MSFT Options History — March 2022

In March 2022, MSFT traded between $276.33 and $315.59. ATM implied volatility averaged 30.9%, placing in the 51.1% IV rank vs the trailing year. The 30-day expected move averaged 9.3%. IV traded below realized volatility by 2.6% (HV 20d: 33.5%). Max pain ranged from $290.00 to $300.00. Net GEX was positive for 18 of 23 trading days. Term structure was in contango for 9 of 23 days. Put/call ratio averaged 0.68.

Notable Days

2022-03-18: Highest Volume — 396,353 contracts
2022-03-09: Largest IV drop — 13.2% change
2022-03-07: Highest IV Rank — 79.5%
2022-03-07: Largest Expected Move — 12.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$295.46	$276.33	$315.59	$293.06	$310.83
Max Pain	$296.09	$290.00	$300.00	$300.00	$300.00
ATM IV	30.9%	24.7%	39.3%	34.7%	28.1%
Expected Move	9.3%	7.3%	12.4%	10.7%	7.8%
HV 20d	33.5%	31.0%	36.1%	31.4%	31.0%
HV 60d	29.8%	28.6%	30.7%	29.1%	30.6%
IV Rank	51.1%	30.2%	79.5%	64.2%	41.9%
IV Percentile	85.4%	66.7%	99.2%	98.0%	81.7%
Term Structure	0.3%	-1.8%	3.3%	0.8%	-0.3%
VWIV	32.5%	26.7%	42.6%	37.9%	27.4%
Skew 25d	6.8%	3.6%	9.6%	7.4%	5.4%
Skew 10d	13.7%	8.4%	20.4%	15.3%	9.9%
Call IV 25d	27.9%	22.4%	35.0%	31.7%	25.9%
Put IV 25d	34.7%	27.8%	44.6%	39.1%	31.3%
Bid-Ask Spread %	10.11	2.81	21.36	4.30	13.90
Gamma HHI	0.06	0.03	0.30	0.03	0.07
Net GEX	227.5M	-92.2M	709.0M	102.8M	480.0M
Net DEX	-3.24B	-12.12B	3.95B	-1.37B	-9.58B
Net VEX	-110.5M	-115.6M	-104.8M	-113.3M	-114.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.68	0.42	1.00	0.82	0.67
Total Volume	292,628.261	186,646	396,353	186,646	264,254
Total OI	2,371,844	2,092,260	2,556,837	2,373,893	2,338,240

Daily Data (23 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
2022-03-01	$293.06	$300.00	34.7%	10.7%	31.4%	64.2%	37.9%	7.4%	0.8%	102.8M	-1.37B	-113.3M	0.82	4.30	N/A	N/A	102,736	83,910	1,229,091	1,144,802
2022-03-02	$300.39	$300.00	31.7%	9.2%	32.9%	54.0%	32.4%	6.9%	0.4%	259.5M	-4.13B	-115.6M	0.56	3.05	N/A	N/A	175,614	98,604	1,246,496	1,153,994
2022-03-03	$294.33	$300.00	33.6%	9.9%	32.8%	60.3%	36.1%	8.3%	-1.7%	115.2M	-1.64B	-114.2M	0.83	2.81	N/A	N/A	165,334	136,622	1,277,123	1,170,323
2022-03-04	$288.79	$300.00	35.1%	10.1%	31.0%	65.6%	35.9%	9.2%	-1.8%	-22.0M	978.5M	-111.9M	0.74	5.65	N/A	N/A	178,407	132,578	1,296,529	1,192,150
2022-03-07	$280.52	$300.00	39.3%	12.4%	31.7%	79.5%	42.3%	9.6%	-0.5%	-51.4M	2.72B	-108.2M	0.58	5.41	N/A	N/A	182,733	106,378	1,233,408	1,149,402
2022-03-08	$276.33	$300.00	39.1%	12.3%	31.6%	79.0%	42.6%	9.0%	-0.6%	-92.2M	3.95B	-105.0M	0.60	6.32	N/A	N/A	228,618	137,200	1,230,720	1,167,949
2022-03-09	$288.69	$300.00	34.0%	10.5%	35.8%	61.5%	35.8%	8.3%	-0.4%	81.4M	-165.7M	-110.7M	0.76	2.85	N/A	N/A	185,016	141,022	1,261,791	1,191,317
2022-03-10	$285.21	$300.00	35.3%	10.6%	34.9%	65.9%	35.7%	8.0%	-1.0%	22.6M	954.5M	-109.1M	0.86	3.85	N/A	N/A	154,216	133,355	1,289,203	1,202,112
2022-03-11	$281.85	$300.00	35.7%	10.5%	33.7%	67.4%	36.7%	7.8%	-0.5%	-62.3M	2.29B	-108.2M	0.77	3.51	N/A	N/A	141,533	108,640	1,323,235	1,226,789
2022-03-14	$277.47	$295.00	37.6%	10.7%	33.6%	73.8%	37.3%	8.5%	-0.5%	-72.3M	3.61B	-104.8M	0.72	12.87	N/A	N/A	120,139	86,364	1,249,180	1,179,268
2022-03-15	$286.28	$295.00	34.2%	10.0%	35.8%	62.5%	33.7%	7.7%	-0.1%	47.6M	458.9M	-108.4M	0.57	17.85	N/A	N/A	147,901	84,416	1,268,144	1,189,929
2022-03-16	$291.36	$290.00	30.2%	9.0%	35.8%	48.9%	31.3%	6.8%	-0.0%	172.5M	-1.51B	-108.8M	0.98	20.38	N/A	N/A	151,993	148,470	1,296,449	1,198,049
2022-03-17	$294.39	$290.00	27.4%	8.6%	36.0%	39.4%	30.8%	6.2%	-0.3%	261.2M	-2.59B	-108.8M	1.00	14.57	N/A	N/A	145,619	145,587	1,315,219	1,218,461
2022-03-18	$300.30	$290.00	25.2%	8.1%	35.4%	31.8%	29.0%	5.9%	-0.5%	709.0M	-5.80B	-109.1M	0.65	16.00	N/A	N/A	240,143	156,210	1,320,785	1,236,052
2022-03-21	$297.18	$290.00	26.7%	8.3%	35.4%	36.9%	28.7%	6.9%	3.0%	221.1M	-4.10B	-107.7M	0.87	21.36	N/A	N/A	130,208	113,858	1,097,146	995,114
2022-03-22	$303.65	$290.00	24.7%	7.8%	36.1%	30.2%	28.0%	5.3%	2.0%	371.5M	-7.01B	-109.9M	0.55	13.52	N/A	N/A	228,885	125,340	1,129,507	1,022,734
2022-03-23	$301.34	$295.00	26.0%	8.1%	34.8%	34.6%	28.6%	4.6%	2.9%	332.8M	-6.06B	-111.2M	0.54	12.58	N/A	N/A	179,659	97,505	1,165,005	1,052,143
2022-03-24	$302.89	$295.00	25.1%	7.8%	31.7%	31.6%	26.7%	5.4%	3.3%	438.8M	-6.82B	-112.0M	0.52	13.97	N/A	N/A	145,219	74,965	1,188,785	1,059,684
2022-03-25	$302.16	$295.00	26.6%	8.0%	31.4%	36.8%	28.7%	4.9%	2.5%	285.4M	-6.50B	-111.6M	0.54	9.45	N/A	N/A	213,320	115,220	1,211,878	1,074,164
2022-03-28	$309.61	$295.00	26.9%	7.9%	32.4%	37.7%	27.9%	5.0%	0.3%	444.3M	-9.30B	-112.5M	0.42	7.55	N/A	N/A	265,601	110,586	1,162,983	1,038,147
2022-03-29	$315.59	$295.00	25.9%	7.3%	32.7%	34.3%	26.7%	3.6%	-0.6%	627.7M	-12.12B	-112.9M	0.47	8.48	N/A	N/A	231,002	109,254	1,198,131	1,062,421
2022-03-30	$313.38	$295.00	26.8%	7.5%	31.9%	37.3%	27.4%	5.1%	0.7%	560.2M	-10.85B	-113.6M	0.61	12.21	N/A	N/A	190,313	115,903	1,213,095	1,085,265
2022-03-31	$310.83	$300.00	28.1%	7.8%	31.0%	41.9%	27.4%	5.4%	-0.3%	480.0M	-9.58B	-114.1M	0.67	13.90	N/A	N/A	158,678	105,576	1,233,281	1,104,959