MSFT Options History — December 2015

In December 2015, MSFT traded between $54.06 and $56.54. ATM implied volatility averaged 21.2%, placing in the 31.1% IV rank vs the trailing year. The 30-day expected move averaged 5.7%. IV traded above realized volatility by 0.9% (HV 20d: 20.3%). Max pain ranged from $50.00 to $55.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 0.60.

Notable Days

  • 2015-12-02: Highest Volume — 265,782 contracts
  • 2015-12-28: Largest IV spike — 30.1% change
  • 2015-12-31: Highest IV Rank — 65.2%
  • 2015-12-11: Largest Expected Move — 6.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$55.42$54.06$56.54$55.22$55.64
Max Pain$50.45$50.00$55.00$55.00$50.00
ATM IV21.2%17.5%28.6%18.1%28.6%
Expected Move5.7%5.1%6.5%5.4%5.3%
HV 20d20.3%14.7%22.8%16.3%22.7%
HV 60d29.1%28.3%29.6%29.0%28.5%
IV Rank31.1%13.9%65.2%16.4%65.2%
IV Percentile49.7%11.1%92.9%18.7%92.9%
Term Structure1.2%-1.3%8.4%0.3%-1.1%
VWIV20.3%18.0%24.9%19.2%18.5%
Skew 25d2.7%1.8%3.5%1.9%3.5%
Skew 10d5.6%3.4%10.6%4.4%6.7%
Call IV 25d20.4%16.7%27.5%17.4%27.5%
Put IV 25d23.0%18.8%31.0%19.3%31.0%
Bid-Ask Spread %7.985.5310.8610.277.29
Gamma HHI0.190.170.240.240.20
Net GEX185.2M134.7M237.7M187.5M166.6M
Net DEX-3.40B-4.30B-2.41B-3.27B-3.35B
Net VEX-15.5M-16.8M-14.4M-15.5M-14.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.600.270.890.320.77
Total Volume137,288.90942,188265,782133,271117,275
Total OI2,545,456.3642,362,3482,791,1032,362,3482,549,700

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2015-12-01$55.22$55.0018.1%5.4%16.3%16.4%19.2%1.9%0.3%187.5M-3.27B-15.5M0.3210.27N/AN/A100,84232,4291,320,4451,041,903
2015-12-02$55.19$55.0018.5%5.6%14.7%18.5%19.6%2.0%0.3%187.1M-3.33B-15.5M0.279.65N/AN/A210,03855,7441,342,1041,053,055
2015-12-03$54.24$50.0019.7%5.6%16.1%24.1%20.9%2.6%0.1%171.8M-2.73B-16.0M0.478.92N/AN/A118,57655,4801,433,4751,068,070
2015-12-04$55.90$50.0017.5%5.3%19.3%13.9%18.7%1.8%0.3%212.9M-3.90B-15.6M0.517.38N/AN/A153,50578,0041,447,3951,080,020
2015-12-07$55.81$50.0018.4%5.6%19.1%18.0%19.6%2.1%1.0%201.6M-3.64B-15.7M0.777.02N/AN/A33,07225,4451,426,1391,083,464
2015-12-08$55.92$50.0018.8%5.7%18.3%20.0%19.8%1.9%0.8%210.8M-3.79B-15.7M0.846.50N/AN/A55,89546,9921,441,7321,088,738
2015-12-09$54.89$50.0020.0%5.9%19.0%25.3%20.5%2.2%0.5%183.6M-3.02B-16.1M0.548.41N/AN/A123,98866,8771,456,1101,106,725
2015-12-10$55.25$50.0019.6%5.7%19.1%23.7%22.1%2.3%0.1%202.4M-3.32B-16.0M0.755.53N/AN/A54,21540,7621,493,4961,130,843
2015-12-11$54.06$50.0023.2%6.5%20.6%40.0%24.9%2.9%-0.6%157.4M-2.41B-16.8M0.666.05N/AN/A101,82566,8881,499,2761,140,919
2015-12-14$55.05$50.0022.6%6.5%21.2%37.6%24.3%3.4%-0.4%180.6M-3.07B-16.6M0.427.45N/AN/A108,82145,3891,484,8741,145,058
2015-12-15$55.27$50.0021.9%6.3%20.7%34.2%22.1%3.1%-0.5%211.6M-3.49B-16.1M0.515.73N/AN/A84,58142,7461,517,6111,165,711
2015-12-16$56.19$50.0020.7%5.9%20.5%28.7%20.3%2.7%-0.9%237.7M-4.30B-15.6M0.4310.86N/AN/A105,97945,3051,534,7171,179,773
2015-12-17$55.89$50.0020.2%5.8%20.1%26.5%20.5%3.2%-0.8%235.0M-3.93B-15.8M0.559.49N/AN/A107,91359,0651,564,0571,195,837
2015-12-18$54.50$50.0020.8%6.0%22.3%29.3%21.1%3.2%0.2%134.7M-2.47B-15.9M0.619.01N/AN/A151,04591,8431,580,9671,210,136
2015-12-21$54.73$50.0020.8%6.0%22.3%29.2%20.8%2.9%6.9%150.8M-2.94B-15.5M0.7010.52N/AN/A53,71337,5771,399,6211,027,804
2015-12-22$55.30$50.0019.6%5.7%22.6%23.4%20.1%2.8%7.3%167.9M-3.29B-15.3M0.558.25N/AN/A52,84528,8341,413,2631,044,835
2015-12-23$55.78$50.0018.1%5.1%22.8%16.5%18.3%2.6%8.1%186.6M-3.60B-15.2M0.555.67N/AN/A66,47036,3621,427,2271,052,214
2015-12-24$55.67$50.0019.6%5.2%22.5%23.7%18.0%2.5%8.4%164.9M-3.49B-14.9M0.897.29N/AN/A22,33319,8551,410,4241,062,557
2015-12-28$55.90$50.0025.6%5.4%22.5%51.1%19.7%2.8%-1.2%170.6M-3.60B-14.5M0.899.79N/AN/A44,37239,3091,389,8451,040,233
2015-12-29$56.54$50.0026.8%5.5%22.7%56.8%19.7%3.0%-1.3%177.7M-3.97B-14.4M0.607.65N/AN/A75,24645,2441,401,0381,063,051
2015-12-30$56.39$50.0027.7%5.3%22.1%60.9%18.3%3.1%-1.3%173.4M-3.83B-14.6M0.656.92N/AN/A71,34646,3111,401,3881,084,190
2015-12-31$55.64$50.0028.6%5.3%22.7%65.2%18.5%3.5%-1.1%166.6M-3.35B-14.6M0.777.29N/AN/A66,36150,9141,445,2671,104,433