MSFT Options History — May 2015

In May 2015, MSFT traded between $46.15 and $48.71. ATM implied volatility averaged 17.6%, placing in the 28.5% IV rank vs the trailing year. The 30-day expected move averaged 5.1%. IV traded below realized volatility by 18.1% (HV 20d: 35.7%). Max pain ranged from $43.00 to $47.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 13 of 20 days. Put/call ratio averaged 0.87.

Notable Days

  • 2015-05-18: Highest Volume — 341,750 contracts
  • 2015-05-08: Largest IV drop — 9.1% change
  • 2015-05-06: Highest IV Rank — 44.3%
  • 2015-05-06: Largest Expected Move — 5.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$47.55$46.15$48.71$48.62$46.99
Max Pain$45.55$43.00$47.00$43.00$47.00
ATM IV17.6%16.3%20.0%18.0%17.9%
Expected Move5.1%4.7%5.6%5.3%5.1%
HV 20d35.7%21.3%41.6%38.2%21.5%
HV 60d28.2%27.0%29.0%27.1%28.9%
IV Rank28.5%19.5%44.3%31.0%30.4%
IV Percentile42.1%27.0%66.3%46.8%44.8%
Term Structure0.2%-0.4%0.9%-0.2%-0.0%
VWIV18.4%17.0%24.9%18.3%17.6%
Skew 25d1.4%0.9%1.8%1.8%1.6%
Skew 10d2.5%1.6%3.6%3.1%3.3%
Call IV 25d17.2%16.0%19.3%17.3%17.5%
Put IV 25d18.6%17.5%21.1%19.0%19.1%
Bid-Ask Spread %8.895.2915.999.9811.89
Gamma HHI0.150.120.210.120.15
Net GEX72.9M37.4M97.7M75.2M82.0M
Net DEX-1.90B-3.12B-805.2M-3.12B-1.00B
Net VEX-15.5M-16.1M-14.6M-14.9M-15.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.870.131.670.830.52
Total Volume114,610.461,490341,750143,98395,388
Total OI2,093,071.451,828,5342,297,1842,254,3451,942,155

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2015-05-01$48.62$43.0018.0%5.3%38.2%31.0%18.3%1.8%-0.2%75.2M-3.12B-14.9M0.839.98N/AN/A78,57265,4111,222,8401,031,505
2015-05-04$48.24$44.0017.6%5.1%37.9%28.6%17.9%1.4%-0.1%81.3M-2.80B-15.4M1.438.32N/AN/A32,99647,2121,192,848975,945
2015-05-05$47.75$44.0019.2%5.2%38.3%39.2%18.5%1.7%0.9%82.5M-2.51B-15.8M1.6715.99N/AN/A60,793101,6551,202,938980,960
2015-05-06$46.15$45.0020.0%5.6%40.9%44.3%19.9%1.8%-0.4%88.2M-1.61B-15.6M1.376.71N/AN/A59,76581,7941,226,6651,007,368
2015-05-07$46.78$44.0018.4%5.3%41.0%33.8%19.6%1.7%0.0%85.2M-2.00B-15.7M1.638.19N/AN/A36,74759,7501,239,0851,021,188
2015-05-08$47.75$45.0016.7%4.8%41.3%22.5%17.1%1.6%0.0%78.2M-2.60B-14.6M0.768.35N/AN/A49,15737,4701,242,4991,033,053
2015-05-11$47.37$45.0016.9%5.0%41.6%23.3%17.3%1.4%0.7%74.9M-2.34B-14.6M0.666.04N/AN/A37,09124,3991,218,7441,023,141
2015-05-12$47.42$45.0017.1%5.0%41.5%24.6%18.0%1.7%0.9%73.7M-2.31B-15.7M1.119.34N/AN/A36,21240,3041,233,0431,030,964
2015-05-13$47.63$45.0017.3%5.0%41.3%25.9%17.7%1.6%0.3%77.8M-2.36B-15.7M0.746.46N/AN/A42,77131,8471,236,3741,037,517
2015-05-14$48.71$45.0016.8%4.8%41.6%23.1%17.6%1.3%0.1%97.7M-2.92B-15.1M0.635.29N/AN/A83,81852,7731,215,4281,041,653
2015-05-15$48.25$45.0016.8%4.8%41.3%22.8%19.9%1.1%-0.4%70.4M-2.72B-14.8M0.686.10N/AN/A78,11652,9291,244,8411,052,343
2015-05-18$48.01$45.0016.3%4.7%40.5%19.5%24.9%1.6%0.1%69.6M-1.71B-15.2M0.138.81N/AN/A302,84038,9101,011,350860,169
2015-05-19$47.58$47.0017.5%5.0%40.6%27.3%17.5%0.9%0.3%58.1M-1.20B-15.5M0.508.44N/AN/A92,15645,848942,992885,542
2015-05-20$47.59$47.0017.3%4.9%40.6%25.9%17.0%1.1%0.1%65.6M-1.29B-15.9M0.659.33N/AN/A58,22937,572999,937906,510
2015-05-21$47.42$47.0017.3%4.9%40.7%26.0%17.2%1.2%0.3%65.6M-1.22B-16.0M0.887.97N/AN/A52,68746,1161,008,541913,519
2015-05-22$46.88$47.0017.3%5.0%21.3%26.6%17.4%1.4%-0.0%37.4M-910.3M-15.9M0.9414.13N/AN/A52,03848,8411,018,577927,547
2015-05-26$46.61$47.0018.5%5.3%21.3%34.6%18.7%1.3%0.1%47.2M-805.2M-16.1M0.859.03N/AN/A44,25637,473994,697902,192
2015-05-27$47.70$47.0018.0%5.1%21.5%31.0%18.1%1.1%0.2%75.9M-1.37B-15.8M0.688.15N/AN/A50,21034,0691,003,223909,619
2015-05-28$47.48$47.0017.6%5.0%21.5%28.5%18.0%0.9%-0.0%71.2M-1.24B-15.9M0.809.18N/AN/A35,46828,5251,006,648917,269
2015-05-29$46.99$47.0017.9%5.1%21.5%30.4%17.6%1.6%-0.0%82.0M-1.00B-15.6M0.5211.89N/AN/A62,94532,4431,021,753920,402