MSFT Options History — January 2025

In January 2025, MSFT traded between $412.63 and $446.48. ATM implied volatility averaged 25.4%, placing in the 51.1% IV rank vs the trailing year. The 30-day expected move averaged 7.0%. IV traded above realized volatility by 2.1% (HV 20d: 23.2%). Max pain ranged from $400.00 to $415.00. Net GEX was positive for 18 of 20 trading days. Term structure was in contango for 0 of 20 days. Put/call ratio averaged 0.58.

Notable Days

2025-01-30: Highest Volume — 1,116,576 contracts
2025-01-30: Largest IV drop — 14.7% change
2025-01-14: Highest IV Rank — 61.7%
2025-01-29: Largest Expected Move — 8.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$428.21	$412.63	$446.48	$418.45	$415.91
Max Pain	$407.25	$400.00	$415.00	$400.00	$415.00
ATM IV	25.4%	22.4%	27.3%	26.4%	22.4%
Expected Move	7.0%	5.2%	8.2%	5.9%	6.4%
HV 20d	23.2%	18.5%	35.2%	20.0%	35.1%
HV 60d	23.3%	21.8%	25.7%	21.9%	25.7%
IV Rank	51.1%	34.9%	61.7%	56.6%	34.9%
IV Percentile	70.1%	56.7%	82.5%	74.6%	56.7%
Term Structure	-0.9%	-1.4%	-0.0%	-0.5%	-0.0%
VWIV	24.5%	18.7%	28.7%	20.2%	22.7%
Skew 25d	2.2%	1.1%	3.4%	3.4%	1.8%
Skew 10d	4.9%	2.4%	7.1%	7.1%	4.4%
Call IV 25d	24.4%	21.8%	26.5%	25.0%	21.8%
Put IV 25d	26.6%	23.6%	28.8%	28.4%	23.6%
Bid-Ask Spread %	2.83	1.75	4.74	1.93	2.56
Gamma HHI	0.04	0.03	0.11	0.03	0.04
Net GEX	328.7M	-267.7M	783.4M	14.4M	227.8M
Net DEX	-11.32B	-17.84B	-85.1M	-8.38B	-3.07B
Net VEX	-121.9M	-129.8M	-116.9M	-119.3M	-128.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.58	0.40	0.84	0.78	0.40
Total Volume	343,101.8	168,759	1,116,576	310,283	717,824
Total OI	2,219,073.7	1,798,460	2,475,960	2,345,675	2,395,313

Daily Data (20 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
2025-01-02	$418.45	$400.00	26.4%	5.9%	20.0%	56.6%	20.2%	3.4%	-0.5%	14.4M	-8.38B	-119.3M	0.78	1.93	N/A	N/A	173,845	136,438	1,266,142	1,079,533
2025-01-03	$422.01	$405.00	25.0%	5.2%	19.3%	49.1%	18.7%	2.0%	-0.3%	171.6M	-10.45B	-121.0M	0.42	1.75	N/A	N/A	188,305	79,561	1,301,196	1,110,572
2025-01-06	$427.07	$405.00	25.8%	7.0%	19.2%	53.3%	24.6%	1.9%	-0.7%	404.5M	-13.40B	-120.5M	0.40	2.91	N/A	N/A	185,957	74,605	1,246,341	1,073,990
2025-01-07	$421.59	$405.00	26.7%	7.2%	19.5%	58.2%	24.8%	2.5%	-0.9%	196.0M	-10.35B	-120.7M	0.58	3.21	N/A	N/A	122,491	71,142	1,281,768	1,090,272
2025-01-08	$424.14	$405.00	26.0%	7.0%	19.6%	54.5%	24.3%	2.5%	-0.8%	289.6M	-11.49B	-121.1M	0.58	2.65	N/A	N/A	107,064	61,695	1,298,597	1,106,175
2025-01-10	$420.07	$405.00	27.1%	7.4%	19.8%	60.5%	25.6%	2.9%	-1.0%	46.1M	-9.33B	-119.7M	0.65	3.25	N/A	N/A	171,987	111,691	1,316,992	1,115,963
2025-01-13	$416.65	$405.00	27.0%	7.3%	18.8%	59.8%	25.5%	2.7%	-1.1%	18.9M	-7.73B	-117.7M	0.79	2.84	N/A	N/A	112,652	89,304	1,274,289	1,099,805
2025-01-14	$412.63	$405.00	27.3%	7.4%	18.5%	61.7%	25.5%	2.8%	-1.3%	-35.9M	-6.14B	-116.9M	0.56	2.48	N/A	N/A	157,087	88,134	1,300,932	1,116,993
2025-01-15	$427.23	$405.00	25.0%	6.8%	23.1%	49.1%	23.6%	2.3%	-1.3%	512.9M	-14.58B	-120.3M	0.49	2.67	N/A	N/A	176,165	85,865	1,321,273	1,124,825
2025-01-16	$426.19	$405.00	25.3%	6.9%	22.8%	50.4%	24.3%	2.3%	-1.4%	429.3M	-13.66B	-120.8M	0.84	3.14	N/A	N/A	99,432	83,842	1,326,352	1,131,214
2025-01-17	$430.94	$405.00	24.5%	6.7%	23.0%	46.2%	23.6%	2.5%	-1.4%	783.4M	-16.45B	-119.9M	0.55	2.75	N/A	N/A	189,800	105,193	1,333,803	1,142,157
2025-01-21	$428.49	$405.00	24.5%	7.0%	19.7%	46.5%	24.5%	2.5%	-1.2%	345.8M	-9.68B	-118.3M	0.58	2.37	N/A	N/A	136,773	79,535	992,673	805,787
2025-01-22	$445.78	$410.00	24.9%	7.2%	24.4%	48.7%	25.3%	1.2%	-1.2%	745.4M	-17.84B	-121.6M	0.45	2.89	N/A	N/A	365,949	165,878	1,026,280	833,302
2025-01-23	$444.94	$410.00	23.9%	6.9%	24.4%	43.1%	25.0%	1.5%	-1.2%	771.6M	-17.21B	-122.3M	0.81	2.68	N/A	N/A	121,133	98,573	1,071,503	868,387
2025-01-24	$442.95	$410.00	23.3%	6.8%	24.4%	39.6%	23.9%	1.9%	-1.3%	479.6M	-15.70B	-123.7M	0.72	2.20	N/A	N/A	180,907	130,517	1,084,573	891,111
2025-01-27	$434.64	$410.00	25.9%	7.8%	25.3%	54.1%	27.6%	2.9%	-0.8%	275.0M	-9.70B	-126.6M	0.62	2.31	N/A	N/A	187,023	115,436	1,008,835	836,073
2025-01-28	$446.48	$410.00	26.6%	8.0%	27.0%	57.7%	28.3%	1.7%	-1.1%	585.5M	-16.14B	-128.1M	0.42	3.27	N/A	N/A	216,592	91,003	1,068,965	856,193
2025-01-29	$443.33	$410.00	27.0%	8.2%	25.6%	59.7%	28.7%	1.1%	-1.1%	580.8M	-15.00B	-129.8M	0.57	4.09	N/A	N/A	296,261	169,801	1,126,877	876,603
2025-01-30	$414.70	$415.00	23.0%	6.6%	35.2%	38.0%	23.4%	1.4%	-0.2%	-267.7M	-85.1M	-120.9M	0.45	4.74	N/A	N/A	769,580	346,996	1,240,565	939,250
2025-01-31	$415.91	$415.00	22.4%	6.4%	35.1%	34.9%	22.7%	1.8%	-0.0%	227.8M	-3.07B	-128.3M	0.40	2.56	N/A	N/A	512,821	205,003	1,408,428	986,885