MSFT Options History — May 2018

In May 2018, MSFT traded between $93.70 and $98.91. ATM implied volatility averaged 18.9%, placing in the 24.0% IV rank vs the trailing year. The 30-day expected move averaged 5.5%. IV traded below realized volatility by 1.2% (HV 20d: 20.1%). Max pain ranged from $90.00 to $95.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 17 of 22 days. Put/call ratio averaged 0.59.

Notable Days

2018-05-24: Highest Volume — 195,492 contracts
2018-05-29: Largest IV spike — 15.4% change
2018-05-01: Highest IV Rank — 37.1%
2018-05-02: Largest Expected Move — 6.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$96.89	$93.70	$98.91	$94.85	$98.84
Max Pain	$92.73	$90.00	$95.00	$92.50	$95.00
ATM IV	18.9%	17.0%	21.7%	21.6%	18.2%
Expected Move	5.5%	4.9%	6.6%	6.5%	5.3%
HV 20d	20.1%	10.4%	28.4%	28.4%	10.4%
HV 60d	29.9%	28.9%	32.9%	32.9%	29.0%
IV Rank	24.0%	15.3%	37.1%	37.1%	20.4%
IV Percentile	48.1%	38.1%	68.7%	67.9%	42.1%
Term Structure	0.1%	-1.1%	0.6%	0.1%	-0.4%
VWIV	19.5%	17.3%	22.8%	22.8%	18.6%
Skew 25d	2.5%	2.0%	2.9%	2.8%	2.6%
Skew 10d	5.1%	4.1%	6.1%	5.6%	5.3%
Call IV 25d	18.0%	16.0%	20.8%	20.5%	17.2%
Put IV 25d	20.5%	18.4%	23.6%	23.3%	19.8%
Bid-Ask Spread %	3.82	2.26	5.77	2.76	5.27
Gamma HHI	0.14	0.11	0.23	0.11	0.16
Net GEX	246.3M	184.8M	311.9M	239.3M	278.9M
Net DEX	-4.07B	-5.17B	-2.80B	-3.54B	-4.69B
Net VEX	-23.6M	-25.6M	-22.2M	-25.5M	-22.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.59	0.29	0.86	0.42	0.80
Total Volume	125,743.591	67,904	195,492	156,863	152,420
Total OI	1,924,041.818	1,720,574	2,082,960	2,006,488	1,890,304

Daily Data (22 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
2018-05-01	$94.85	$92.50	21.6%	6.5%	28.4%	37.1%	22.8%	2.8%	0.1%	239.3M	-3.54B	-25.5M	0.42	2.76	N/A	N/A	110,310	46,553	1,156,493	849,995
2018-05-02	$93.70	$92.50	21.6%	6.6%	26.4%	36.1%	22.8%	2.6%	0.1%	184.8M	-2.80B	-25.6M	0.60	5.77	N/A	N/A	66,123	39,693	1,176,526	867,176
2018-05-03	$94.37	$90.00	21.7%	6.2%	26.5%	36.7%	22.3%	2.8%	-0.5%	220.0M	-3.16B	-25.6M	0.50	3.04	N/A	N/A	99,844	49,546	1,188,210	873,353
2018-05-04	$95.12	$90.00	20.0%	5.9%	24.7%	29.4%	21.1%	2.7%	0.5%	292.3M	-3.73B	-25.4M	0.52	5.14	N/A	N/A	98,212	50,782	1,197,340	885,620
2018-05-07	$96.16	$90.00	20.4%	6.0%	24.7%	31.0%	20.8%	2.5%	0.4%	237.2M	-4.13B	-24.9M	0.55	4.97	N/A	N/A	96,640	53,627	1,095,572	843,826
2018-05-08	$95.67	$90.00	20.4%	6.0%	24.0%	30.1%	21.1%	2.5%	0.5%	237.6M	-3.83B	-25.1M	0.73	4.34	N/A	N/A	48,451	35,227	1,117,861	857,185
2018-05-09	$96.60	$90.00	19.8%	5.6%	23.6%	27.3%	20.0%	2.3%	-0.2%	276.7M	-4.44B	-24.6M	0.44	2.26	N/A	N/A	82,098	35,974	1,126,790	862,211
2018-05-10	$97.67	$90.00	18.6%	5.4%	22.5%	22.2%	19.4%	2.3%	0.3%	311.9M	-5.17B	-24.4M	0.55	2.62	N/A	N/A	76,257	42,309	1,145,586	870,400
2018-05-11	$97.27	$90.00	18.2%	5.3%	22.1%	20.6%	19.7%	2.2%	0.5%	293.9M	-4.94B	-23.4M	0.53	3.39	N/A	N/A	78,370	41,341	1,149,363	877,929
2018-05-14	$97.93	$90.00	18.1%	5.2%	21.6%	20.3%	18.9%	2.0%	0.1%	275.1M	-5.02B	-23.0M	0.37	2.68	N/A	N/A	106,590	39,190	1,103,329	851,339
2018-05-15	$96.90	$90.00	19.3%	5.5%	20.9%	25.5%	21.0%	2.6%	0.4%	243.9M	-4.32B	-23.4M	0.29	3.51	N/A	N/A	145,135	41,854	1,119,374	865,580
2018-05-16	$96.83	$95.00	18.5%	5.3%	20.9%	21.9%	18.7%	2.2%	0.4%	210.6M	-3.52B	-23.3M	0.40	2.99	N/A	N/A	76,297	30,176	1,026,705	874,498
2018-05-17	$96.36	$95.00	18.0%	5.2%	21.0%	19.7%	18.4%	2.4%	0.2%	194.7M	-3.20B	-23.2M	0.59	3.18	N/A	N/A	72,271	42,407	1,033,209	878,177
2018-05-18	$96.52	$95.00	17.7%	5.0%	20.2%	18.5%	18.2%	2.6%	0.6%	218.8M	-3.34B	-22.8M	0.86	2.64	N/A	N/A	49,179	42,532	1,048,917	890,927
2018-05-21	$97.34	$95.00	17.0%	4.9%	20.4%	15.3%	17.4%	2.4%	0.2%	216.5M	-3.79B	-22.4M	0.74	3.98	N/A	N/A	60,539	44,906	919,299	801,275
2018-05-22	$97.58	$95.00	17.6%	5.0%	17.8%	17.9%	17.6%	2.4%	0.0%	228.5M	-3.96B	-22.5M	0.78	4.59	N/A	N/A	38,209	29,695	940,971	819,326
2018-05-23	$98.40	$95.00	17.4%	5.0%	17.4%	17.2%	17.9%	2.4%	0.2%	243.6M	-4.41B	-22.4M	0.75	5.34	N/A	N/A	50,981	38,258	950,718	826,499
2018-05-24	$98.36	$95.00	17.6%	5.0%	13.4%	17.9%	17.8%	2.4%	0.1%	247.5M	-4.40B	-22.3M	0.52	2.39	N/A	N/A	128,503	66,989	966,297	839,186
2018-05-25	$98.29	$95.00	17.3%	4.9%	13.1%	16.5%	17.3%	2.4%	0.2%	280.6M	-4.43B	-22.9M	0.71	5.09	N/A	N/A	72,102	51,282	1,007,755	868,658
2018-05-29	$97.84	$95.00	20.0%	5.7%	11.3%	28.2%	20.2%	2.9%	-1.1%	214.2M	-3.94B	-22.5M	0.63	4.54	N/A	N/A	81,596	51,313	970,284	842,092
2018-05-30	$98.91	$95.00	17.7%	5.1%	11.6%	18.4%	18.1%	2.6%	-0.2%	271.0M	-4.72B	-22.2M	0.66	3.51	N/A	N/A	61,882	40,696	997,448	855,317
2018-05-31	$98.84	$95.00	18.2%	5.3%	10.4%	20.4%	18.6%	2.6%	-0.4%	278.9M	-4.69B	-22.6M	0.80	5.27	N/A	N/A	84,869	67,551	1,020,733	869,571