MSFT Options History — September 2022

In September 2022, MSFT traded between $234.81 and $266.18. ATM implied volatility averaged 33.0%, placing in the 55.8% IV rank vs the trailing year. The 30-day expected move averaged 9.2%. IV traded above realized volatility by 5.5% (HV 20d: 27.5%). Max pain ranged from $255.00 to $280.00. Net GEX was positive for 2 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.83.

Notable Days

2022-09-23: Highest Volume — 483,577 contracts
2022-09-13: Largest IV spike — 17.5% change
2022-09-27: Highest IV Rank — 79.1%
2022-09-27: Largest Expected Move — 10.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$247.80	$234.81	$266.18	$258.80	$234.81
Max Pain	$266.31	$255.00	$280.00	$272.50	$255.00
ATM IV	33.0%	26.8%	39.6%	30.5%	38.8%
Expected Move	9.2%	7.8%	10.8%	8.7%	10.3%
HV 20d	27.5%	21.0%	31.1%	22.0%	30.8%
HV 60d	31.0%	30.0%	32.9%	32.8%	30.7%
IV Rank	55.8%	32.9%	79.1%	49.4%	76.5%
IV Percentile	70.8%	39.7%	96.4%	61.5%	94.8%
Term Structure	0.2%	-2.5%	2.4%	-0.2%	-0.4%
VWIV	32.3%	27.9%	36.7%	30.7%	35.1%
Skew 25d	6.4%	5.3%	7.8%	6.1%	7.8%
Skew 10d	12.5%	10.5%	15.2%	12.2%	14.8%
Call IV 25d	30.1%	24.2%	36.1%	27.9%	35.7%
Put IV 25d	36.5%	29.7%	43.8%	34.0%	43.5%
Bid-Ask Spread %	3.20	1.65	12.79	2.28	1.65
Gamma HHI	0.05	0.04	0.07	0.04	0.06
Net GEX	-92.1M	-210.5M	130.6M	-96.7M	-148.6M
Net DEX	5.30B	566.9M	8.34B	4.59B	6.27B
Net VEX	-81.4M	-88.8M	-76.6M	-86.6M	-79.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.83	0.60	1.25	0.62	0.77
Total Volume	319,145.143	159,001	483,577	335,104	331,622
Total OI	2,619,026.286	2,328,583	2,863,223	2,628,771	2,661,014

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
2022-09-01	$258.80	$272.50	30.5%	8.7%	22.0%	49.4%	30.7%	6.1%	-0.2%	-96.7M	4.59B	-86.6M	0.62	2.28	N/A	N/A	206,802	128,302	1,430,936	1,197,835
2022-09-02	$254.98	$270.00	31.0%	8.7%	22.3%	50.2%	29.4%	7.0%	0.1%	-128.8M	6.00B	-83.9M	0.78	2.19	N/A	N/A	183,340	143,883	1,463,075	1,215,684
2022-09-06	$253.54	$280.00	31.9%	9.0%	22.3%	53.4%	31.9%	6.3%	-0.3%	-110.1M	5.86B	-81.4M	0.83	2.48	N/A	N/A	155,814	129,414	1,408,679	1,182,992
2022-09-07	$258.54	$275.00	29.3%	8.4%	23.6%	41.9%	29.5%	5.9%	0.0%	-54.8M	4.02B	-84.1M	1.25	2.60	N/A	N/A	154,460	192,983	1,442,625	1,212,519
2022-09-08	$256.96	$275.00	29.8%	8.5%	21.0%	43.7%	29.4%	5.7%	-0.0%	-53.3M	4.42B	-84.0M	0.82	2.64	N/A	N/A	126,547	104,354	1,481,883	1,241,090
2022-09-09	$264.90	$275.00	26.8%	7.8%	24.6%	32.9%	27.9%	5.4%	0.3%	130.6M	653.4M	-88.8M	0.75	2.61	N/A	N/A	176,577	132,998	1,498,879	1,257,169
2022-09-12	$266.18	$275.00	27.6%	7.9%	23.9%	35.7%	27.9%	5.3%	0.1%	70.1M	566.9M	-88.2M	0.89	3.32	N/A	N/A	84,302	74,699	1,460,120	1,224,828
2022-09-13	$251.89	$270.00	32.4%	9.2%	29.4%	53.3%	31.8%	6.8%	-0.3%	-117.0M	6.33B	-81.2M	0.96	3.43	N/A	N/A	140,108	134,292	1,473,407	1,240,886
2022-09-14	$252.43	$270.00	32.2%	8.7%	29.5%	52.4%	30.5%	5.5%	-2.5%	-118.7M	6.29B	-81.3M	1.04	5.53	N/A	N/A	120,694	125,026	1,497,618	1,263,598
2022-09-15	$245.81	$270.00	31.8%	9.1%	30.2%	50.9%	32.9%	6.3%	-0.4%	-210.5M	8.25B	-76.6M	0.92	12.79	N/A	N/A	234,909	216,337	1,515,924	1,263,870
2022-09-16	$243.96	$270.00	31.7%	9.1%	30.1%	50.7%	34.5%	6.2%	-0.1%	-207.8M	8.34B	-77.6M	0.86	3.11	N/A	N/A	214,855	185,307	1,558,674	1,304,549
2022-09-19	$244.33	$270.00	31.1%	8.9%	30.2%	48.5%	31.2%	5.9%	2.4%	-125.7M	5.58B	-77.5M	0.60	1.99	N/A	N/A	190,171	113,484	1,222,135	1,106,448
2022-09-20	$242.90	$265.00	32.7%	9.4%	29.0%	54.4%	32.1%	6.2%	1.8%	-96.1M	5.61B	-78.5M	0.61	3.08	N/A	N/A	158,217	97,253	1,278,912	1,132,731
2022-09-21	$239.57	$260.00	33.8%	9.7%	29.1%	58.1%	32.7%	6.5%	2.2%	-121.7M	6.42B	-77.5M	1.02	3.81	N/A	N/A	183,632	187,030	1,317,410	1,150,370
2022-09-22	$243.56	$260.00	32.7%	9.3%	30.1%	54.4%	32.8%	5.5%	2.1%	-56.7M	4.76B	-80.9M	0.95	3.09	N/A	N/A	204,661	193,517	1,345,581	1,158,762
2022-09-23	$237.96	$260.00	35.3%	9.9%	30.4%	63.8%	34.1%	6.4%	1.9%	-155.8M	6.62B	-79.2M	0.67	2.73	N/A	N/A	289,197	194,380	1,379,502	1,188,842
2022-09-26	$238.11	$255.00	37.8%	10.4%	28.9%	72.7%	36.5%	7.4%	-0.6%	-90.5M	5.40B	-79.2M	0.85	1.74	N/A	N/A	146,143	123,861	1,329,148	1,139,644
2022-09-27	$235.83	$255.00	39.6%	10.8%	28.9%	79.1%	36.7%	7.8%	-0.8%	-107.5M	5.93B	-79.3M	0.79	1.98	N/A	N/A	173,189	136,123	1,366,735	1,170,296
2022-09-28	$241.69	$255.00	37.5%	9.8%	30.7%	71.9%	34.3%	7.1%	-0.4%	-31.7M	3.94B	-83.3M	0.74	2.22	N/A	N/A	191,729	142,670	1,390,533	1,199,488
2022-09-29	$237.12	$255.00	39.3%	10.4%	31.1%	78.2%	36.1%	7.7%	-0.6%	-102.7M	5.49B	-81.0M	0.73	1.86	N/A	N/A	161,415	117,751	1,429,237	1,195,924
2022-09-30	$234.81	$255.00	38.8%	10.3%	30.8%	76.5%	35.1%	7.8%	-0.4%	-148.6M	6.27B	-79.4M	0.77	1.65	N/A	N/A	187,500	144,122	1,449,254	1,211,760