MSFT Options History — May 2022

In May 2022, MSFT traded between $250.42 and $289.33. ATM implied volatility averaged 35.0%, placing in the 65.1% IV rank vs the trailing year. The 30-day expected move averaged 10.1%. IV traded below realized volatility by 7.5% (HV 20d: 42.5%). Max pain ranged from $275.00 to $290.00. Net GEX was positive for 9 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 0.74.

Notable Days

2022-05-12: Highest Volume — 495,848 contracts
2022-05-05: Largest IV spike — 21.6% change
2022-05-12: Highest IV Rank — 86.7%
2022-05-12: Largest Expected Move — 11.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$266.25	$250.42	$289.33	$282.64	$273.90
Max Pain	$281.43	$275.00	$290.00	$290.00	$275.00
ATM IV	35.0%	29.5%	41.4%	34.5%	29.9%
Expected Move	10.1%	8.3%	11.8%	10.7%	8.8%
HV 20d	42.5%	38.5%	46.5%	40.1%	40.4%
HV 60d	36.3%	33.8%	37.9%	34.0%	37.0%
IV Rank	65.1%	46.6%	86.7%	63.4%	48.0%
IV Percentile	88.9%	70.6%	98.8%	91.7%	71.8%
Term Structure	-0.4%	-1.9%	1.1%	0.1%	-0.5%
VWIV	35.4%	30.0%	41.1%	37.9%	32.2%
Skew 25d	8.4%	6.7%	10.4%	9.1%	6.8%
Skew 10d	16.8%	13.2%	20.3%	19.9%	13.3%
Call IV 25d	31.3%	25.8%	37.4%	31.1%	27.1%
Put IV 25d	39.8%	32.5%	47.8%	40.2%	33.9%
Bid-Ask Spread %	5.69	1.72	21.27	5.59	2.68
Gamma HHI	0.05	0.03	0.21	0.03	0.03
Net GEX	-32.8M	-281.1M	213.7M	23.6M	145.2M
Net DEX	3.40B	-2.55B	8.09B	39.1M	-1.27B
Net VEX	-93.6M	-106.0M	-82.3M	-106.0M	-94.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.74	0.59	0.95	0.73	0.71
Total Volume	300,119.333	203,510	495,848	244,436	230,532
Total OI	2,403,071.429	2,205,814	2,553,511	2,310,147	2,297,826

Daily Data (21 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
2022-05-02	$282.64	$290.00	34.5%	10.7%	40.1%	63.4%	37.9%	9.1%	0.1%	23.6M	39.1M	-106.0M	0.73	5.59	N/A	N/A	141,320	103,116	1,199,074	1,111,073
2022-05-03	$280.55	$290.00	34.1%	10.4%	38.5%	61.9%	36.0%	8.1%	-0.2%	10.1M	605.9M	-103.9M	0.88	4.88	N/A	N/A	108,502	95,008	1,235,216	1,129,583
2022-05-04	$289.33	$290.00	29.7%	8.5%	40.5%	47.0%	31.0%	8.7%	-0.5%	199.0M	-2.55B	-105.4M	0.68	5.51	N/A	N/A	177,638	120,853	1,249,295	1,147,551
2022-05-05	$276.33	$285.00	36.1%	10.3%	41.8%	68.8%	36.9%	10.1%	-0.2%	-53.9M	2.24B	-102.0M	0.78	12.33	N/A	N/A	172,678	135,426	1,264,452	1,162,157
2022-05-06	$273.98	$285.00	35.2%	10.0%	41.5%	65.9%	35.1%	9.9%	-1.1%	-169.6M	3.17B	-101.3M	0.68	13.01	N/A	N/A	184,957	124,980	1,291,710	1,186,288
2022-05-09	$264.37	$285.00	40.5%	11.3%	42.7%	83.7%	39.7%	8.7%	-1.9%	-114.2M	5.18B	-95.4M	0.72	8.93	N/A	N/A	152,364	109,435	1,229,653	1,125,501
2022-05-10	$269.55	$285.00	38.3%	10.9%	41.1%	76.3%	38.1%	9.8%	-0.2%	-61.5M	3.66B	-98.0M	0.61	3.01	N/A	N/A	170,476	104,185	1,254,191	1,140,434
2022-05-11	$259.79	$285.00	40.1%	11.4%	42.8%	82.2%	38.3%	10.0%	-0.3%	-141.8M	6.34B	-92.0M	0.81	2.83	N/A	N/A	141,375	114,878	1,286,255	1,150,161
2022-05-12	$253.12	$285.00	41.4%	11.8%	42.2%	86.7%	41.1%	10.4%	-0.3%	-192.3M	8.09B	-87.2M	0.91	2.95	N/A	N/A	259,420	236,428	1,305,984	1,168,637
2022-05-13	$260.77	$280.00	36.2%	10.4%	43.3%	69.1%	35.7%	8.3%	-0.1%	-110.7M	5.98B	-90.1M	0.64	3.86	N/A	N/A	269,236	171,104	1,348,817	1,203,414
2022-05-16	$261.81	$280.00	35.8%	10.3%	43.4%	67.7%	35.7%	8.0%	-0.8%	-52.8M	5.15B	-89.3M	0.74	1.79	N/A	N/A	175,424	129,595	1,297,672	1,145,899
2022-05-17	$266.22	$280.00	32.0%	9.2%	43.1%	54.8%	30.7%	6.9%	-0.6%	18.3M	3.85B	-90.4M	0.66	21.27	N/A	N/A	161,807	106,560	1,313,706	1,161,536
2022-05-18	$254.32	$280.00	36.9%	10.6%	45.3%	71.4%	35.9%	8.8%	-0.8%	-146.8M	7.39B	-85.9M	0.65	2.22	N/A	N/A	181,276	118,188	1,325,265	1,176,131
2022-05-19	$254.16	$280.00	34.9%	10.0%	44.9%	64.7%	33.8%	8.0%	-0.6%	-142.8M	6.95B	-85.1M	0.81	2.60	N/A	N/A	170,909	138,363	1,350,967	1,160,224
2022-05-20	$250.42	$280.00	35.3%	10.2%	44.8%	66.0%	35.0%	7.8%	-1.0%	-281.1M	7.77B	-82.3M	0.95	7.70	N/A	N/A	233,925	221,128	1,376,825	1,176,686
2022-05-23	$259.18	$275.00	33.7%	9.9%	46.5%	60.5%	35.5%	8.1%	-0.1%	-19.9M	3.64B	-87.8M	0.81	1.72	N/A	N/A	153,220	124,529	1,166,261	1,039,553
2022-05-24	$260.48	$275.00	34.8%	10.2%	45.4%	64.5%	36.0%	7.7%	-0.3%	10.5M	3.09B	-90.3M	0.93	10.01	N/A	N/A	123,628	114,497	1,197,395	1,067,261
2022-05-25	$262.38	$275.00	34.4%	10.0%	41.8%	63.1%	35.4%	7.9%	0.1%	46.6M	2.40B	-91.2M	0.59	2.14	N/A	N/A	156,336	92,971	1,215,659	1,086,596
2022-05-26	$266.07	$275.00	31.8%	9.3%	41.5%	54.2%	32.8%	7.3%	0.1%	132.3M	1.11B	-92.3M	0.64	2.23	N/A	N/A	162,364	103,161	1,239,947	1,101,297
2022-05-27	$271.95	$275.00	29.5%	8.3%	40.6%	46.6%	30.0%	6.7%	1.1%	213.7M	-1.32B	-95.1M	0.63	2.14	N/A	N/A	190,958	119,756	1,263,584	1,114,764
2022-05-31	$273.90	$275.00	29.9%	8.8%	40.4%	48.0%	32.2%	6.8%	-0.5%	145.2M	-1.27B	-94.7M	0.71	2.68	N/A	N/A	135,171	95,361	1,224,162	1,073,664