MSFT Options History — December 2022

In December 2022, MSFT traded between $234.61 and $256.78. ATM implied volatility averaged 30.5%, placing in the 38.1% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded below realized volatility by 1.5% (HV 20d: 32.0%). Max pain ranged from $240.00 to $250.00. Net GEX was positive for 16 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.96.

Notable Days

2022-12-14: Highest Volume — 419,909 contracts
2022-12-22: Largest IV spike — 11.5% change
2022-12-28: Highest IV Rank — 58.8%
2022-12-28: Largest Expected Move — 9.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$245.53	$234.61	$256.78	$255.71	$238.76
Max Pain	$248.10	$240.00	$250.00	$240.00	$245.00
ATM IV	30.5%	25.6%	35.5%	26.9%	34.8%
Expected Move	8.6%	7.9%	9.1%	8.5%	8.7%
HV 20d	32.0%	26.4%	39.7%	39.7%	27.5%
HV 60d	39.2%	38.3%	40.5%	40.5%	39.0%
IV Rank	38.1%	17.7%	58.8%	23.1%	56.2%
IV Percentile	42.3%	13.9%	79.8%	21.8%	75.0%
Term Structure	1.1%	-0.9%	4.1%	0.2%	1.8%
VWIV	29.4%	25.9%	31.4%	30.0%	30.8%
Skew 25d	4.6%	4.0%	5.2%	4.4%	5.2%
Skew 10d	9.1%	7.9%	10.9%	8.7%	10.2%
Call IV 25d	28.2%	23.6%	33.2%	24.7%	32.1%
Put IV 25d	32.8%	27.7%	38.4%	29.1%	37.3%
Bid-Ask Spread %	2.91	2.09	3.70	2.86	3.13
Gamma HHI	0.05	0.04	0.07	0.06	0.04
Net GEX	124.7M	-79.9M	372.7M	372.7M	38.5M
Net DEX	-2.10B	-7.84B	2.38B	-7.52B	676.3M
Net VEX	-79.5M	-84.4M	-73.4M	-84.4M	-74.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.96	0.65	2.13	0.76	1.16
Total Volume	273,985.81	149,088	419,909	351,096	204,334
Total OI	2,676,778.476	2,477,710	2,906,224	2,699,837	2,620,880

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
2022-12-01	$255.71	$240.00	26.9%	8.5%	39.7%	23.1%	30.0%	4.4%	0.2%	372.7M	-7.52B	-84.4M	0.76	2.86	N/A	N/A	199,905	151,191	1,507,333	1,192,504
2022-12-02	$254.21	$240.00	25.6%	8.1%	37.4%	17.7%	28.7%	4.2%	0.1%	319.7M	-6.63B	-84.1M	0.81	2.72	N/A	N/A	162,649	132,019	1,529,942	1,219,781
2022-12-05	$249.53	$250.00	28.3%	8.2%	37.9%	29.1%	28.8%	4.7%	1.0%	180.8M	-3.85B	-82.1M	0.71	2.95	N/A	N/A	142,366	101,632	1,486,787	1,174,471
2022-12-06	$245.41	$250.00	30.0%	8.7%	37.6%	36.0%	30.3%	4.4%	1.5%	125.7M	-2.10B	-82.1M	0.66	3.46	N/A	N/A	142,476	94,281	1,525,415	1,193,276
2022-12-07	$244.66	$250.00	30.6%	8.9%	37.6%	38.8%	29.2%	5.2%	0.9%	113.7M	-1.89B	-82.4M	1.16	3.39	N/A	N/A	103,008	119,675	1,541,749	1,204,118
2022-12-08	$246.93	$250.00	30.0%	8.7%	36.4%	36.2%	28.8%	4.8%	-0.3%	171.9M	-2.96B	-82.1M	0.92	3.03	N/A	N/A	115,583	106,398	1,556,492	1,213,196
2022-12-09	$246.29	$250.00	30.8%	8.8%	27.3%	39.3%	29.1%	4.8%	2.4%	135.4M	-2.63B	-81.8M	0.94	3.47	N/A	N/A	118,374	111,708	1,569,746	1,224,639
2022-12-12	$250.98	$250.00	31.8%	9.0%	26.5%	43.6%	31.4%	5.1%	-0.7%	226.7M	-4.97B	-82.1M	0.75	2.62	N/A	N/A	139,700	104,959	1,515,763	1,179,347
2022-12-13	$256.66	$250.00	29.0%	8.3%	26.5%	32.1%	29.0%	4.3%	-0.1%	357.2M	-7.84B	-82.7M	0.70	3.70	N/A	N/A	210,282	147,169	1,545,469	1,205,133
2022-12-14	$256.78	$250.00	28.2%	7.9%	26.4%	28.4%	27.2%	4.6%	-0.5%	335.6M	-7.41B	-82.5M	0.84	3.51	N/A	N/A	228,550	191,359	1,561,402	1,238,027
2022-12-15	$248.73	$250.00	30.0%	8.4%	29.2%	35.9%	29.4%	4.6%	-0.7%	128.5M	-2.93B	-81.4M	0.75	3.22	N/A	N/A	183,688	137,655	1,588,780	1,268,049
2022-12-16	$246.63	$250.00	30.2%	8.5%	29.3%	37.0%	29.2%	4.2%	-0.9%	49.4M	-1.96B	-81.0M	0.75	3.29	N/A	N/A	192,124	143,996	1,617,905	1,288,319
2022-12-19	$239.23	$250.00	30.5%	8.7%	31.4%	38.1%	30.1%	4.6%	2.7%	-16.5M	1.40B	-76.3M	0.65	3.12	N/A	N/A	181,728	117,401	1,389,841	1,087,869
2022-12-20	$242.41	$250.00	29.4%	8.4%	31.7%	33.4%	29.3%	4.0%	2.9%	53.0M	94.3M	-77.5M	0.87	2.21	N/A	N/A	127,553	111,443	1,412,631	1,107,932
2022-12-21	$244.41	$250.00	27.9%	8.0%	31.7%	27.1%	25.9%	4.0%	4.1%	107.8M	-826.4M	-78.4M	1.31	2.51	N/A	N/A	118,410	155,270	1,435,702	1,131,295
2022-12-22	$237.06	$250.00	31.1%	8.7%	33.1%	40.5%	29.8%	4.3%	3.8%	-79.9M	2.17B	-75.5M	1.11	2.95	N/A	N/A	144,916	160,797	1,452,929	1,136,407
2022-12-23	$238.14	$250.00	31.0%	8.6%	33.2%	40.2%	30.5%	4.3%	3.1%	-53.8M	1.78B	-75.7M	1.00	2.09	N/A	N/A	119,192	118,638	1,469,473	1,156,434
2022-12-27	$237.37	$245.00	34.4%	8.9%	32.1%	54.5%	30.8%	5.1%	1.2%	-7.3M	1.54B	-74.3M	0.94	2.21	N/A	N/A	76,776	72,312	1,413,054	1,119,306
2022-12-28	$234.61	$245.00	35.5%	9.1%	32.2%	58.8%	28.9%	5.2%	0.1%	-59.7M	2.38B	-73.4M	2.13	2.35	N/A	N/A	103,202	219,966	1,425,844	1,128,021
2022-12-29	$241.53	$245.00	34.2%	8.5%	28.0%	53.4%	30.8%	4.8%	0.9%	120.0M	-649.7M	-75.3M	1.13	2.23	N/A	N/A	112,905	128,112	1,443,711	1,133,376
2022-12-30	$238.76	$245.00	34.8%	8.7%	27.5%	56.2%	30.8%	5.2%	1.8%	38.5M	676.3M	-74.4M	1.16	3.13	N/A	N/A	94,767	109,567	1,464,063	1,156,817