4%21.5%57.1%23.1%2.2%-0.4%124.8M-2.86B-16.7M0.576.50N/AN/A84,20848,2971,595,7201,078,286
2014-03-27$39.36$35.0024.2%6.4%21.8%59.5%22.7%2.4%-1.1%101.5M-2.57B-16.5M0.986.57N/AN/A74,57373,2751,595,2901,088,308
2014-03-28$40.30$35.0024.1%6.4%22.9%58.9%24.0%2.1%-1.4%111.3M-3.33B-16.1M0.597.28N/AN/A114,28467,3501,602,7291,109,104
2014-03-31$40.99$35.0024.8%6.4%22.6%63.0%23.2%2.1%-1.1%110.9M-3.59B-16.1M0.556.26N/AN/A169,60492,9371,536,2531,035,523