MSFT Options History — March 2015

In March 2015, MSFT traded between $40.73 and $43.85. ATM implied volatility averaged 19.4%, placing in the 40.2% IV rank vs the trailing year. The 30-day expected move averaged 5.0%. IV traded above realized volatility by 2.5% (HV 20d: 16.8%). Max pain ranged from $43.00 to $45.00. Net GEX was positive for 14 of 22 trading days. Term structure was in contango for 10 of 22 days. Put/call ratio averaged 0.77.

Notable Days

  • 2015-03-20: Highest Volume — 215,334 contracts
  • 2015-03-25: Largest IV spike — 22.4% change
  • 2015-03-26: Highest IV Rank — 78.2%
  • 2015-03-12: Largest Expected Move — 5.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$42.13$40.73$43.85$43.85$40.73
Max Pain$43.68$43.00$45.00$43.00$43.00
ATM IV19.4%14.6%25.0%14.6%24.8%
Expected Move5.0%4.0%5.7%4.0%5.5%
HV 20d16.8%13.1%20.9%13.6%20.6%
HV 60d29.6%28.8%30.4%29.9%29.3%
IV Rank40.2%8.3%78.2%8.3%77.0%
IV Percentile53.8%11.1%90.5%11.1%88.1%
Term Structure0.8%-1.0%5.3%-0.1%-1.0%
VWIV17.5%14.2%20.0%14.2%18.5%
Skew 25d2.6%2.0%3.6%2.2%3.2%
Skew 10d5.5%3.9%7.3%3.9%6.8%
Call IV 25d18.3%14.3%23.5%14.3%23.2%
Put IV 25d20.9%16.5%27.1%16.5%26.4%
Bid-Ask Spread %8.344.7711.1010.289.53
Gamma HHI0.110.080.160.160.08
Net GEX13.9M-47.3M71.5M71.5M-11.1M
Net DEX319.7M-740.0M1.06B-740.0M885.3M
Net VEX-14.3M-15.2M-13.2M-15.2M-13.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.770.381.540.650.60
Total Volume113,389.31858,232215,334104,826112,990
Total OI2,171,021.8182,032,1322,353,1772,050,9522,163,721

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2015-03-02$43.85$43.0014.6%4.0%13.6%8.3%14.2%2.2%-0.1%71.5M-740.0M-15.2M0.6510.28N/AN/A63,42941,3971,152,790898,162
2015-03-03$43.32$43.0015.6%4.3%13.1%14.9%15.5%2.0%-0.1%53.2M-330.2M-15.0M1.057.81N/AN/A53,14055,7781,169,867914,789
2015-03-04$43.05$43.0016.2%4.6%13.5%19.0%15.9%2.1%-0.1%42.2M-183.0M-14.9M0.8911.10N/AN/A45,36240,1561,177,471922,006
2015-03-05$43.12$45.0015.9%4.6%13.2%16.9%16.0%2.3%-0.2%52.5M-205.5M-14.9M1.096.61N/AN/A28,21430,6961,192,514929,181
2015-03-06$42.33$45.0016.8%5.0%14.0%23.1%17.3%2.4%-0.1%13.5M364.1M-14.5M0.8810.41N/AN/A73,72365,2221,194,793939,174
2015-03-09$42.85$44.0016.7%4.9%14.7%22.0%17.3%2.4%0.7%30.6M-67.7M-14.6M0.5910.61N/AN/A62,23436,8651,179,645939,268
2015-03-10$42.03$44.0018.1%5.2%16.3%31.6%18.3%2.4%0.3%4.8M451.8M-14.4M0.779.40N/AN/A62,19648,1971,200,334956,499
2015-03-11$41.98$44.0018.6%5.4%16.1%35.1%20.0%2.4%0.4%3.6M516.9M-14.8M1.545.84N/AN/A47,40872,9391,223,478976,335
2015-03-12$41.02$44.0019.9%5.7%17.8%44.1%19.8%2.3%0.0%-23.9M1.06B-13.9M0.6311.10N/AN/A102,39564,7991,234,2071,016,535
2015-03-13$41.38$44.0019.6%5.7%16.7%41.9%19.9%2.4%0.4%-3.1M885.9M-14.4M0.956.39N/AN/A39,84237,8901,260,2491,030,967
2015-03-16$41.56$43.0018.9%5.4%15.2%37.4%19.8%2.3%4.1%-15.0M755.8M-14.2M0.735.25N/AN/A41,07030,1351,242,6221,014,020
2015-03-17$41.70$43.0018.8%5.4%15.3%36.2%19.3%2.3%4.4%-9.3M660.4M-14.4M0.507.35N/AN/A44,78122,4271,255,9431,019,942
2015-03-18$42.50$43.0018.0%5.2%17.0%31.1%17.6%2.4%4.0%27.2M104.0M-14.7M0.619.65N/AN/A95,92558,8111,268,0171,022,734
2015-03-19$42.29$43.0018.1%5.0%17.1%31.7%16.6%2.1%4.1%8.5M290.8M-14.5M0.515.96N/AN/A57,49029,1701,295,5921,037,205
2015-03-20$42.88$43.0017.6%4.5%17.6%28.2%15.9%2.3%5.3%59.2M-172.2M-14.4M0.697.87N/AN/A127,15888,1761,317,1021,036,075
2015-03-23$42.86$44.0018.9%4.4%17.4%37.3%15.4%3.0%-0.6%38.6M-94.7M-14.0M0.387.37N/AN/A63,96824,0651,119,931912,201
2015-03-24$42.90$44.0020.0%4.3%17.4%44.7%15.1%3.0%-0.7%42.2M-149.3M-14.2M0.727.26N/AN/A33,92324,3091,131,150918,343
2015-03-25$41.46$44.0024.5%5.4%20.9%75.2%18.7%3.6%-0.8%22.2K581.1M-13.5M1.2810.29N/AN/A83,829107,5201,139,439925,218
2015-03-26$41.22$44.0025.0%5.4%20.9%78.2%18.2%3.6%-0.7%-17.2M749.1M-13.6M0.917.72N/AN/A71,89765,7641,164,471964,633
2015-03-27$40.97$44.0024.8%5.3%20.9%76.8%18.0%3.5%-0.7%-47.3M873.1M-13.5M0.5310.80N/AN/A87,06746,2901,191,929982,764
2015-03-30$40.95$44.0024.4%5.1%20.9%74.4%18.5%3.6%-0.9%-15.0M795.5M-13.5M0.494.77N/AN/A70,91635,0021,163,610967,554
2015-03-31$40.73$43.0024.8%5.5%20.6%77.0%18.5%3.2%-1.0%-11.1M885.3M-13.2M0.609.53N/AN/A70,82942,1611,192,568971,153