MSFT Options History — April 2018

In April 2018, MSFT traded between $88.33 and $96.58. ATM implied volatility averaged 28.9%, placing in the 68.1% IV rank vs the trailing year. The 30-day expected move averaged 8.2%. IV traded below realized volatility by 10.7% (HV 20d: 39.7%). Max pain ranged from $90.00 to $92.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 0 of 21 days. Put/call ratio averaged 0.61.

Notable Days

2018-04-27: Highest Volume — 410,950 contracts
2018-04-27: Largest IV drop — 26.7% change
2018-04-02: Highest IV Rank — 100.0%
2018-04-02: Largest Expected Move — 9.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$93.32	$88.33	$96.58	$88.33	$94.17
Max Pain	$91.67	$90.00	$92.50	$90.00	$92.50
ATM IV	28.9%	20.7%	36.4%	36.4%	21.9%
Expected Move	8.2%	6.0%	9.6%	9.6%	6.6%
HV 20d	39.7%	28.7%	43.5%	40.0%	28.7%
HV 60d	32.2%	30.6%	33.4%	30.6%	33.3%
IV Rank	68.1%	33.1%	100.0%	100.0%	38.2%
IV Percentile	91.3%	58.7%	100.0%	100.0%	70.6%
Term Structure	-1.0%	-1.7%	-0.1%	-1.4%	-0.1%
VWIV	28.5%	21.6%	33.6%	33.6%	23.6%
Skew 25d	3.5%	2.6%	4.3%	4.3%	3.0%
Skew 10d	7.1%	5.1%	9.0%	7.7%	5.9%
Call IV 25d	27.2%	19.6%	33.8%	33.8%	20.4%
Put IV 25d	30.7%	22.4%	38.1%	38.1%	23.4%
Bid-Ask Spread %	5.04	2.58	10.36	8.71	3.15
Gamma HHI	0.12	0.09	0.43	0.09	0.11
Net GEX	194.1M	66.7M	393.0M	66.7M	207.2M
Net DEX	-3.43B	-5.33B	-1.28B	-1.28B	-3.04B
Net VEX	-25.9M	-27.2M	-24.4M	-26.7M	-25.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.61	0.38	0.97	0.67	0.60
Total Volume	189,215.333	111,041	410,950	193,836	206,231
Total OI	2,016,522.19	1,792,130	2,194,061	1,923,385	1,941,943

Daily Data (21 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
2018-04-02	$88.33	$90.00	36.4%	9.6%	40.0%	100.0%	33.6%	4.3%	-1.4%	66.7M	-1.28B	-26.7M	0.67	8.71	N/A	N/A	116,210	77,626	1,069,270	854,115
2018-04-03	$89.69	$90.00	35.2%	8.7%	40.4%	94.6%	30.1%	4.2%	-1.4%	93.2M	-1.81B	-26.9M	0.51	9.22	N/A	N/A	81,793	42,086	1,105,726	882,761
2018-04-04	$92.73	$90.00	32.6%	7.8%	42.2%	83.7%	28.4%	3.9%	-1.3%	166.3M	-3.34B	-27.2M	0.62	10.05	N/A	N/A	110,885	69,065	1,119,423	895,089
2018-04-05	$92.47	$90.00	31.3%	8.5%	42.2%	78.0%	29.5%	3.9%	-1.0%	161.8M	-3.19B	-27.1M	0.66	3.50	N/A	N/A	86,842	57,132	1,134,285	919,601
2018-04-06	$90.20	$90.00	32.7%	8.9%	43.0%	84.0%	31.1%	4.0%	-1.2%	97.9M	-1.94B	-26.9M	0.97	2.80	N/A	N/A	100,059	97,464	1,145,237	926,747
2018-04-09	$91.26	$90.00	31.5%	8.6%	42.3%	79.1%	30.3%	3.7%	-1.0%	124.5M	-2.54B	-26.2M	0.46	4.03	N/A	N/A	105,625	48,233	1,102,502	891,736
2018-04-10	$93.04	$90.00	30.1%	8.5%	42.9%	73.0%	29.3%	3.5%	-0.5%	182.6M	-3.49B	-26.4M	0.69	4.18	N/A	N/A	75,682	52,301	1,121,843	897,804
2018-04-11	$91.86	$92.50	30.5%	8.5%	42.1%	74.8%	29.1%	3.6%	-1.1%	150.6M	-2.85B	-25.9M	0.62	5.63	N/A	N/A	68,709	42,332	1,136,718	907,829
2018-04-12	$94.07	$92.50	28.2%	7.9%	42.9%	65.2%	27.4%	3.5%	-0.9%	243.9M	-4.18B	-25.8M	0.66	4.20	N/A	N/A	94,223	62,394	1,153,713	915,510
2018-04-13	$93.04	$92.50	28.5%	8.1%	43.1%	66.5%	28.1%	2.9%	-0.8%	238.5M	-3.49B	-25.7M	0.93	5.16	N/A	N/A	76,868	71,187	1,163,311	926,376
2018-04-16	$94.50	$92.50	25.9%	7.4%	43.5%	55.2%	25.8%	3.5%	-1.1%	223.9M	-4.16B	-25.2M	0.64	3.42	N/A	N/A	78,834	50,211	1,129,570	905,339
2018-04-17	$96.37	$92.50	24.9%	7.1%	43.5%	51.0%	25.4%	2.9%	-0.9%	272.1M	-5.27B	-24.7M	0.68	3.50	N/A	N/A	126,864	85,852	1,140,830	919,259
2018-04-18	$96.58	$92.50	24.9%	7.1%	43.5%	51.1%	24.6%	3.3%	-0.6%	264.1M	-5.33B	-24.4M	0.46	2.91	N/A	N/A	104,980	48,138	1,144,900	940,966
2018-04-19	$96.27	$92.50	26.8%	7.7%	43.4%	58.9%	27.1%	3.1%	-0.5%	258.6M	-5.22B	-24.6M	0.55	5.53	N/A	N/A	147,381	81,469	1,173,566	950,095
2018-04-20	$94.86	$92.50	28.9%	8.4%	42.5%	67.8%	29.3%	3.4%	-1.6%	393.0M	-4.30B	-25.2M	0.55	2.58	N/A	N/A	168,776	93,250	1,222,800	971,261
2018-04-23	$95.03	$92.50	28.0%	8.5%	41.0%	64.1%	29.3%	3.5%	-1.2%	173.1M	-3.68B	-25.3M	0.61	3.04	N/A	N/A	86,303	52,274	1,034,143	757,987
2018-04-24	$92.64	$92.50	30.6%	9.4%	33.8%	75.2%	32.3%	3.9%	-1.7%	133.1M	-2.57B	-26.0M	0.53	4.30	N/A	N/A	125,873	66,417	1,066,301	787,562
2018-04-25	$91.83	$92.50	29.9%	9.3%	29.4%	72.3%	32.2%	2.6%	-1.4%	124.8M	-2.18B	-26.1M	0.52	4.43	N/A	N/A	141,809	74,295	1,100,738	810,950
2018-04-26	$94.91	$92.50	28.2%	8.8%	31.5%	65.0%	30.5%	3.4%	-1.6%	191.4M	-3.76B	-26.8M	0.43	10.36	N/A	N/A	200,779	86,120	1,147,417	841,948
2018-04-27	$95.84	$92.50	20.7%	6.0%	30.9%	33.1%	21.6%	2.8%	-0.4%	308.9M	-4.49B	-25.1M	0.38	5.22	N/A	N/A	296,989	113,961	1,215,329	874,466
2018-04-30	$94.17	$92.50	21.9%	6.6%	28.7%	38.2%	23.6%	3.0%	-0.1%	207.2M	-3.04B	-25.3M	0.60	3.15	N/A	N/A	128,593	77,638	1,121,060	820,883