MSFT Options History — January 2021

In January 2021, MSFT traded between $213.03 and $238.73. ATM implied volatility averaged 30.8%, placing in the 17.2% IV rank vs the trailing year. The 30-day expected move averaged 8.8%. IV traded above realized volatility by 8.7% (HV 20d: 22.1%). Max pain ranged from $215.00 to $220.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 2 of 19 days. Put/call ratio averaged 0.49.

Notable Days

2021-01-27: Highest Volume — 784,867 contracts
2021-01-28: Largest IV drop — 16.6% change
2021-01-27: Highest IV Rank — 24.2%
2021-01-27: Largest Expected Move — 10.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$222.35	$213.03	$238.73	$217.67	$233.15
Max Pain	$215.26	$215.00	$220.00	$215.00	$220.00
ATM IV	30.8%	28.1%	35.4%	32.0%	32.4%
Expected Move	8.8%	8.0%	10.4%	8.9%	9.3%
HV 20d	22.1%	18.2%	27.1%	18.3%	27.1%
HV 60d	26.8%	25.1%	28.2%	27.3%	25.7%
IV Rank	17.2%	13.2%	24.2%	19.1%	19.6%
IV Percentile	41.9%	30.2%	61.9%	46.0%	46.4%
Term Structure	-0.4%	-0.8%	0.4%	-0.2%	0.2%
VWIV	31.3%	29.0%	36.8%	32.1%	34.2%
Skew 25d	2.4%	-0.2%	4.7%	4.4%	4.7%
Skew 10d	5.3%	1.0%	11.5%	9.7%	11.5%
Call IV 25d	30.2%	27.4%	34.6%	30.6%	30.7%
Put IV 25d	32.6%	29.9%	37.5%	35.0%	35.5%
Bid-Ask Spread %	4.33	2.05	12.51	7.08	3.90
Gamma HHI	0.08	0.06	0.22	0.07	0.08
Net GEX	404.8M	55.4M	823.8M	284.3M	527.4M
Net DEX	-9.21B	-15.97B	-4.88B	-8.35B	-11.23B
Net VEX	-85.2M	-93.7M	-80.4M	-83.1M	-93.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.49	0.25	0.67	0.58	0.52
Total Volume	402,602.474	176,298	784,867	312,429	497,465
Total OI	2,762,606.684	2,205,328	3,122,815	2,900,926	2,736,576

Daily Data (19 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
2021-01-04	$217.67	$215.00	32.0%	8.9%	18.3%	19.1%	32.1%	4.4%	-0.2%	284.3M	-8.35B	-83.1M	0.58	7.08	N/A	N/A	198,159	114,270	1,599,596	1,301,330
2021-01-05	$217.66	$215.00	30.9%	8.6%	18.2%	17.4%	31.0%	3.8%	-0.5%	301.2M	-8.36B	-83.2M	0.54	5.16	N/A	N/A	154,364	83,999	1,623,714	1,325,515
2021-01-06	$213.03	$215.00	31.3%	8.7%	19.9%	18.1%	30.7%	3.2%	-0.3%	134.4M	-5.36B	-81.4M	0.55	5.09	N/A	N/A	223,460	122,611	1,654,463	1,357,654
2021-01-07	$219.12	$215.00	29.5%	8.3%	21.8%	15.2%	29.1%	2.4%	-0.5%	450.7M	-9.61B	-84.9M	0.47	3.42	N/A	N/A	190,714	89,948	1,705,426	1,389,575
2021-01-08	$219.94	$215.00	29.3%	8.3%	20.3%	15.0%	29.7%	2.6%	-0.5%	732.5M	-10.49B	-83.9M	0.65	2.96	N/A	N/A	162,691	106,265	1,700,683	1,390,238
2021-01-11	$217.79	$215.00	31.5%	8.9%	20.7%	18.4%	31.5%	3.0%	-0.5%	289.3M	-8.62B	-82.6M	0.67	4.16	N/A	N/A	105,688	70,610	1,634,879	1,356,811
2021-01-12	$215.28	$215.00	30.3%	8.5%	21.2%	16.5%	29.9%	2.7%	-0.6%	181.4M	-6.82B	-80.8M	0.47	4.87	N/A	N/A	171,197	80,800	1,658,747	1,384,071
2021-01-13	$216.74	$215.00	29.5%	8.4%	21.2%	15.3%	30.0%	2.0%	-0.2%	244.5M	-8.09B	-81.0M	0.60	10.18	N/A	N/A	138,458	82,892	1,663,261	1,399,075
2021-01-14	$214.07	$215.00	29.8%	8.4%	21.6%	15.7%	29.8%	2.1%	-0.8%	95.0M	-5.95B	-81.3M	0.55	2.42	N/A	N/A	185,696	101,876	1,673,612	1,407,831
2021-01-15	$213.11	$215.00	29.7%	8.4%	19.2%	15.6%	30.3%	2.8%	-0.7%	55.4M	-5.16B	-80.7M	0.62	2.96	N/A	N/A	195,480	121,937	1,698,529	1,424,286
2021-01-19	$216.31	$215.00	28.1%	8.0%	20.0%	13.2%	29.0%	2.4%	-0.1%	244.1M	-4.88B	-80.4M	0.56	2.32	N/A	N/A	189,685	106,139	1,279,476	925,852
2021-01-20	$225.32	$215.00	29.4%	8.4%	24.8%	15.1%	30.4%	1.3%	-0.4%	476.4M	-9.58B	-84.8M	0.41	2.51	N/A	N/A	409,085	167,923	1,328,194	960,352
2021-01-21	$226.00	$215.00	30.0%	8.6%	23.8%	16.0%	30.8%	1.1%	-0.6%	551.7M	-9.84B	-85.3M	0.40	2.05	N/A	N/A	232,024	93,916	1,376,195	979,931
2021-01-22	$227.07	$215.00	30.5%	8.8%	23.7%	16.8%	30.8%	1.2%	-0.4%	662.5M	-10.64B	-88.4M	0.25	2.17	N/A	N/A	489,464	123,725	1,422,203	1,009,326
2021-01-25	$228.59	$215.00	32.2%	9.4%	23.7%	19.4%	33.8%	0.8%	-0.3%	496.6M	-10.89B	-90.1M	0.28	2.31	N/A	N/A	367,872	102,911	1,425,438	968,041
2021-01-26	$232.82	$215.00	33.2%	9.9%	24.4%	20.9%	35.2%	-0.2%	-0.5%	539.3M	-13.03B	-88.8M	0.39	2.98	N/A	N/A	514,616	199,292	1,433,407	1,014,137
2021-01-27	$232.22	$215.00	35.4%	10.4%	24.2%	24.2%	36.8%	2.9%	-0.5%	600.9M	-12.20B	-92.2M	0.43	12.51	N/A	N/A	549,949	234,918	1,523,448	1,088,337
2021-01-28	$238.73	$215.00	29.5%	8.4%	25.9%	15.3%	30.2%	3.2%	0.4%	823.8M	-15.97B	-92.2M	0.38	3.16	N/A	N/A	486,400	182,948	1,547,041	1,122,277
2021-01-29	$233.15	$220.00	32.4%	9.3%	27.1%	19.6%	34.2%	4.7%	0.2%	527.4M	-11.23B	-93.7M	0.52	3.90	N/A	N/A	328,094	169,371	1,569,340	1,167,236