MSFT Options History — February 2018

In February 2018, MSFT traded between $85.66 and $95.24. ATM implied volatility averaged 23.2%, placing in the 49.6% IV rank vs the trailing year. The 30-day expected move averaged 6.7%. IV traded below realized volatility by 5.6% (HV 20d: 28.8%). Max pain ranged from $85.00 to $90.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 0.58.

Notable Days

2018-02-01: Highest Volume — 373,541 contracts
2018-02-05: Largest IV spike — 26.4% change
2018-02-09: Highest IV Rank — 82.1%
2018-02-08: Largest Expected Move — 9.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$91.55	$85.66	$95.24	$94.28	$94.11
Max Pain	$88.95	$85.00	$90.00	$85.00	$90.00
ATM IV	23.2%	18.8%	31.1%	21.5%	21.5%
Expected Move	6.7%	5.4%	9.0%	6.2%	6.3%
HV 20d	28.8%	15.9%	32.4%	15.9%	32.1%
HV 60d	21.5%	16.4%	23.1%	16.4%	22.9%
IV Rank	49.6%	31.7%	82.1%	42.6%	42.4%
IV Percentile	82.5%	58.3%	98.8%	80.6%	75.8%
Term Structure	-0.2%	-3.1%	4.2%	-0.9%	-1.0%
VWIV	23.6%	19.4%	32.4%	21.7%	22.0%
Skew 25d	3.4%	0.8%	12.9%	1.0%	2.6%
Skew 10d	6.9%	1.0%	24.6%	1.5%	5.8%
Call IV 25d	22.4%	17.8%	29.8%	21.4%	20.9%
Put IV 25d	25.8%	20.5%	42.7%	22.4%	23.6%
Bid-Ask Spread %	8.19	2.60	26.94	6.30	17.93
Gamma HHI	0.11	0.08	0.18	0.12	0.13
Net GEX	190.3M	66.0M	364.0M	268.6M	220.6M
Net DEX	-3.46B	-5.58B	-919.7M	-5.58B	-4.18B
Net VEX	-24.6M	-26.8M	-23.2M	-23.5M	-24.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.58	0.28	0.92	0.48	0.71
Total Volume	196,418.263	104,593	373,541	373,541	119,634
Total OI	2,019,444.263	1,778,084	2,170,667	2,092,823	1,908,070

Daily Data (19 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2018-02-01	$94.28	$85.00	21.5%	6.2%	15.9%	42.6%	21.7%	1.0%	-0.9%	268.6M	-5.58B	-23.5M	0.48	6.30	N/A	N/A	252,028	121,513	1,235,788	857,035
2018-02-02	$91.91	$87.50	22.4%	6.4%	19.0%	46.1%	22.3%	0.8%	-0.4%	202.2M	-3.93B	-24.4M	0.49	4.12	N/A	N/A	202,681	98,743	1,242,548	878,066
2018-02-05	$89.13	$87.50	28.2%	7.6%	22.0%	70.2%	27.4%	1.8%	-3.1%	125.8M	-2.54B	-25.3M	0.62	26.94	N/A	N/A	111,899	69,168	1,175,776	822,200
2018-02-06	$91.20	$87.50	26.4%	7.3%	23.4%	62.6%	24.9%	3.2%	-1.0%	163.4M	-3.54B	-25.5M	0.44	6.24	N/A	N/A	183,164	80,284	1,197,998	847,496
2018-02-07	$90.03	$87.50	24.8%	7.1%	24.0%	56.1%	25.4%	2.8%	0.1%	159.8M	-3.06B	-25.7M	0.40	14.03	N/A	N/A	145,307	58,176	1,249,390	865,015
2018-02-08	$85.66	$87.50	30.0%	9.0%	30.0%	77.5%	32.4%	6.1%	4.2%	66.0M	-919.7M	-25.9M	0.55	4.51	N/A	N/A	139,923	77,426	1,270,644	879,613
2018-02-09	$88.24	$87.50	31.1%	8.8%	31.9%	82.1%	31.3%	12.9%	-1.0%	103.7M	-2.04B	-26.8M	0.76	6.17	N/A	N/A	149,450	113,890	1,281,239	889,428
2018-02-12	$89.06	$90.00	24.3%	6.9%	31.5%	54.0%	24.6%	4.0%	0.2%	117.4M	-2.40B	-25.1M	0.78	8.20	N/A	N/A	87,899	68,588	1,218,892	886,444
2018-02-13	$89.97	$90.00	23.9%	6.8%	31.5%	52.5%	24.9%	3.5%	0.1%	154.2M	-2.88B	-25.2M	0.28	8.83	N/A	N/A	186,943	51,776	1,229,093	925,104
2018-02-14	$90.89	$90.00	22.9%	6.6%	31.1%	48.4%	22.6%	3.1%	-0.8%	209.9M	-2.94B	-24.6M	0.64	4.37	N/A	N/A	82,977	52,832	1,158,556	944,838
2018-02-15	$92.49	$90.00	21.4%	6.1%	31.7%	42.3%	21.1%	2.9%	-0.0%	239.9M	-3.92B	-24.6M	0.49	8.86	N/A	N/A	134,809	66,643	1,170,671	961,609
2018-02-16	$92.22	$90.00	20.6%	5.9%	31.7%	38.8%	21.0%	2.7%	-0.1%	179.1M	-3.80B	-24.3M	0.59	3.47	N/A	N/A	125,985	73,744	1,171,271	973,845
2018-02-20	$92.86	$90.00	21.5%	6.3%	31.2%	42.7%	22.4%	2.9%	0.3%	197.1M	-3.71B	-23.9M	0.58	6.73	N/A	N/A	87,832	50,714	1,026,692	751,392
2018-02-21	$91.80	$90.00	21.3%	6.2%	31.4%	42.0%	22.0%	2.8%	-0.1%	170.2M	-3.22B	-23.8M	0.78	4.97	N/A	N/A	83,062	65,102	1,050,820	775,950
2018-02-22	$91.84	$90.00	21.2%	6.1%	31.4%	41.4%	22.6%	2.5%	-0.3%	166.0M	-3.19B	-24.2M	0.92	7.66	N/A	N/A	54,613	49,980	1,081,947	804,292
2018-02-23	$93.96	$90.00	18.8%	5.4%	32.4%	31.7%	19.7%	2.7%	0.2%	364.0M	-4.42B	-23.9M	0.64	2.60	N/A	N/A	99,980	63,565	1,091,337	818,697
2018-02-26	$95.24	$90.00	18.9%	5.5%	32.3%	31.8%	19.4%	2.9%	-0.0%	264.1M	-4.93B	-23.2M	0.47	10.81	N/A	N/A	93,056	43,620	1,066,116	786,162
2018-02-27	$94.59	$90.00	20.4%	5.8%	32.4%	38.3%	20.1%	3.0%	-0.2%	243.4M	-4.54B	-23.6M	0.49	2.92	N/A	N/A	124,399	60,542	1,076,425	798,982
2018-02-28	$94.11	$90.00	21.5%	6.3%	32.1%	42.4%	22.0%	2.6%	-1.0%	220.6M	-4.18B	-24.4M	0.71	17.93	N/A	N/A	69,882	49,752	1,084,983	823,087