MSFT Options History — May 2014

In May 2014, MSFT traded between $39.06 and $40.94. ATM implied volatility averaged 16.0%, placing in the 4.9% IV rank vs the trailing year. The 30-day expected move averaged 6.3%. IV traded below realized volatility by 0.2% (HV 20d: 16.2%). Max pain ranged from $35.00 to $35.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.78.

Notable Days

  • 2014-05-12: Highest Volume — 788,825 contracts
  • 2014-05-16: Largest IV drop — 5.9% change
  • 2014-05-01: Highest IV Rank — 14.6%
  • 2014-05-02: Largest Expected Move — 6.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$39.92$39.06$40.94$40.00$40.94
Max Pain$35.00$35.00$35.00$35.00$35.00
ATM IV16.0%14.1%18.1%18.1%14.6%
Expected Move6.3%6.2%6.4%6.3%6.3%
HV 20d16.2%13.2%20.8%20.8%14.0%
HV 60d19.4%19.1%19.8%19.3%19.3%
IV Rank4.9%0.0%14.6%14.6%2.7%
IV Percentile2.2%0.0%9.1%9.1%2.0%
Term Structure0.2%-0.4%1.2%0.2%0.2%
VWIV22.4%20.9%23.6%22.7%21.6%
Skew 25d1.7%1.1%2.2%1.9%1.1%
Skew 10d3.5%2.6%4.4%3.6%3.4%
Call IV 25d15.4%13.5%17.6%17.6%14.5%
Put IV 25d17.1%15.1%19.4%19.4%15.6%
Bid-Ask Spread %6.464.938.546.568.54
Gamma HHI0.220.170.350.240.17
Net GEX87.6M59.1M119.5M94.1M87.4M
Net DEX-1.96B-2.45B-1.44B-2.28B-2.45B
Net VEX-15.6M-16.3M-15.2M-15.8M-15.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.780.121.631.140.39
Total Volume130,972.04854,210788,82569,605141,999
Total OI2,380,350.0482,148,4742,580,2832,424,5892,336,546

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2014-05-01$40.00$35.0018.1%6.3%20.8%14.6%22.7%1.9%0.2%94.1M-2.28B-15.8M1.146.56N/AN/A32,56437,0411,476,114948,475
2014-05-02$39.69$35.0017.8%6.4%20.8%12.5%22.5%2.2%0.1%78.4M-2.06B-15.6M0.766.79N/AN/A63,15947,8451,481,404961,930
2014-05-05$39.43$35.0017.8%6.3%18.4%12.2%23.2%2.1%0.0%71.8M-1.92B-15.3M0.695.59N/AN/A46,97432,4431,461,913936,707
2014-05-06$39.06$35.0018.0%6.3%18.7%13.8%23.6%2.0%0.1%59.1M-1.70B-15.2M0.997.55N/AN/A52,91452,4061,472,635954,046
2014-05-07$39.42$35.0017.7%6.3%19.0%11.6%23.5%2.1%-0.1%67.0M-1.86B-15.5M0.146.88N/AN/A334,48246,6901,489,084981,957
2014-05-08$39.64$35.0017.3%6.3%18.1%9.1%22.4%1.7%0.1%87.0M-2.19B-16.3M0.535.92N/AN/A57,35130,4051,568,3821,002,640
2014-05-09$39.54$35.0016.9%6.3%15.1%6.4%22.7%1.7%0.1%74.4M-2.11B-16.0M0.585.61N/AN/A50,63229,5431,569,0731,011,210
2014-05-12$39.97$35.0016.3%6.3%15.5%2.7%22.2%1.4%-0.2%97.3M-2.37B-15.9M0.125.33N/AN/A703,62585,2001,551,7681,000,085
2014-05-13$40.42$35.0016.2%6.3%15.9%1.7%22.2%1.4%0.2%115.8M-2.04B-15.8M0.615.59N/AN/A67,91441,2731,383,5311,065,463
2014-05-14$40.24$35.0016.3%6.3%15.3%2.2%21.7%1.4%-0.4%107.9M-1.90B-15.9M1.467.92N/AN/A23,37434,2001,399,9141,077,743
2014-05-15$39.60$35.0016.8%6.3%15.2%6.0%22.0%1.6%-0.4%67.0M-1.44B-15.6M1.264.93N/AN/A42,20352,9701,382,7321,074,855
2014-05-16$39.83$35.0015.8%6.2%15.0%0.0%21.8%1.6%-0.2%119.5M-1.56B-15.6M0.816.56N/AN/A40,14232,6611,394,2521,088,673
2014-05-19$39.75$35.0015.0%6.2%15.0%0.0%21.8%1.8%1.2%77.2M-1.69B-15.3M0.535.91N/AN/A52,12827,4901,227,247921,227
2014-05-20$39.68$35.0014.5%6.2%15.0%0.0%21.7%2.0%1.1%81.1M-1.69B-15.4M0.825.77N/AN/A39,18632,2261,253,828937,104
2014-05-21$40.35$35.0014.4%6.2%15.9%0.0%22.4%1.7%0.1%96.9M-2.11B-15.5M0.556.04N/AN/A57,42531,4451,272,968948,198
2014-05-22$40.10$35.0014.3%6.2%16.1%0.0%22.4%1.4%0.4%92.1M-1.94B-15.6M1.066.11N/AN/A26,32127,8891,283,163963,548
2014-05-23$40.12$35.0014.1%6.2%16.0%0.0%23.0%1.6%0.9%93.0M-1.97B-15.6M0.776.97N/AN/A37,34728,8771,288,566968,960
2014-05-27$40.19$35.0014.8%6.2%13.5%4.1%22.1%1.4%0.0%91.8M-1.98B-15.4M1.636.15N/AN/A31,54151,2991,278,820963,264
2014-05-28$40.01$35.0014.6%6.2%13.2%2.8%23.4%1.5%0.2%84.3M-1.84B-15.6M1.067.28N/AN/A32,11434,0601,287,3571,004,197
2014-05-29$40.34$35.0014.2%6.2%13.5%0.6%20.9%1.6%0.1%96.5M-2.06B-15.5M0.517.59N/AN/A40,39020,6651,299,7211,018,051
2014-05-30$40.94$35.0014.6%6.3%14.0%2.7%21.6%1.1%0.2%87.4M-2.45B-15.6M0.398.54N/AN/A101,97440,0251,313,6701,022,876