MSFT Options History — January 2022

In January 2022, MSFT traded between $291.05 and $333.71. ATM implied volatility averaged 32.5%, placing in the 74.4% IV rank vs the trailing year. The 30-day expected move averaged 9.3%. IV traded above realized volatility by 6.1% (HV 20d: 26.4%). Max pain ranged from $300.00 to $325.00. Net GEX was positive for 19 of 20 trading days. Term structure was in contango for 1 of 20 days. Put/call ratio averaged 0.61.

Notable Days

2022-01-26: Highest Volume — 886,368 contracts
2022-01-13: Largest IV spike — 21.6% change
2022-01-21: Highest IV Rank — 100.0%
2022-01-25: Largest Expected Move — 14.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$309.04	$291.05	$333.71	$333.71	$308.92
Max Pain	$315.25	$300.00	$325.00	$300.00	$310.00
ATM IV	32.5%	24.7%	45.3%	24.7%	28.4%
Expected Move	9.3%	6.0%	14.0%	6.0%	8.5%
HV 20d	26.4%	23.3%	28.0%	26.2%	27.9%
HV 60d	24.2%	22.1%	25.8%	22.1%	24.6%
IV Rank	74.4%	42.7%	100.0%	45.7%	42.7%
IV Percentile	94.5%	72.2%	100.0%	72.2%	90.5%
Term Structure	-0.9%	-2.7%	0.2%	-0.1%	0.2%
VWIV	32.6%	21.7%	49.6%	21.7%	30.9%
Skew 25d	6.3%	4.2%	10.7%	4.5%	6.2%
Skew 10d	13.3%	9.3%	21.7%	9.3%	13.7%
Call IV 25d	30.1%	23.6%	40.5%	23.6%	26.3%
Put IV 25d	36.4%	28.1%	50.5%	28.1%	32.5%
Bid-Ask Spread %	4.06	2.42	8.05	2.97	2.42
Gamma HHI	0.05	0.03	0.08	0.08	0.04
Net GEX	206.5M	-7.4M	494.1M	494.1M	297.4M
Net DEX	-6.36B	-16.74B	-1.14B	-16.74B	-6.68B
Net VEX	-116.4M	-122.0M	-112.2M	-112.8M	-118.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.61	0.35	0.95	0.56	0.57
Total Volume	511,172.3	337,369	886,368	337,369	378,774
Total OI	2,783,695.45	2,214,442	3,131,020	2,606,923	2,409,849

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
2022-01-03	$333.71	$300.00	24.7%	6.0%	26.2%	45.7%	21.7%	4.5%	-0.1%	494.1M	-16.74B	-112.8M	0.56	2.97	N/A	N/A	216,789	120,580	1,329,070	1,277,853
2022-01-04	$329.79	$300.00	26.6%	6.5%	26.0%	55.0%	23.4%	4.8%	-0.4%	359.7M	-14.69B	-114.1M	0.50	2.88	N/A	N/A	275,696	138,017	1,362,429	1,319,856
2022-01-05	$317.94	$300.00	29.8%	8.0%	27.7%	71.7%	27.6%	5.9%	-1.1%	95.4M	-9.00B	-112.2M	0.51	3.46	N/A	N/A	291,449	148,777	1,406,775	1,347,254
2022-01-06	$313.45	$325.00	30.1%	8.5%	28.0%	72.9%	29.7%	4.7%	-1.0%	77.8M	-6.74B	-113.3M	0.47	3.67	N/A	N/A	326,033	154,088	1,466,494	1,384,820
2022-01-07	$314.56	$325.00	29.9%	8.5%	28.0%	72.0%	30.0%	4.4%	-0.3%	119.0M	-7.10B	-115.9M	0.53	4.05	N/A	N/A	318,815	169,071	1,512,639	1,419,641
2022-01-10	$313.44	$320.00	31.7%	8.6%	26.4%	81.5%	30.4%	5.6%	-2.1%	185.7M	-7.69B	-114.8M	0.47	7.25	N/A	N/A	326,215	153,928	1,450,719	1,384,515
2022-01-11	$314.85	$320.00	29.2%	8.1%	26.6%	68.6%	28.7%	4.6%	-1.1%	276.0M	-8.71B	-115.8M	0.35	3.23	N/A	N/A	274,227	96,046	1,500,580	1,411,358
2022-01-12	$318.66	$320.00	27.2%	7.7%	23.3%	58.4%	27.2%	4.2%	-0.2%	387.8M	-10.86B	-118.4M	0.35	3.86	N/A	N/A	359,967	124,335	1,517,850	1,432,684
2022-01-13	$306.04	$320.00	33.1%	9.3%	26.3%	88.4%	32.1%	5.0%	-1.0%	72.0M	-4.10B	-115.2M	0.58	4.39	N/A	N/A	401,502	234,662	1,540,724	1,452,638
2022-01-14	$310.29	$320.00	30.5%	8.7%	26.3%	75.1%	30.6%	4.9%	-0.4%	388.9M	-6.37B	-118.9M	0.75	3.53	N/A	N/A	302,486	225,800	1,629,793	1,501,227
2022-01-18	$302.44	$320.00	34.1%	9.7%	27.4%	93.4%	33.7%	5.8%	-1.4%	85.4M	-3.20B	-113.5M	0.60	3.21	N/A	N/A	254,906	154,026	1,536,706	1,447,049
2022-01-19	$306.27	$320.00	32.5%	9.3%	27.9%	85.6%	32.3%	5.4%	-1.2%	183.3M	-5.25B	-116.6M	0.54	3.41	N/A	N/A	353,194	191,867	1,586,427	1,476,168
2022-01-20	$304.02	$320.00	33.1%	9.6%	26.7%	88.5%	32.9%	5.3%	-1.4%	103.2M	-4.08B	-116.1M	0.66	3.67	N/A	N/A	259,884	172,369	1,589,482	1,488,837
2022-01-21	$298.17	$320.00	37.8%	11.0%	25.9%	100.0%	38.5%	8.4%	-1.7%	-7.4M	-1.68B	-114.1M	0.95	6.00	N/A	N/A	299,889	283,697	1,592,497	1,501,248
2022-01-24	$294.73	$320.00	41.8%	12.6%	25.2%	100.0%	44.9%	10.7%	-1.1%	84.0M	-1.34B	-115.7M	0.71	8.05	N/A	N/A	333,291	237,183	1,212,570	1,001,872
2022-01-25	$291.05	$315.00	45.3%	14.0%	23.5%	100.0%	49.6%	10.0%	-2.7%	96.6M	-1.14B	-118.9M	0.79	4.50	N/A	N/A	377,321	298,827	1,285,929	1,056,647
2022-01-26	$295.76	$310.00	36.1%	11.1%	24.9%	69.0%	37.8%	9.8%	-0.5%	175.2M	-2.09B	-118.2M	0.59	4.54	N/A	N/A	558,226	328,142	1,395,157	1,165,203
2022-01-27	$301.35	$310.00	35.3%	10.5%	26.4%	66.1%	37.2%	8.7%	-0.6%	270.9M	-4.20B	-122.0M	0.86	2.96	N/A	N/A	306,024	262,819	1,430,601	1,198,083
2022-01-28	$305.31	$310.00	31.8%	9.4%	27.3%	54.4%	33.7%	7.7%	-0.1%	384.6M	-5.56B	-121.7M	0.85	3.11	N/A	N/A	278,242	236,282	1,416,445	1,234,220
2022-01-31	$308.92	$310.00	28.4%	8.5%	27.9%	42.7%	30.9%	6.2%	0.2%	297.4M	-6.68B	-118.8M	0.57	2.42	N/A	N/A	241,189	137,585	1,294,195	1,115,654