MSFT Options History — March 2023

In March 2023, MSFT traded between $246.88 and $288.11. ATM implied volatility averaged 28.9%, placing in the 31.5% IV rank vs the trailing year. The 30-day expected move averaged 8.0%. IV traded above realized volatility by 1.4% (HV 20d: 27.5%). Max pain ranged from $250.00 to $260.00. Net GEX was positive for 22 of 23 trading days. Term structure was in contango for 9 of 23 days. Put/call ratio averaged 0.80.

Notable Days

  • 2023-03-17: Highest Volume — 1,026,302 contracts
  • 2023-03-09: Largest IV spike — 12.3% change
  • 2023-03-13: Highest IV Rank — 42.5%
  • 2023-03-13: Largest Expected Move — 8.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$266.63$246.88$288.11$246.88$288.11
Max Pain$254.13$250.00$260.00$250.00$260.00
ATM IV28.9%26.4%31.5%29.0%28.3%
Expected Move8.0%6.8%8.8%8.3%6.8%
HV 20d27.5%24.5%31.9%31.9%26.4%
HV 60d30.0%27.4%31.0%29.9%27.4%
IV Rank31.5%21.0%42.5%32.0%28.9%
IV Percentile29.4%12.7%48.8%26.2%23.4%
Term Structure0.5%-0.5%3.1%-0.4%-0.0%
VWIV28.3%24.9%31.9%29.1%24.9%
Skew 25d4.9%3.0%6.2%4.2%5.0%
Skew 10d9.7%6.1%12.1%7.8%10.0%
Call IV 25d26.7%24.6%29.4%26.7%26.4%
Put IV 25d31.6%28.1%34.8%30.9%31.4%
Bid-Ask Spread %4.412.1710.616.283.47
Gamma HHI0.060.030.140.030.12
Net GEX295.3M-55.3M801.6M5.9M801.6M
Net DEX-8.11B-16.83B-421.1M-661.8M-16.83B
Net VEX-94.0M-101.8M-85.9M-85.9M-98.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.800.541.421.060.68
Total Volume400,829.391176,4951,026,302269,152452,673
Total OI2,773,962.4352,558,3503,046,8312,693,9742,889,401

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-03-01$246.88$250.0029.0%8.3%31.9%32.0%29.1%4.2%-0.4%5.9M-661.8M-85.9M1.066.28N/AN/A130,596138,5561,476,2631,217,711
2023-03-02$250.83$250.0027.6%8.0%30.6%26.2%28.6%3.5%-0.5%161.8M-3.01B-87.4M0.753.28N/AN/A155,350116,8731,503,1861,229,889
2023-03-03$255.37$250.0026.8%7.5%29.2%22.8%27.3%3.0%-0.2%345.6M-5.61B-88.0M0.725.90N/AN/A222,834160,3941,512,9141,250,159
2023-03-06$257.26$250.0027.2%7.7%28.7%24.3%26.8%3.5%-0.2%199.8M-5.48B-88.2M0.952.99N/AN/A144,733137,5121,440,9891,229,873
2023-03-07$253.96$250.0026.4%7.5%29.1%21.0%26.7%3.5%0.0%68.6M-3.41B-87.6M1.423.17N/AN/A94,465133,8321,461,0221,265,269
2023-03-08$253.76$250.0026.6%7.6%24.5%22.0%26.9%3.3%-0.2%106.8M-3.67B-86.9M0.963.40N/AN/A89,84386,6521,482,3011,256,964
2023-03-09$252.22$250.0029.9%8.3%24.5%35.8%28.7%4.5%-0.3%52.5M-2.77B-88.5M0.695.89N/AN/A210,572144,8791,495,0401,271,141
2023-03-10$247.68$250.0031.2%8.7%24.8%41.1%30.9%5.1%-0.5%-55.3M-421.1M-88.4M0.915.05N/AN/A167,180151,8531,539,1751,284,126
2023-03-13$255.69$250.0031.5%8.8%27.7%42.5%31.2%5.5%-0.0%151.1M-4.58B-90.3M0.736.09N/AN/A166,385120,6881,472,6821,247,831
2023-03-14$259.04$250.0029.6%8.3%25.6%34.4%30.0%4.8%-0.4%252.3M-6.45B-90.8M1.035.76N/AN/A164,759169,4851,514,4261,271,920
2023-03-15$264.89$250.0031.4%8.8%26.8%41.9%31.9%6.0%-0.5%357.5M-8.98B-94.7M0.9510.61N/AN/A264,984250,8001,536,1361,329,724
2023-03-16$276.08$250.0027.8%8.0%30.0%26.8%28.5%5.1%0.8%607.8M-15.18B-94.9M0.685.95N/AN/A452,659308,0611,555,7791,385,739
2023-03-17$277.88$250.0029.2%8.3%28.7%33.0%29.3%5.9%-0.3%552.1M-15.78B-98.8M0.663.88N/AN/A617,365408,9371,589,4531,457,378
2023-03-20$271.19$255.0029.9%8.5%29.3%35.7%30.3%6.2%2.2%140.5M-7.14B-98.7M0.843.29N/AN/A251,771211,5481,327,8961,230,454
2023-03-21$273.48$260.0027.3%7.8%28.3%25.0%28.0%5.5%2.3%225.0M-8.52B-98.2M0.562.66N/AN/A236,306131,5471,384,2781,272,399
2023-03-22$274.99$260.0027.5%7.9%27.9%25.7%27.6%5.6%2.9%273.6M-9.50B-99.2M0.544.56N/AN/A301,067162,4391,424,3841,303,538
2023-03-23$277.56$260.0029.4%8.3%27.7%33.8%29.2%5.7%2.6%334.8M-10.53B-101.8M0.677.15N/AN/A294,472197,4501,452,6481,333,792
2023-03-24$280.04$260.0029.2%8.1%25.4%32.8%29.0%5.5%3.1%592.7M-12.28B-101.7M0.582.55N/AN/A284,692165,1501,473,8691,357,760
2023-03-27$276.88$260.0030.8%8.0%26.2%39.7%28.0%6.0%-0.3%282.5M-10.14B-99.4M0.632.72N/AN/A189,634119,1161,415,0781,284,331
2023-03-28$274.27$260.0029.9%7.5%26.6%35.8%26.7%5.6%0.3%230.3M-8.82B-98.3M0.842.17N/AN/A146,064123,3311,453,7071,310,551
2023-03-29$280.61$260.0029.3%7.1%26.7%33.4%25.4%5.3%0.3%492.3M-12.53B-97.7M0.872.31N/AN/A194,109168,4561,462,0171,325,946
2023-03-30$283.81$260.0028.7%6.9%26.5%30.9%25.4%5.3%-0.1%611.9M-14.22B-97.8M0.582.32N/AN/A239,741139,2631,476,4971,345,500
2023-03-31$288.11$260.0028.3%6.8%26.4%28.9%24.9%5.0%-0.0%801.6M-16.83B-98.3M0.683.47N/AN/A270,225182,4481,511,9151,377,486