MSFT Options History — May 2023

In May 2023, MSFT traded between $304.85 and $333.29. ATM implied volatility averaged 21.2%, placing in the 6.3% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded below realized volatility by 7.2% (HV 20d: 28.4%). Max pain ranged from $270.00 to $290.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 15 of 22 days. Put/call ratio averaged 0.73.

Notable Days

  • 2023-05-16: Highest Volume — 695,156 contracts
  • 2023-05-05: Largest IV drop — 11.3% change
  • 2023-05-26: Highest IV Rank — 16.2%
  • 2023-05-04: Largest Expected Move — 7.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$314.80$304.85$333.29$305.70$330.79
Max Pain$279.55$270.00$290.00$285.00$290.00
ATM IV21.2%18.6%24.0%21.6%22.4%
Expected Move6.2%5.3%7.2%6.3%6.7%
HV 20d28.4%17.8%32.5%32.5%20.8%
HV 60d27.2%25.4%29.3%29.3%26.6%
IV Rank6.3%0.0%16.2%1.5%15.3%
IV Percentile2.8%0.0%8.7%0.8%7.1%
Term Structure0.3%-0.3%1.2%0.3%-0.3%
VWIV22.9%20.3%26.6%22.3%24.1%
Skew 25d4.1%2.7%5.1%4.2%3.1%
Skew 10d8.7%6.1%11.0%8.0%6.5%
Call IV 25d19.6%17.4%22.2%19.7%21.4%
Put IV 25d23.7%21.2%26.7%23.8%24.6%
Bid-Ask Spread %2.401.693.152.682.67
Gamma HHI0.090.060.160.080.06
Net GEX697.2M484.7M1.12B594.4M675.4M
Net DEX-19.59B-27.64B-16.31B-17.46B-24.26B
Net VEX-101.3M-106.0M-96.5M-101.4M-106.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.730.271.250.890.70
Total Volume372,381.136139,104695,156262,235396,934
Total OI2,841,026.1822,664,9862,943,7262,767,9002,929,312

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-05-01$305.70$285.0021.6%6.3%32.5%1.5%22.3%4.2%0.3%594.4M-17.46B-101.4M0.892.68N/AN/A138,615123,6201,403,9561,363,944
2023-05-02$305.41$285.0022.6%6.5%32.4%6.4%23.1%4.7%0.2%565.4M-17.05B-102.0M0.863.10N/AN/A180,874155,6441,427,4971,392,822
2023-05-03$304.85$285.0023.0%6.7%32.3%7.9%24.0%5.1%0.1%554.7M-16.41B-103.8M0.842.53N/AN/A145,787122,0621,442,5311,410,330
2023-05-04$305.64$270.0024.0%7.2%32.2%12.5%26.6%5.1%0.3%567.5M-16.53B-105.5M0.962.60N/AN/A164,786157,5601,454,9261,422,031
2023-05-05$311.31$270.0021.3%6.5%31.6%0.1%23.6%4.3%0.2%869.4M-20.54B-102.1M0.682.71N/AN/A283,751192,0241,468,1411,439,895
2023-05-08$308.58$270.0020.8%6.2%31.5%0.0%23.3%4.3%0.8%581.1M-17.53B-100.6M0.692.31N/AN/A143,29398,9501,393,8321,365,869
2023-05-09$306.65$270.0022.0%6.5%30.5%5.4%23.4%4.3%0.8%559.4M-16.44B-101.9M0.652.83N/AN/A143,01392,2771,418,6231,380,744
2023-05-10$312.65$270.0019.7%5.9%30.9%0.0%22.3%4.1%1.0%874.5M-20.26B-100.1M0.822.13N/AN/A222,388182,1331,440,3191,398,978
2023-05-11$309.94$270.0020.8%6.2%30.8%4.5%23.4%3.7%1.1%669.1M-18.19B-100.7M0.732.15N/AN/A222,546161,4521,457,2121,437,118
2023-05-12$308.45$275.0020.5%6.1%30.5%3.5%22.9%4.0%1.2%598.1M-17.11B-100.8M0.662.21N/AN/A215,610142,5151,474,6531,450,788
2023-05-15$309.18$275.0020.7%6.0%30.4%4.2%21.9%4.5%-0.0%653.1M-17.40B-98.4M0.631.85N/AN/A144,65191,2311,420,1631,390,916
2023-05-16$312.83$275.0020.2%5.8%30.5%2.0%21.3%4.5%-0.1%874.6M-19.87B-98.9M0.272.61N/AN/A547,009148,1471,448,9211,411,504
2023-05-17$313.70$280.0019.2%5.5%30.5%0.0%20.9%4.2%0.0%906.3M-17.90B-98.7M1.251.92N/AN/A149,221187,2451,379,8941,452,836
2023-05-18$318.65$280.0018.6%5.3%30.3%0.0%20.3%3.8%-0.1%1.12B-21.64B-96.5M0.673.15N/AN/A265,197176,8121,395,4161,478,102
2023-05-19$318.36$280.0018.7%5.4%30.3%0.4%20.4%3.9%-0.1%691.3M-21.06B-98.9M0.861.69N/AN/A190,929164,2741,423,6681,520,058
2023-05-22$320.87$285.0019.5%5.6%29.5%3.4%20.6%4.0%0.1%644.0M-20.52B-97.2M0.762.18N/AN/A176,054133,4001,330,1371,334,849
2023-05-23$316.44$285.0021.3%6.0%28.9%10.8%22.1%4.4%-0.1%523.4M-17.80B-100.6M0.562.39N/AN/A179,175100,3001,362,8681,367,356
2023-05-24$314.10$285.0021.8%6.4%17.8%13.0%24.0%4.7%0.4%484.7M-16.31B-103.3M0.902.20N/AN/A73,08966,0151,401,8291,385,233
2023-05-25$326.39$285.0022.6%6.5%19.6%16.2%23.9%3.4%0.2%834.6M-24.09B-101.9M0.572.43N/AN/A428,113244,2271,420,7911,399,016
2023-05-26$333.29$290.0022.6%6.8%20.6%16.2%25.1%2.7%0.1%810.6M-27.64B-105.1M0.452.25N/AN/A470,414210,7501,475,0171,459,570
2023-05-30$331.82$290.0022.5%6.6%20.7%15.7%24.4%3.0%-0.2%687.9M-25.03B-104.2M0.702.27N/AN/A212,206148,0921,457,2731,413,638
2023-05-31$330.79$290.0022.4%6.7%20.8%15.3%24.1%3.1%-0.3%675.4M-24.26B-106.0M0.702.67N/AN/A233,119163,8151,488,2711,441,041