MSFT Options History — March 2016

In March 2016, MSFT traded between $50.91 and $55.35. ATM implied volatility averaged 23.8%, placing in the 32.3% IV rank vs the trailing year. The 30-day expected move averaged 5.9%. IV traded below realized volatility by 1.1% (HV 20d: 24.9%). Max pain ranged from $50.00 to $52.50. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 0.74.

Notable Days

  • 2016-03-18: Highest Volume — 124,353 contracts
  • 2016-03-16: Largest IV drop — 13.0% change
  • 2016-03-28: Highest IV Rank — 54.0%
  • 2016-03-07: Largest Expected Move — 6.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$53.36$50.91$55.35$52.45$55.35
Max Pain$50.27$50.00$52.50$52.50$51.00
ATM IV23.8%19.4%29.0%21.9%26.0%
Expected Move5.9%4.9%6.8%6.4%4.9%
HV 20d24.9%21.2%29.2%29.2%21.2%
HV 60d27.6%27.2%28.0%28.0%27.5%
IV Rank32.3%13.2%54.0%28.8%41.2%
IV Percentile57.1%27.8%84.5%47.6%67.9%
Term Structure1.1%-1.3%7.5%0.5%-1.3%
VWIV21.1%16.9%23.6%22.4%16.9%
Skew 25d4.1%3.1%4.7%4.4%4.0%
Skew 10d8.9%6.3%11.0%9.3%10.1%
Call IV 25d22.1%18.4%26.6%20.1%24.8%
Put IV 25d26.1%21.5%31.3%24.5%28.8%
Bid-Ask Spread %8.575.5514.4514.459.14
Gamma HHI0.170.110.300.130.22
Net GEX103.7M46.1M152.5M91.2M152.5M
Net DEX-1.36B-2.24B-218.5M-1.02B-2.08B
Net VEX-13.9M-14.5M-13.3M-14.5M-14.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.740.401.210.440.71
Total Volume90,242.95551,865124,35396,06589,568
Total OI1,751,605.6361,497,8211,889,9311,767,9101,695,542

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2016-03-01$52.45$52.5021.9%6.4%29.2%28.8%22.4%4.4%0.5%91.2M-1.02B-14.5M0.4414.45N/AN/A66,87129,1941,086,333681,577
2016-03-02$52.85$52.5021.6%6.3%27.1%24.5%23.2%4.4%0.3%102.0M-1.26B-14.5M0.738.73N/AN/A36,47126,5901,090,725687,796
2016-03-03$52.33$50.0021.2%6.2%26.7%22.1%23.5%4.1%0.4%91.5M-997.5M-14.3M1.038.13N/AN/A49,01450,5101,107,662700,005
2016-03-04$52.02$50.0021.4%6.1%26.8%22.8%22.6%3.8%0.3%81.8M-808.9M-14.0M0.5410.37N/AN/A77,31041,6891,123,741723,610
2016-03-07$50.91$50.0023.3%6.8%24.4%29.6%23.1%4.2%0.4%46.1M-218.5M-13.3M0.538.73N/AN/A63,79034,0311,109,581710,124
2016-03-08$51.60$50.0023.2%6.4%24.1%29.3%23.4%3.6%-1.0%70.9M-604.6M-14.0M0.568.26N/AN/A58,57032,5171,127,500724,309
2016-03-09$52.68$50.0022.6%6.5%25.0%26.5%23.6%4.0%-0.3%104.1M-1.21B-14.4M0.788.34N/AN/A44,17734,6231,132,150733,306
2016-03-10$51.93$50.0023.0%6.4%25.7%28.3%23.5%4.1%-0.6%76.1M-698.9M-14.0M0.769.46N/AN/A61,45046,6391,135,590745,533
2016-03-11$53.00$50.0021.1%6.2%26.5%20.5%22.2%3.8%0.9%127.7M-1.36B-14.2M0.456.49N/AN/A71,06531,9531,141,398747,894
2016-03-14$53.32$50.0021.8%6.3%26.3%23.3%22.1%4.1%5.8%100.1M-1.39B-13.9M0.985.55N/AN/A26,21925,6461,078,975723,041
2016-03-15$53.50$50.0022.3%6.4%26.1%25.5%23.3%4.3%5.7%103.5M-1.50B-13.8M0.797.26N/AN/A45,44235,7961,088,137730,178
2016-03-16$54.30$50.0019.4%5.6%24.9%13.2%20.7%3.5%7.5%134.0M-2.03B-13.8M0.7913.48N/AN/A52,12641,2791,108,060732,809
2016-03-17$54.81$50.0020.6%5.5%24.9%18.2%20.4%3.1%7.2%151.7M-2.24B-13.9M0.407.79N/AN/A63,05925,4631,112,568743,878
2016-03-18$53.61$50.0023.1%6.0%26.2%29.0%20.0%3.5%6.2%101.6M-1.68B-13.5M0.568.04N/AN/A79,58944,7641,136,250753,681
2016-03-21$53.79$50.0026.1%5.6%25.6%41.7%18.9%4.5%-0.8%86.9M-1.35B-13.5M0.767.90N/AN/A53,78340,960920,349577,472
2016-03-22$54.08$50.0026.6%5.5%23.2%43.8%19.5%4.2%-1.0%98.5M-1.49B-13.6M0.977.04N/AN/A37,56036,593950,086603,443
2016-03-23$54.01$50.0027.6%5.4%23.2%47.8%19.2%4.4%-1.1%100.6M-1.47B-13.9M0.916.99N/AN/A34,24531,080973,528612,861
2016-03-24$54.18$50.0027.9%5.4%22.8%49.1%18.5%4.3%-1.1%104.8M-1.57B-14.0M0.937.30N/AN/A32,85630,709984,258625,324
2016-03-28$53.46$50.0029.0%5.8%22.9%54.0%20.2%4.7%-1.2%88.2M-1.22B-13.6M1.219.38N/AN/A32,29338,978974,437617,192
2016-03-29$54.70$50.0027.5%5.2%23.6%47.5%18.1%4.6%-1.1%127.1M-1.76B-13.7M0.718.26N/AN/A62,91844,750987,130636,449
2016-03-30$55.09$50.0026.6%5.1%21.3%43.7%17.8%4.3%-1.2%141.5M-1.95B-13.8M0.687.43N/AN/A73,21549,9901,007,058653,784
2016-03-31$55.35$51.0026.0%4.9%21.2%41.2%16.9%4.0%-1.3%152.5M-2.08B-14.2M0.719.14N/AN/A52,35337,2151,028,231667,311