MSFT Options History — December 2014

In December 2014, MSFT traded between $45.23 and $48.84. ATM implied volatility averaged 19.5%, placing in the 38.9% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded above realized volatility by 0.8% (HV 20d: 18.7%). Max pain ranged from $43.00 to $43.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 0.81.

Notable Days

  • 2014-12-16: Highest Volume — 142,332 contracts
  • 2014-12-16: Largest IV spike — 13.1% change
  • 2014-12-16: Highest IV Rank — 75.7%
  • 2014-12-16: Largest Expected Move — 7.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$47.50$45.23$48.84$48.68$46.45
Max Pain$43.00$43.00$43.00$43.00$43.00
ATM IV19.5%16.4%25.3%17.2%23.3%
Expected Move6.2%5.7%7.4%5.8%6.5%
HV 20d18.7%14.4%23.5%14.6%22.9%
HV 60d21.1%19.9%22.4%20.0%22.3%
IV Rank38.9%19.2%75.7%24.0%62.9%
IV Percentile52.7%25.4%85.3%30.2%78.6%
Term Structure0.7%-1.2%3.5%0.4%-1.2%
VWIV21.9%18.9%25.8%20.6%22.5%
Skew 25d1.7%0.4%3.3%0.9%3.0%
Skew 10d3.7%1.2%6.1%2.5%6.1%
Call IV 25d19.3%16.1%25.1%16.9%22.4%
Put IV 25d21.0%17.0%27.8%17.8%25.4%
Bid-Ask Spread %7.734.7111.607.697.64
Gamma HHI0.150.090.210.200.12
Net GEX69.0M6.8M119.1M96.0M50.3M
Net DEX-1.73B-2.48B-544.6M-2.32B-1.26B
Net VEX-11.6M-12.1M-10.7M-11.5M-11.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.810.401.330.540.83
Total Volume90,482.86444,977142,33294,84370,943
Total OI2,078,739.3641,978,1092,242,6322,007,7522,003,035

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2014-12-01$48.68$43.0017.2%5.8%14.6%24.0%20.6%0.9%0.4%96.0M-2.32B-11.5M0.547.69N/AN/A61,41433,429966,7381,041,014
2014-12-02$48.38$43.0017.0%5.8%14.4%23.1%20.7%1.1%-0.0%91.1M-2.13B-11.8M1.195.62N/AN/A41,32449,055985,1921,050,829
2014-12-03$48.13$43.0016.4%5.7%14.5%19.2%20.4%0.5%0.9%90.9M-2.05B-11.6M0.597.10N/AN/A48,81528,938998,0901,058,069
2014-12-04$48.84$43.0016.5%5.7%15.3%19.6%20.7%0.6%0.5%119.1M-2.48B-11.7M0.447.68N/AN/A62,95927,8571,017,3991,069,399
2014-12-05$48.43$43.0016.5%5.7%14.4%19.9%20.8%0.9%0.3%109.1M-2.20B-11.7M0.475.05N/AN/A62,49529,0711,026,8841,077,167
2014-12-08$47.72$43.0017.6%5.9%15.3%26.7%20.9%1.8%0.1%69.0M-1.73B-11.7M0.674.71N/AN/A36,65324,7371,012,4441,065,243
2014-12-09$47.61$43.0018.2%6.0%15.2%30.7%21.4%1.4%-0.0%62.3M-1.67B-11.8M1.275.88N/AN/A32,08540,7081,015,6941,071,002
2014-12-10$46.84$43.0019.3%6.4%16.1%37.3%22.5%1.4%0.9%37.0M-1.26B-12.0M0.767.93N/AN/A56,93643,2611,016,6281,078,565
2014-12-11$47.11$43.0019.6%6.4%16.3%39.3%22.6%0.4%1.1%44.6M-1.43B-11.9M0.768.55N/AN/A54,39341,0951,027,6191,087,473
2014-12-12$46.99$43.0022.0%6.7%15.1%54.8%23.9%1.0%0.3%44.2M-1.36B-12.1M0.829.17N/AN/A67,32755,5111,033,6541,093,915
2014-12-15$46.80$43.0022.4%6.9%15.1%57.0%25.3%2.3%-0.5%37.0M-1.30B-12.1M0.6610.20N/AN/A59,32439,3211,033,8371,091,689
2014-12-16$45.23$43.0025.3%7.4%18.7%75.7%25.4%2.8%-0.2%6.8M-544.6M-12.1M0.547.57N/AN/A92,46549,8671,052,3011,101,581
2014-12-17$45.79$43.0022.9%6.9%19.3%60.6%25.8%2.3%-0.5%17.0M-847.4M-12.0M1.1411.34N/AN/A61,18670,0321,087,5311,103,624
2014-12-18$47.43$43.0021.1%6.5%23.3%49.0%23.4%2.2%-0.1%63.2M-1.75B-12.0M0.7710.89N/AN/A74,96657,4661,104,4271,120,161
2014-12-19$47.66$43.0018.7%6.1%23.2%33.5%22.0%1.9%1.6%87.5M-1.94B-11.7M0.4011.60N/AN/A75,40929,8811,120,5011,122,131
2014-12-22$47.93$43.0018.1%6.0%22.8%30.0%20.2%2.1%3.3%79.2M-2.03B-11.4M1.338.62N/AN/A36,43848,485979,962998,758
2014-12-23$48.54$43.0017.6%5.8%23.0%26.8%20.0%1.5%3.4%99.7M-2.37B-11.1M0.688.12N/AN/A58,29139,867991,5301,018,433
2014-12-24$48.14$43.0018.0%5.9%23.3%29.0%18.9%2.0%2.6%91.2M-2.17B-11.1M1.285.61N/AN/A21,77527,804994,3681,029,005
2014-12-26$47.91$43.0018.9%5.9%23.3%34.8%20.3%2.1%3.5%86.0M-2.02B-10.9M0.995.88N/AN/A32,88032,627990,9941,029,506
2014-12-29$47.46$43.0021.0%6.2%23.5%48.5%21.1%3.3%-0.2%72.5M-1.74B-10.9M0.676.38N/AN/A41,04327,513973,0831,005,026
2014-12-30$47.02$43.0021.8%6.1%22.7%53.4%22.6%2.9%-0.4%63.3M-1.55B-10.7M1.116.91N/AN/A21,32223,655980,6901,007,075
2014-12-31$46.45$43.0023.3%6.5%22.9%62.9%22.5%3.0%-1.2%50.3M-1.26B-11.0M0.837.64N/AN/A38,70332,240985,0421,017,993