MSFT Options History — December 2018

In December 2018, MSFT traded between $94.76 and $111.99. ATM implied volatility averaged 32.2%, placing in the 74.2% IV rank vs the trailing year. The 30-day expected move averaged 9.3%. IV traded below realized volatility by 0.9% (HV 20d: 33.2%). Max pain ranged from $95.00 to $105.00. Net GEX was positive for 17 of 20 trading days. Term structure was in contango for 13 of 20 days. Put/call ratio averaged 0.71.

Notable Days

2018-12-21: Highest Volume — 302,093 contracts
2018-12-04: Largest IV spike — 20.4% change
2018-12-20: Highest IV Rank — 100.0%
2018-12-24: Largest Expected Move — 12.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$104.57	$94.76	$111.99	$111.99	$101.26
Max Pain	$96.67	$95.00	$105.00	$105.00	$97.00
ATM IV	32.2%	21.6%	42.4%	21.6%	38.4%
Expected Move	9.3%	6.5%	12.1%	6.5%	10.6%
HV 20d	33.2%	30.6%	37.8%	33.3%	35.7%
HV 60d	32.7%	30.8%	35.8%	30.8%	35.6%
IV Rank	74.2%	33.1%	100.0%	33.1%	85.1%
IV Percentile	87.3%	46.4%	100.0%	46.4%	98.4%
Term Structure	0.5%	-1.4%	3.4%	0.3%	-0.3%
VWIV	32.2%	23.0%	42.3%	23.0%	35.6%
Skew 25d	5.5%	3.4%	8.6%	3.4%	6.2%
Skew 10d	12.9%	-0.0%	25.8%	7.1%	13.9%
Call IV 25d	29.8%	20.1%	39.6%	20.1%	36.1%
Put IV 25d	35.3%	23.5%	45.8%	23.5%	42.3%
Bid-Ask Spread %	6.14	2.99	10.79	8.14	8.62
Gamma HHI	0.09	0.06	0.12	0.12	0.08
Net GEX	68.0M	-17.8M	179.9M	179.9M	50.7M
Net DEX	-2.05B	-4.86B	881.1M	-4.86B	-1.39B
Net VEX	-23.6M	-24.6M	-21.7M	-22.9M	-22.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.71	0.49	0.91	0.52	0.58
Total Volume	182,317.6	87,433	302,093	171,803	119,131
Total OI	1,950,297.05	1,840,539	2,120,093	1,853,925	1,891,687

Daily Data (20 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
2018-12-03	$111.99	$105.00	21.6%	6.5%	33.3%	33.1%	23.0%	3.4%	0.3%	179.9M	-4.86B	-22.9M	0.52	8.14	N/A	N/A	113,219	58,584	946,594	907,331
2018-12-04	$109.01	$105.00	26.0%	8.1%	34.7%	52.7%	27.8%	4.6%	0.3%	103.8M	-3.47B	-24.3M	0.72	6.21	N/A	N/A	105,147	75,487	965,747	919,338
2018-12-05	$108.57	$105.00	26.3%	8.4%	34.7%	54.0%	29.0%	5.3%	0.7%	96.9M	-3.33B	-23.8M	0.70	10.79	N/A	N/A	110,713	77,861	965,747	919,338
2018-12-06	$109.10	$95.00	27.2%	7.7%	31.2%	58.1%	27.0%	7.7%	0.2%	96.8M	-3.39B	-24.4M	0.84	4.59	N/A	N/A	95,976	80,847	981,845	933,300
2018-12-07	$106.78	$95.00	28.9%	8.6%	32.0%	65.9%	29.0%	5.3%	0.1%	62.4M	-2.50B	-24.6M	0.89	8.77	N/A	N/A	46,210	41,223	1,002,988	943,994
2018-12-10	$107.62	$95.00	29.1%	8.2%	31.9%	66.7%	29.5%	5.0%	-0.8%	95.3M	-3.05B	-23.9M	0.59	4.85	N/A	N/A	87,824	51,612	978,165	919,799
2018-12-11	$109.02	$95.00	28.7%	8.0%	31.0%	64.8%	29.3%	6.1%	-0.8%	134.3M	-3.69B	-24.0M	0.87	4.32	N/A	N/A	118,003	102,605	992,480	932,835
2018-12-12	$109.62	$95.00	26.9%	7.6%	31.0%	56.9%	26.4%	4.8%	-0.3%	159.1M	-3.99B	-24.1M	0.80	3.42	N/A	N/A	77,827	61,950	1,019,593	956,153
2018-12-13	$109.34	$95.00	26.9%	7.5%	30.6%	57.0%	26.9%	4.5%	-0.6%	148.2M	-3.80B	-24.0M	0.64	4.49	N/A	N/A	87,660	56,295	1,027,422	973,087
2018-12-14	$105.78	$95.00	29.7%	8.5%	32.5%	69.4%	29.0%	5.4%	0.3%	46.1M	-2.10B	-23.8M	0.63	5.16	N/A	N/A	144,767	91,553	1,049,405	987,898
2018-12-17	$101.81	$95.00	34.0%	9.8%	34.7%	88.7%	32.8%	5.0%	-1.4%	5.3M	-717.6M	-23.2M	0.49	4.12	N/A	N/A	102,038	49,934	1,015,206	942,647
2018-12-18	$104.22	$95.00	32.0%	9.2%	33.0%	79.9%	32.5%	5.1%	0.4%	44.0M	-1.69B	-24.0M	0.53	2.99	N/A	N/A	98,433	52,416	1,050,969	947,990
2018-12-19	$103.05	$95.00	31.9%	9.1%	31.5%	79.2%	32.3%	5.1%	0.9%	24.5M	-1.24B	-23.5M	0.85	6.44	N/A	N/A	123,609	105,336	1,071,656	959,667
2018-12-20	$101.10	$95.00	37.1%	10.4%	31.5%	100.0%	36.1%	4.9%	1.9%	-11.1M	-405.1M	-23.4M	0.79	7.23	N/A	N/A	145,676	115,299	1,086,379	983,904
2018-12-21	$98.17	$95.00	38.0%	11.0%	33.1%	100.0%	37.6%	6.6%	-0.6%	-17.8M	606.5M	-23.0M	0.90	8.44	N/A	N/A	158,805	143,288	1,122,260	997,833
2018-12-24	$94.76	$95.00	42.4%	12.1%	32.5%	100.0%	41.9%	5.8%	1.3%	-6.2M	881.1M	-21.7M	0.65	5.82	N/A	N/A	81,490	53,210	967,234	873,305
2018-12-26	$99.55	$95.00	40.2%	11.4%	37.8%	92.0%	40.1%	5.8%	2.5%	32.2M	-643.0M	-23.0M	0.72	4.80	N/A	N/A	129,955	93,839	985,406	880,922
2018-12-27	$100.40	$95.00	40.1%	11.7%	35.3%	91.5%	42.3%	8.6%	3.4%	52.4M	-1.16B	-23.8M	0.91	5.78	N/A	N/A	96,004	87,663	1,020,420	905,188
2018-12-28	$100.28	$96.50	39.6%	11.1%	35.3%	89.7%	37.0%	5.0%	2.9%	63.0M	-1.09B	-23.4M	0.49	7.85	N/A	N/A	137,052	67,811	1,044,891	935,318
2018-12-31	$101.26	$97.00	38.4%	10.6%	35.7%	85.1%	35.6%	6.2%	-0.3%	50.7M	-1.39B	-22.8M	0.58	8.62	N/A	N/A	75,388	43,743	996,143	895,544