MSFT Options History — November 2018

In November 2018, MSFT traded between $101.39 and $111.97. ATM implied volatility averaged 27.3%, placing in the 59.8% IV rank vs the trailing year. The 30-day expected move averaged 8.1%. IV traded below realized volatility by 10.1% (HV 20d: 37.5%). Max pain ranged from $105.00 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 0.81.

Notable Days

2018-11-28: Highest Volume — 252,107 contracts
2018-11-12: Largest IV spike — 19.4% change
2018-11-20: Highest IV Rank — 89.9%
2018-11-20: Largest Expected Move — 9.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$107.31	$101.39	$111.97	$105.83	$110.57
Max Pain	$105.00	$105.00	$105.00	$105.00	$105.00
ATM IV	27.3%	22.3%	34.2%	26.8%	24.1%
Expected Move	8.1%	6.5%	9.8%	8.6%	7.3%
HV 20d	37.5%	33.1%	40.8%	38.8%	33.1%
HV 60d	28.4%	26.0%	31.3%	26.0%	30.7%
IV Rank	59.8%	38.0%	89.9%	57.7%	44.5%
IV Percentile	80.2%	60.7%	98.0%	82.5%	66.7%
Term Structure	-0.3%	-1.8%	0.7%	-0.4%	-0.3%
VWIV	28.2%	23.3%	33.9%	31.2%	25.7%
Skew 25d	5.2%	3.8%	6.2%	5.0%	3.9%
Skew 10d	11.8%	8.1%	14.6%	11.0%	8.1%
Call IV 25d	25.3%	20.4%	31.7%	25.3%	23.0%
Put IV 25d	30.5%	24.7%	37.7%	30.3%	26.9%
Bid-Ask Spread %	4.29	2.23	8.34	3.60	3.56
Gamma HHI	0.10	0.08	0.15	0.08	0.12
Net GEX	96.1M	776.5K	200.9M	56.7M	154.3M
Net DEX	-2.98B	-5.27B	-626.2M	-2.33B	-4.51B
Net VEX	-25.0M	-26.2M	-24.0M	-26.1M	-24.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.81	0.51	1.28	0.65	0.56
Total Volume	155,920.429	90,548	252,107	133,667	165,080
Total OI	1,877,148.048	1,718,995	2,016,896	1,977,798	1,916,013

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
2018-11-01	$105.83	$105.00	26.8%	8.6%	38.8%	57.7%	31.2%	5.0%	-0.4%	56.7M	-2.33B	-26.1M	0.65	3.60	N/A	N/A	81,178	52,489	1,052,643	925,155
2018-11-02	$106.12	$105.00	27.4%	8.8%	38.9%	60.4%	30.6%	5.4%	-0.4%	79.2M	-2.57B	-26.2M	0.85	4.52	N/A	N/A	90,762	77,475	1,078,206	938,690
2018-11-05	$107.39	$105.00	27.3%	7.9%	39.1%	59.8%	26.0%	5.7%	-0.2%	100.6M	-3.08B	-25.8M	1.13	3.78	N/A	N/A	59,137	66,855	991,602	853,031
2018-11-06	$107.40	$105.00	26.9%	7.9%	38.8%	58.0%	25.8%	5.1%	-0.2%	107.1M	-3.12B	-25.4M	0.67	2.23	N/A	N/A	59,427	39,730	1,005,504	876,727
2018-11-07	$111.97	$105.00	22.4%	6.6%	37.6%	38.8%	23.7%	4.4%	0.3%	200.9M	-5.27B	-24.7M	0.71	4.18	N/A	N/A	123,223	87,501	1,017,212	881,045
2018-11-08	$111.34	$105.00	22.3%	6.5%	37.7%	38.0%	23.3%	4.4%	0.2%	186.8M	-4.81B	-24.6M	0.71	4.06	N/A	N/A	55,477	39,657	1,016,354	898,200
2018-11-09	$109.75	$105.00	23.8%	6.9%	37.3%	44.8%	25.0%	4.9%	0.3%	154.3M	-4.00B	-25.2M	0.89	4.86	N/A	N/A	84,648	75,371	1,026,695	900,370
2018-11-12	$107.16	$105.00	28.5%	8.3%	38.1%	64.9%	29.0%	5.7%	0.7%	86.5M	-2.80B	-24.8M	1.28	5.65	N/A	N/A	58,168	74,387	984,739	862,554
2018-11-13	$107.07	$105.00	29.1%	8.6%	37.0%	67.8%	29.5%	5.9%	0.7%	71.8M	-2.58B	-25.5M	0.51	5.44	N/A	N/A	98,041	49,629	994,856	899,150
2018-11-14	$105.66	$105.00	30.2%	8.7%	37.3%	72.4%	29.8%	6.2%	0.2%	42.8M	-1.92B	-25.3M	0.85	4.32	N/A	N/A	79,985	67,717	975,074	911,372
2018-11-15	$107.29	$105.00	30.1%	8.7%	37.2%	71.9%	29.9%	6.0%	0.4%	81.3M	-2.54B	-25.6M	1.05	4.69	N/A	N/A	92,060	97,077	989,545	930,376
2018-11-16	$108.68	$105.00	26.5%	7.5%	37.5%	56.4%	27.0%	5.3%	-0.4%	125.2M	-3.30B	-25.1M	0.90	4.30	N/A	N/A	90,493	81,383	1,005,827	946,754
2018-11-19	$104.42	$105.00	31.3%	8.9%	39.9%	77.0%	30.5%	6.0%	-1.6%	30.8M	-1.70B	-24.9M	0.82	4.71	N/A	N/A	99,860	81,996	873,054	845,941
2018-11-20	$101.39	$105.00	34.2%	9.8%	40.8%	89.9%	33.9%	6.0%	-1.8%	776.5K	-626.2M	-25.0M	0.73	3.04	N/A	N/A	115,677	84,086	894,426	888,048
2018-11-21	$103.32	$105.00	30.4%	8.7%	39.7%	73.4%	29.8%	6.1%	-1.4%	39.7M	-1.41B	-25.2M	0.69	3.41	N/A	N/A	93,114	63,873	928,986	896,937
2018-11-23	$103.07	$105.00	30.3%	8.9%	36.7%	72.9%	30.8%	6.0%	-1.7%	24.4M	-1.29B	-24.8M	1.21	8.34	N/A	N/A	40,929	49,619	946,181	911,903
2018-11-26	$106.36	$105.00	26.8%	8.0%	38.0%	57.8%	27.9%	5.4%	-1.3%	70.0M	-2.61B	-24.5M	0.80	5.43	N/A	N/A	75,670	60,508	903,625	879,128
2018-11-27	$107.06	$105.00	27.0%	8.1%	34.1%	58.4%	29.6%	4.4%	-0.3%	82.9M	-2.97B	-24.6M	0.75	3.32	N/A	N/A	78,590	59,254	923,630	897,579
2018-11-28	$110.84	$105.00	24.4%	7.4%	35.8%	46.0%	26.8%	3.8%	-0.2%	175.9M	-4.66B	-24.2M	0.69	3.26	N/A	N/A	149,390	102,717	951,057	914,366
2018-11-29	$110.85	$105.00	24.3%	7.4%	33.6%	45.4%	25.2%	4.1%	-0.0%	147.1M	-4.51B	-24.1M	0.65	3.36	N/A	N/A	104,346	67,750	950,348	937,206
2018-11-30	$110.57	$105.00	24.1%	7.3%	33.1%	44.5%	25.7%	3.9%	-0.3%	154.3M	-4.51B	-24.0M	0.56	3.56	N/A	N/A	105,591	59,489	970,088	945,925