MSFT Options History — March 2020

In March 2020, MSFT traded between $134.85 and $169.13. ATM implied volatility averaged 58.6%, placing in the 77.4% IV rank vs the trailing year. The 30-day expected move averaged 16.6%. IV traded above realized volatility by 1.9% (HV 20d: 56.6%). Max pain ranged from $160.00 to $172.50. Net GEX was positive for 13 of 22 trading days. Term structure was in contango for 5 of 22 days. Put/call ratio averaged 0.64.

Notable Days

  • 2020-03-12: Highest Volume — 437,395 contracts
  • 2020-03-16: Largest IV spike — 34.6% change
  • 2020-03-06: Highest IV Rank — 100.0%
  • 2020-03-18: Largest Expected Move — 24.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$152.41$134.85$169.13$169.13$159.27
Max Pain$168.07$160.00$172.50$172.50$160.00
ATM IV58.6%36.2%85.2%38.9%50.7%
Expected Move16.6%11.0%24.4%11.8%14.2%
HV 20d56.6%40.9%74.3%42.5%70.3%
HV 60d37.7%27.1%48.1%27.1%48.1%
IV Rank77.4%51.4%100.0%64.0%51.4%
IV Percentile98.1%92.9%100.0%99.2%92.9%
Term Structure-1.4%-10.0%4.5%-1.0%-1.2%
VWIV57.3%41.7%86.0%43.5%50.1%
Skew 25d19.7%11.5%28.9%12.6%16.6%
Skew 10d36.0%22.2%59.9%24.7%31.9%
Call IV 25d49.4%31.9%71.3%34.3%44.3%
Put IV 25d69.1%43.4%100.0%46.9%60.9%
Bid-Ask Spread %9.713.2116.389.454.47
Gamma HHI0.050.040.110.060.05
Net GEX33.6M-60.1M145.4M145.4M95.7M
Net DEX798.6M-3.33B4.67B-3.33B-2.43B
Net VEX-54.6M-60.5M-44.3M-57.6M-56.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.640.420.840.690.52
Total Volume351,705.591276,885437,395363,890436,609
Total OI2,591,934.8642,187,5472,841,0802,617,1772,290,381

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-03-02$169.13$172.5038.9%11.8%42.5%64.0%43.5%12.6%-1.0%145.4M-3.33B-57.6M0.699.45N/AN/A215,270148,6201,521,9091,095,268
2020-03-03$165.75$172.5045.0%14.1%42.1%79.9%48.2%13.3%-2.1%102.5M-1.85B-57.8M0.7613.24N/AN/A229,335174,2031,540,2921,124,178
2020-03-04$168.85$172.5036.2%11.0%40.9%57.0%41.7%11.5%-0.9%141.1M-2.97B-57.3M0.6910.46N/AN/A204,331141,8771,572,4251,172,355
2020-03-05$166.27$170.0047.3%12.8%41.1%85.8%42.8%15.3%-1.9%100.3M-2.09B-60.5M0.578.72N/AN/A226,974129,2751,597,7531,199,871
2020-03-06$160.19$170.0055.2%14.4%41.9%100.0%48.5%23.4%-0.8%-53.1M578.0M-59.6M0.6710.73N/AN/A258,730172,6731,621,4151,219,665
2020-03-09$153.96$170.0058.6%15.6%43.2%100.0%53.0%19.1%-4.1%10.2M1.76B-56.5M0.6210.34N/AN/A192,862118,6891,547,2971,128,527
2020-03-10$158.68$170.0053.5%14.1%44.1%88.4%48.0%17.1%-3.9%40.9M386.2M-58.0M0.5211.17N/AN/A226,062117,8661,562,1501,142,398
2020-03-11$154.26$170.0056.2%15.5%44.5%94.7%53.4%18.6%-1.7%9.0M1.67B-57.0M0.6514.84N/AN/A172,741112,4591,580,4641,158,656
2020-03-12$143.38$170.0070.0%18.8%49.9%100.0%63.0%22.7%-6.2%-48.5M4.45B-52.3M0.626.65N/AN/A269,954167,4411,603,8711,182,093
2020-03-13$149.31$170.0060.9%16.3%53.2%83.8%57.7%28.9%-10.0%-25.7M3.07B-53.8M0.7116.38N/AN/A236,164167,9431,622,7941,168,882
2020-03-16$140.06$170.0082.0%23.1%56.1%100.0%76.3%27.4%-1.9%-24.2M4.03B-51.7M0.6611.40N/AN/A194,574128,0021,545,3411,141,401
2020-03-17$144.75$170.0074.3%21.2%57.7%88.6%73.1%25.7%3.3%-6.0M3.11B-54.0M0.839.81N/AN/A195,583163,1921,593,3551,145,639
2020-03-18$137.75$170.0085.2%24.4%59.0%100.0%86.0%28.7%4.5%-28.0M4.23B-52.4M0.848.03N/AN/A157,118132,1071,603,2661,176,022
2020-03-19$146.14$170.0071.1%20.5%64.6%80.1%68.6%24.9%-4.0%-17.3M2.49B-54.5M0.6311.70N/AN/A217,592136,2771,609,1691,164,850
2020-03-20$138.95$170.0065.3%18.4%65.7%71.9%61.6%22.5%2.3%-60.1M4.67B-48.5M0.539.01N/AN/A223,842119,5181,611,9111,172,214
2020-03-23$134.85$165.0061.1%17.4%65.5%66.0%57.7%19.8%0.7%-13.9M3.34B-44.3M0.5410.69N/AN/A190,447102,8381,263,326924,221
2020-03-24$146.88$165.0054.1%16.1%74.0%56.1%55.7%16.3%2.9%40.2M843.8M-49.8M0.446.20N/AN/A266,701118,5961,301,983942,123
2020-03-25$149.33$165.0060.4%17.9%74.3%65.0%58.9%18.1%-1.4%62.4M-113.4M-53.7M0.4216.09N/AN/A211,34689,1991,326,083966,215
2020-03-26$153.13$165.0055.3%16.3%72.4%57.8%57.0%16.9%-0.1%85.3M-924.9M-54.4M0.715.63N/AN/A161,584115,3011,332,416980,463
2020-03-27$152.35$160.0055.9%16.7%72.3%58.7%59.8%16.2%-2.9%83.0M-700.4M-54.2M0.775.46N/AN/A158,489121,4921,351,9791,003,008
2020-03-30$159.86$160.0052.0%15.2%70.6%53.2%57.0%18.7%-1.3%100.7M-2.66B-56.2M0.763.21N/AN/A235,095178,5521,270,700944,238
2020-03-31$159.27$160.0050.7%14.2%70.3%51.4%50.1%16.6%-1.2%95.7M-2.43B-56.3M0.524.47N/AN/A287,334149,2751,298,253992,128