MSFT Options History — July 2018

In July 2018, MSFT traded between $99.05 and $110.46. ATM implied volatility averaged 21.2%, placing in the 33.7% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded above realized volatility by 4.7% (HV 20d: 16.6%). Max pain ranged from $96.00 to $105.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.66.

Notable Days

2018-07-20: Highest Volume — 539,759 contracts
2018-07-20: Largest IV drop — 28.6% change
2018-07-03: Highest IV Rank — 51.9%
2018-07-03: Largest Expected Move — 8.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$104.61	$99.05	$110.46	$99.64	$106.15
Max Pain	$100.86	$96.00	$105.00	$96.00	$105.00
ATM IV	21.2%	15.7%	25.4%	24.6%	20.4%
Expected Move	6.2%	4.6%	8.4%	7.9%	6.0%
HV 20d	16.6%	13.8%	21.4%	13.9%	21.4%
HV 60d	16.2%	14.8%	17.7%	17.7%	16.3%
IV Rank	33.7%	9.8%	51.9%	48.3%	30.1%
IV Percentile	63.1%	26.2%	86.1%	83.7%	54.8%
Term Structure	-0.4%	-1.3%	0.5%	-0.7%	-0.3%
VWIV	21.8%	16.5%	29.1%	27.5%	21.2%
Skew 25d	2.6%	1.9%	3.5%	3.4%	1.9%
Skew 10d	5.2%	3.3%	7.0%	6.9%	4.0%
Call IV 25d	20.0%	14.8%	23.8%	22.6%	19.8%
Put IV 25d	22.7%	16.8%	27.1%	26.0%	21.6%
Bid-Ask Spread %	3.58	1.86	11.99	3.32	3.96
Gamma HHI	0.17	0.09	0.25	0.10	0.15
Net GEX	217.9M	165.4M	327.9M	175.8M	189.8M
Net DEX	-5.07B	-7.02B	-3.19B	-3.51B	-4.43B
Net VEX	-22.1M	-24.1M	-20.7M	-23.0M	-23.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.66	0.37	1.10	0.86	0.58
Total Volume	191,366.476	78,437	539,759	117,342	119,250
Total OI	1,784,173.571	1,630,403	2,081,898	1,685,695	1,798,621

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
2018-07-02	$99.64	$96.00	24.6%	7.9%	13.9%	48.3%	27.5%	3.4%	-0.7%	175.8M	-3.51B	-23.0M	0.86	3.32	N/A	N/A	63,077	54,265	953,197	732,498
2018-07-03	$99.05	$96.00	25.4%	8.4%	13.8%	51.9%	29.1%	3.5%	-0.6%	165.4M	-3.19B	-24.1M	1.10	11.99	N/A	N/A	37,273	41,164	974,459	761,439
2018-07-05	$99.80	$100.00	24.5%	6.7%	14.1%	48.0%	24.2%	3.5%	-0.8%	212.5M	-3.61B	-22.9M	0.92	5.86	N/A	N/A	49,791	45,562	983,589	773,496
2018-07-06	$101.12	$100.00	23.3%	6.5%	14.1%	42.6%	23.1%	3.2%	-0.8%	249.7M	-4.42B	-22.8M	0.65	2.28	N/A	N/A	66,332	43,312	992,532	782,094
2018-07-09	$101.69	$100.00	22.3%	6.5%	14.0%	38.5%	22.3%	2.8%	0.5%	187.8M	-4.30B	-22.3M	0.85	2.24	N/A	N/A	43,607	36,962	948,109	756,041
2018-07-10	$102.06	$100.00	22.1%	6.4%	13.9%	37.4%	22.2%	2.9%	0.4%	193.8M	-4.46B	-22.1M	1.01	1.86	N/A	N/A	51,076	51,550	956,288	771,947
2018-07-11	$102.02	$100.00	22.6%	6.6%	13.9%	39.7%	22.9%	3.1%	0.2%	185.5M	-4.37B	-22.4M	0.92	2.27	N/A	N/A	46,461	42,809	966,393	800,164
2018-07-12	$104.16	$100.00	22.0%	6.1%	15.6%	37.2%	21.8%	2.9%	-1.0%	213.9M	-5.40B	-21.8M	0.50	2.75	N/A	N/A	145,146	72,642	978,539	812,645
2018-07-13	$105.47	$100.00	21.9%	6.2%	16.0%	36.6%	21.8%	2.7%	-0.3%	253.1M	-6.18B	-21.3M	0.49	2.10	N/A	N/A	114,659	55,626	1,004,766	835,177
2018-07-16	$104.87	$100.00	22.5%	6.4%	16.1%	39.2%	22.7%	3.1%	-0.6%	188.6M	-5.39B	-21.7M	0.74	2.64	N/A	N/A	102,501	76,039	972,658	806,528
2018-07-17	$106.49	$100.00	23.0%	6.6%	16.6%	41.3%	22.3%	2.9%	-1.3%	185.5M	-6.06B	-21.2M	0.55	2.18	N/A	N/A	171,615	94,441	979,256	839,936
2018-07-18	$105.05	$100.00	24.4%	7.0%	17.6%	47.4%	24.3%	2.8%	-0.9%	205.6M	-5.57B	-22.3M	0.37	2.71	N/A	N/A	154,194	57,607	1,054,708	857,284
2018-07-19	$104.46	$100.00	24.4%	7.0%	17.4%	47.6%	24.7%	1.9%	-0.7%	201.7M	-5.31B	-21.8M	0.62	3.02	N/A	N/A	225,218	139,747	1,079,864	872,278
2018-07-20	$106.45	$100.00	17.4%	5.0%	17.9%	17.2%	17.6%	2.0%	-0.7%	327.9M	-7.02B	-21.0M	0.43	3.63	N/A	N/A	377,387	162,372	1,164,236	917,662
2018-07-23	$107.96	$100.00	16.7%	4.8%	18.2%	14.0%	17.5%	2.1%	0.2%	255.4M	-5.63B	-21.3M	0.50	2.74	N/A	N/A	131,675	65,500	931,125	699,278
2018-07-24	$107.38	$101.00	16.4%	4.7%	16.2%	12.7%	16.5%	2.2%	0.1%	253.0M	-5.36B	-21.2M	0.51	2.68	N/A	N/A	113,833	57,750	955,330	727,059
2018-07-25	$110.46	$105.00	15.7%	4.6%	18.3%	9.8%	16.6%	2.0%	0.1%	282.6M	-6.84B	-20.7M	0.41	7.86	N/A	N/A	149,207	61,775	976,884	747,948
2018-07-26	$109.63	$105.00	16.8%	4.8%	17.5%	14.3%	17.3%	2.2%	0.2%	271.5M	-6.34B	-21.1M	0.75	2.33	N/A	N/A	105,253	79,263	986,963	772,098
2018-07-27	$107.51	$105.00	18.5%	5.4%	19.6%	21.7%	19.2%	2.5%	-0.1%	204.5M	-5.10B	-22.1M	0.56	4.06	N/A	N/A	188,101	105,399	1,008,318	792,582
2018-07-30	$105.36	$105.00	21.1%	6.3%	21.4%	33.1%	22.1%	1.9%	-0.4%	172.2M	-4.06B	-23.0M	0.52	2.62	N/A	N/A	144,528	74,727	985,369	758,287
2018-07-31	$106.15	$105.00	20.4%	6.0%	21.4%	30.1%	21.2%	1.9%	-0.3%	189.8M	-4.43B	-23.4M	0.58	3.96	N/A	N/A	75,601	43,649	1,011,138	787,483