MSFT Options History — September 2014

In September 2014, MSFT traded between $44.96 and $47.52. ATM implied volatility averaged 16.7%, placing in the 18.8% IV rank vs the trailing year. The 30-day expected move averaged 5.5%. IV traded above realized volatility by 4.2% (HV 20d: 12.5%). Max pain ranged from $42.00 to $43.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.90.

Notable Days

  • 2014-09-19: Highest Volume — 337,786 contracts
  • 2014-09-22: Largest IV spike — 21.7% change
  • 2014-09-25: Highest IV Rank — 40.4%
  • 2014-09-30: Largest Expected Move — 5.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$46.41$44.96$47.52$45.09$46.36
Max Pain$42.52$42.00$43.00$42.00$43.00
ATM IV16.7%14.3%20.5%14.6%20.0%
Expected Move5.5%5.3%5.6%5.6%5.6%
HV 20d12.5%10.3%16.8%11.2%16.0%
HV 60d13.9%13.3%14.9%13.5%14.8%
IV Rank18.8%5.0%40.4%6.8%37.2%
IV Percentile25.3%5.6%57.1%8.7%52.8%
Term Structure0.9%-1.1%5.3%0.1%-0.4%
VWIV19.5%18.6%21.5%20.0%19.6%
Skew 25d1.6%0.7%2.8%1.6%2.5%
Skew 10d3.4%1.7%6.3%2.5%4.5%
Call IV 25d16.7%14.1%20.7%14.6%19.1%
Put IV 25d18.2%15.3%22.6%16.2%21.6%
Bid-Ask Spread %9.746.8612.217.608.33
Gamma HHI0.140.090.280.120.12
Net GEX125.1M44.6M206.5M137.4M62.5M
Net DEX-3.18B-4.33B-2.31B-2.59B-2.58B
Net VEX-12.9M-13.8M-11.9M-13.5M-12.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.900.262.301.230.57
Total Volume122,378.09557,581337,78680,73063,922
Total OI2,445,423.4292,262,7432,624,5622,331,0932,279,222

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2014-09-02$45.09$42.0014.6%5.6%11.2%6.8%20.0%1.6%0.1%137.4M-2.59B-13.5M1.237.60N/AN/A36,20444,5261,276,8781,054,215
2014-09-03$44.96$42.0014.5%5.5%10.9%6.4%18.9%1.2%0.1%126.6M-2.45B-13.8M1.009.10N/AN/A28,85428,7271,285,8901,076,205
2014-09-04$45.26$42.0014.3%5.5%10.3%5.0%18.9%1.6%0.2%133.9M-2.68B-13.7M0.889.58N/AN/A40,47735,4631,296,3001,089,990
2014-09-05$45.91$42.0015.2%5.5%10.7%9.9%18.9%1.0%-0.1%206.5M-3.28B-13.2M1.1512.21N/AN/A132,353152,0031,308,3181,096,662
2014-09-08$46.47$42.0015.8%5.5%11.0%13.2%19.6%0.9%0.1%163.9M-3.63B-13.2M0.7512.13N/AN/A125,95094,7621,327,4151,137,422
2014-09-09$46.76$42.0015.4%5.5%11.0%11.5%20.0%0.7%-0.4%159.7M-3.75B-13.3M0.559.14N/AN/A107,80358,7501,348,3501,181,440
2014-09-10$46.84$42.0015.5%5.4%10.9%12.0%18.6%1.1%-0.3%154.7M-3.85B-13.3M2.3010.69N/AN/A45,892105,3911,363,5651,208,395
2014-09-11$47.00$42.0015.7%5.5%10.4%12.9%21.5%1.6%-0.6%144.5M-3.88B-13.4M0.5810.58N/AN/A51,27729,8211,366,6821,257,880
2014-09-12$46.70$42.0016.1%5.5%10.9%15.3%21.1%1.3%-0.7%143.6M-3.66B-13.4M0.7110.15N/AN/A59,51342,1211,378,5881,237,930
2014-09-15$46.24$42.0016.4%5.6%11.3%16.8%19.1%1.1%4.3%141.8M-3.15B-13.5M0.769.92N/AN/A36,63727,6761,346,9451,209,458
2014-09-16$46.76$43.0015.6%5.5%11.6%12.5%19.2%1.4%4.0%154.2M-3.60B-12.8M0.278.58N/AN/A94,26225,7431,352,8181,218,157
2014-09-17$46.52$43.0015.3%5.4%11.8%10.4%19.4%1.3%4.8%170.0M-3.41B-12.9M0.5211.96N/AN/A92,85048,4741,376,6871,226,004
2014-09-18$46.68$43.0014.5%5.4%11.2%6.1%18.9%1.6%5.3%191.4M-3.45B-12.6M0.6810.54N/AN/A64,24443,7761,365,9121,221,327
2014-09-19$47.52$43.0014.9%5.3%12.5%8.5%18.7%1.2%4.5%175.1M-4.33B-11.9M0.2611.31N/AN/A267,57270,2141,380,4721,231,885
2014-09-22$47.06$43.0018.2%5.3%13.2%26.9%19.2%1.8%-0.6%85.3M-3.13B-12.2M1.489.87N/AN/A45,40467,1501,159,5521,107,527
2014-09-23$46.56$43.0019.6%5.3%13.9%35.3%19.9%2.1%-1.1%52.6M-2.69B-12.4M0.898.01N/AN/A58,66451,9901,142,4381,148,128
2014-09-24$47.08$43.0019.3%5.3%14.2%33.2%18.9%2.4%-0.7%70.2M-3.05B-12.2M0.928.52N/AN/A32,05329,4831,162,4681,165,345
2014-09-25$46.04$43.0020.5%5.6%16.6%40.4%19.1%1.6%-0.0%47.7M-2.31B-12.8M0.916.86N/AN/A36,41033,2841,166,5901,177,420
2014-09-26$46.41$43.0019.5%5.5%16.8%34.4%20.5%2.4%-0.2%44.6M-2.58B-12.6M1.959.77N/AN/A32,27162,9421,178,0121,182,657
2014-09-29$46.44$43.0020.4%5.5%16.3%39.7%20.4%2.8%-0.3%61.6M-2.64B-12.2M0.609.72N/AN/A40,64724,3851,136,1681,126,575
2014-09-30$46.36$43.0020.0%5.6%16.0%37.2%19.6%2.5%-0.4%62.5M-2.58B-12.4M0.578.33N/AN/A40,75523,1671,145,3481,133,874