MSFT Options History — September 2023

In September 2023, MSFT traded between $310.74 and $338.77. ATM implied volatility averaged 23.4%, placing in the 20.5% IV rank vs the trailing year. The 30-day expected move averaged 6.4%. IV traded above realized volatility by 4.9% (HV 20d: 18.5%). Max pain ranged from $315.00 to $325.00. Net GEX was positive for 18 of 20 trading days. Term structure was in contango for 15 of 20 days. Put/call ratio averaged 0.71.

Notable Days

  • 2023-09-21: Highest Volume — 501,744 contracts
  • 2023-09-25: Largest IV spike — 12.2% change
  • 2023-09-26: Highest IV Rank — 49.5%
  • 2023-09-26: Largest Expected Move — 7.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$326.02$310.74$338.77$327.94$316.10
Max Pain$323.75$315.00$325.00$315.00$320.00
ATM IV23.4%19.2%30.6%20.1%28.6%
Expected Move6.4%5.4%7.8%5.4%6.8%
HV 20d18.5%15.9%21.1%15.9%19.2%
HV 60d23.9%23.3%24.8%24.5%23.3%
IV Rank20.5%3.6%49.5%7.2%41.5%
IV Percentile23.6%1.2%71.0%5.2%52.4%
Term Structure1.1%-0.4%4.9%0.3%-0.3%
VWIV22.5%19.6%26.6%19.6%24.4%
Skew 25d3.1%1.8%4.5%1.8%4.1%
Skew 10d6.0%3.1%8.3%3.1%8.0%
Call IV 25d22.0%18.3%28.6%19.6%26.6%
Put IV 25d25.2%20.8%33.2%21.4%30.7%
Bid-Ask Spread %1.851.322.552.101.90
Gamma HHI0.050.030.120.040.04
Net GEX332.4M-102.6M825.1M442.0M240.6M
Net DEX-10.24B-18.85B-1.70B-12.69B-5.47B
Net VEX-106.8M-111.9M-103.9M-111.4M-104.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.710.441.050.710.54
Total Volume308,229.15201,949501,744333,845364,718
Total OI2,860,721.652,512,5943,154,5353,073,3152,761,938

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-09-01$327.94$315.0020.1%5.4%15.9%7.2%19.6%1.8%0.3%442.0M-12.69B-111.4M0.712.10N/AN/A195,521138,3241,620,3421,452,973
2023-09-05$334.20$325.0020.9%6.2%17.2%10.4%22.0%2.1%0.2%645.2M-16.36B-110.4M0.751.73N/AN/A191,003142,4611,558,0871,404,715
2023-09-06$332.10$325.0021.6%6.3%16.9%13.4%22.4%2.3%0.1%551.3M-14.96B-111.9M0.972.09N/AN/A109,299105,6891,591,3451,445,740
2023-09-07$330.39$325.0021.6%6.3%16.8%13.3%22.1%2.9%0.0%422.9M-13.49B-111.2M0.491.82N/AN/A206,007100,4311,604,4951,464,468
2023-09-08$333.79$325.0020.7%6.1%17.0%9.7%22.3%2.7%0.0%739.5M-16.07B-109.6M0.732.11N/AN/A241,523175,7391,627,6651,482,868
2023-09-11$337.91$325.0020.1%5.8%17.2%7.1%20.9%2.7%0.2%658.9M-17.97B-106.7M0.721.61N/AN/A126,95290,9251,566,5901,444,831
2023-09-12$332.53$325.0020.7%6.0%18.4%9.6%21.7%3.0%0.3%440.7M-14.26B-107.7M0.711.55N/AN/A118,26783,6821,588,0121,465,409
2023-09-13$335.29$325.0020.2%5.9%18.3%7.7%21.4%2.8%0.3%590.8M-16.19B-107.3M0.751.57N/AN/A157,381118,3591,598,1551,482,329
2023-09-14$338.77$325.0019.2%5.6%18.5%3.6%20.3%2.5%0.4%825.1M-18.85B-105.6M0.881.63N/AN/A163,151144,0911,627,5441,497,595
2023-09-15$330.64$325.0020.6%6.0%19.9%9.3%21.1%2.7%0.3%588.2M-12.74B-106.2M0.661.78N/AN/A222,677146,2781,635,2911,519,244
2023-09-18$327.54$325.0021.0%6.0%20.3%10.7%21.3%3.1%4.3%196.0M-8.40B-104.5M0.761.78N/AN/A126,42095,7851,283,4901,229,104
2023-09-19$328.82$325.0021.1%6.1%19.7%11.4%20.7%2.9%4.5%250.1M-9.15B-106.0M0.831.74N/AN/A116,60297,1221,310,0051,261,680
2023-09-20$322.23$325.0022.4%6.4%21.1%16.4%21.9%3.1%4.9%73.7M-5.83B-104.5M0.812.40N/AN/A133,887108,6851,335,8361,279,021
2023-09-21$321.51$325.0024.9%6.9%19.9%26.6%24.2%3.5%4.6%61.0M-5.77B-107.0M0.632.14N/AN/A307,189194,5551,374,0921,291,957
2023-09-22$317.75$325.0025.5%6.9%18.7%28.9%23.9%3.7%4.3%-102.6M-3.81B-105.9M0.722.55N/AN/A201,158144,5381,405,7781,321,024
2023-09-25$316.76$325.0028.6%7.1%18.4%41.3%24.0%4.1%-0.4%31.3M-4.21B-104.1M0.441.32N/AN/A202,99089,6541,327,7111,280,054
2023-09-26$310.74$325.0030.6%7.8%19.5%49.5%26.6%4.5%-0.3%-72.0M-1.70B-103.9M0.651.77N/AN/A217,915142,0001,349,6901,296,639
2023-09-27$312.14$320.0030.4%7.4%18.7%48.7%24.2%4.4%-0.3%10.5M-3.00B-104.4M1.051.56N/AN/A177,545185,5471,398,0931,308,131
2023-09-28$313.32$320.0029.1%7.1%18.8%43.6%24.5%4.1%-0.4%54.1M-3.80B-104.0M0.461.77N/AN/A191,51089,0031,406,4211,316,071
2023-09-29$316.10$320.0028.6%6.8%19.2%41.5%24.4%4.1%-0.3%240.6M-5.47B-104.4M0.541.90N/AN/A237,012127,7061,435,2801,326,658