MSFT Options History — March 2021

In March 2021, MSFT traded between $226.58 and $238.50. ATM implied volatility averaged 26.1%, placing in the 6.4% IV rank vs the trailing year. The 30-day expected move averaged 7.3%. IV traded above realized volatility by 1.7% (HV 20d: 24.4%). Max pain ranged from $230.00 to $235.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 14 of 23 days. Put/call ratio averaged 0.61.

Notable Days

  • 2021-03-31: Highest Volume — 460,077 contracts
  • 2021-03-18: Largest IV spike — 14.1% change
  • 2021-03-04: Highest IV Rank — 13.1%
  • 2021-03-04: Largest Expected Move — 8.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$233.96$226.58$238.50$236.69$236.76
Max Pain$231.52$230.00$235.00$230.00$235.00
ATM IV26.1%22.7%30.9%25.4%26.0%
Expected Move7.3%6.3%8.9%7.1%6.3%
HV 20d24.4%17.9%27.6%20.8%23.8%
HV 60d23.6%21.7%24.3%21.7%24.3%
IV Rank6.4%0.0%13.1%4.3%9.7%
IV Percentile15.3%0.0%42.9%8.3%17.1%
Term Structure0.7%-0.5%3.3%0.2%-0.3%
VWIV26.4%22.8%31.9%27.0%23.1%
Skew 25d4.5%2.9%7.3%4.7%2.9%
Skew 10d10.0%7.1%16.5%10.7%7.1%
Call IV 25d24.6%21.4%28.7%24.0%25.4%
Put IV 25d29.1%24.9%35.9%28.7%28.3%
Bid-Ask Spread %3.651.957.792.342.69
Gamma HHI0.060.040.130.060.07
Net GEX292.7M75.7M482.6M340.0M431.9M
Net DEX-6.07B-9.44B-2.58B-8.02B-6.96B
Net VEX-87.8M-90.9M-84.8M-90.9M-87.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.610.360.840.590.36
Total Volume247,980.565127,062460,077165,678460,077
Total OI2,583,907.872,261,7972,850,8442,533,0842,508,526

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-03-01$236.69$230.0025.4%7.1%20.8%4.3%27.0%4.7%0.2%340.0M-8.02B-90.9M0.592.34N/AN/A104,27161,4071,400,7911,132,293
2021-03-02$234.97$230.0026.4%7.3%17.9%5.9%27.4%4.7%-0.0%303.3M-7.07B-89.7M0.522.88N/AN/A83,41543,6471,427,0061,142,702
2021-03-03$228.01$230.0029.5%8.6%20.6%10.8%31.9%7.0%-0.3%104.3M-3.08B-87.7M0.692.40N/AN/A132,84892,3101,436,3391,157,489
2021-03-04$226.58$235.0030.9%8.9%19.7%13.1%30.3%7.3%-0.4%75.7M-2.58B-88.9M0.617.31N/AN/A176,321108,0361,461,7871,178,694
2021-03-05$232.19$230.0028.0%8.2%21.9%8.5%28.6%5.8%-0.3%274.2M-5.65B-89.7M0.767.79N/AN/A173,137132,2211,476,1831,196,987
2021-03-08$229.04$230.0029.1%8.3%22.2%10.3%30.1%5.5%-0.0%177.9M-4.10B-87.2M0.846.79N/AN/A113,68795,3171,403,9591,162,848
2021-03-09$234.53$230.0026.1%7.5%24.1%5.4%27.5%4.9%0.3%323.6M-7.07B-89.2M0.615.90N/AN/A137,84683,6611,429,4021,199,130
2021-03-10$232.65$230.0027.0%7.6%23.7%6.8%28.3%5.1%-0.5%283.0M-6.00B-88.4M0.664.61N/AN/A120,75279,3521,452,4571,212,279
2021-03-11$237.54$230.0025.1%7.2%25.0%3.8%26.5%3.8%-0.1%482.6M-9.18B-90.1M0.624.63N/AN/A159,16199,3711,480,6271,236,900
2021-03-12$235.46$230.0025.9%7.5%25.1%5.1%27.5%4.3%0.4%400.0M-7.68B-89.7M0.644.59N/AN/A125,67280,2421,503,6911,249,775
2021-03-15$233.84$230.0025.3%7.3%25.1%4.1%26.3%3.5%0.7%287.9M-6.54B-86.7M0.722.21N/AN/A114,69182,9801,470,3401,216,093
2021-03-16$238.50$230.0024.0%6.9%26.3%2.1%24.7%3.1%1.2%459.6M-9.44B-88.2M0.473.13N/AN/A215,852102,0561,500,5391,253,952
2021-03-17$236.72$230.0024.6%7.1%26.3%3.1%25.3%3.6%0.4%402.0M-8.03B-87.4M0.693.88N/AN/A162,888112,6951,530,8231,261,824
2021-03-18$230.96$230.0028.1%8.0%27.6%8.6%28.5%4.3%0.5%180.5M-4.20B-88.5M0.422.30N/AN/A165,57270,0951,545,3961,281,679
2021-03-19$231.42$230.0024.7%7.0%27.5%4.1%25.4%3.5%0.4%224.2M-4.76B-86.9M0.652.32N/AN/A149,91797,0311,558,9711,291,873
2021-03-22$236.07$230.0022.7%6.4%27.1%0.0%22.8%3.5%3.1%282.8M-6.34B-84.8M0.584.99N/AN/A148,47286,5721,244,0831,017,714
2021-03-23$237.85$230.0023.3%6.6%27.1%1.5%24.2%3.4%3.3%345.6M-6.98B-86.8M0.562.00N/AN/A260,516144,8841,270,7561,040,742
2021-03-24$236.13$235.0024.3%6.7%27.3%4.1%24.0%4.4%2.4%285.7M-6.00B-86.4M0.612.09N/AN/A133,43081,6861,306,5181,073,257
2021-03-25$233.25$235.0025.5%7.0%26.4%7.4%25.2%4.7%3.1%191.7M-4.58B-86.7M0.572.37N/AN/A180,641103,7621,329,9201,088,638
2021-03-26$235.14$235.0024.4%6.4%25.2%5.0%23.5%4.5%3.0%467.1M-5.74B-86.1M0.582.44N/AN/A142,64783,2281,363,7491,112,317
2021-03-29$234.75$235.0026.2%6.7%25.1%10.4%24.4%5.0%0.0%245.6M-5.43B-85.9M0.682.42N/AN/A124,21184,6241,297,4331,075,315
2021-03-30$232.03$235.0027.0%6.7%25.3%12.6%23.9%4.6%-0.4%162.4M-4.12B-85.8M0.531.95N/AN/A125,88866,4641,334,0601,114,024
2021-03-31$236.76$235.0026.0%6.3%23.8%9.7%23.1%2.9%-0.3%431.9M-6.96B-87.8M0.362.69N/AN/A339,485120,5921,369,6951,138,831