MSFT Options History — March 2025

In March 2025, MSFT traded between $374.73 and $400.34. ATM implied volatility averaged 25.8%, placing in the 53.6% IV rank vs the trailing year. The 30-day expected move averaged 8.2%. IV traded above realized volatility by 3.0% (HV 20d: 22.9%). Max pain ranged from $397.50 to $410.00. Net GEX was positive for 10 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.65.

Notable Days

2025-03-28: Highest Volume — 380,275 contracts
2025-03-10: Largest IV spike — 18.5% change
2025-03-10: Highest IV Rank — 86.5%
2025-03-10: Largest Expected Move — 10.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$387.25	$374.73	$400.34	$387.60	$374.73
Max Pain	$402.98	$397.50	$410.00	$410.00	$400.00
ATM IV	25.8%	21.4%	31.9%	27.2%	29.7%
Expected Move	8.2%	7.2%	10.8%	8.2%	8.4%
HV 20d	22.9%	14.7%	28.1%	14.7%	27.8%
HV 60d	25.7%	24.4%	26.8%	24.4%	26.8%
IV Rank	53.6%	29.5%	86.5%	60.9%	74.8%
IV Percentile	70.3%	40.5%	98.8%	81.3%	91.7%
Term Structure	0.9%	-0.9%	4.8%	-0.4%	-0.3%
VWIV	28.3%	24.8%	37.0%	28.4%	29.9%
Skew 25d	4.6%	3.4%	6.8%	5.1%	4.2%
Skew 10d	9.5%	7.2%	13.4%	10.5%	8.1%
Call IV 25d	23.6%	19.8%	28.7%	25.0%	28.7%
Put IV 25d	28.2%	23.3%	35.3%	30.1%	32.9%
Bid-Ask Spread %	3.54	1.95	5.52	3.54	3.50
Gamma HHI	0.04	0.03	0.05	0.04	0.04
Net GEX	24.0M	-234.3M	339.0M	-105.4M	-128.8M
Net DEX	-1.01B	-5.26B	3.04B	919.7M	2.16B
Net VEX	-117.7M	-125.8M	-109.5M	-121.3M	-109.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.65	0.46	0.97	0.64	0.83
Total Volume	252,297.952	149,855	380,275	224,327	285,545
Total OI	2,143,373.381	1,858,362	2,278,717	2,148,404	1,937,933

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
2025-03-03	$387.60	$410.00	27.2%	8.2%	14.7%	60.9%	28.4%	5.1%	-0.4%	-105.4M	919.7M	-121.3M	0.64	3.54	N/A	N/A	136,911	87,416	1,251,715	896,689
2025-03-04	$390.23	$410.00	26.1%	8.0%	15.1%	55.2%	27.7%	4.6%	-0.4%	-67.9M	-111.2M	-121.3M	0.66	3.68	N/A	N/A	178,987	118,053	1,274,733	908,782
2025-03-05	$400.34	$410.00	25.1%	7.6%	18.1%	49.3%	26.8%	4.1%	-0.4%	265.5M	-5.04B	-125.8M	0.66	2.50	N/A	N/A	175,697	116,279	1,294,878	918,755
2025-03-06	$395.33	$410.00	28.1%	8.7%	18.5%	65.9%	29.8%	5.0%	-0.7%	109.4M	-2.77B	-125.8M	0.56	2.70	N/A	N/A	168,892	94,347	1,302,155	931,487
2025-03-07	$391.91	$410.00	26.9%	8.2%	18.4%	59.3%	28.1%	5.0%	-0.6%	-31.8M	-731.8M	-122.9M	0.62	2.62	N/A	N/A	218,537	135,849	1,317,852	944,288
2025-03-10	$378.65	$410.00	31.9%	10.8%	21.4%	86.5%	37.0%	6.8%	-0.9%	-139.3M	3.04B	-117.3M	0.65	2.95	N/A	N/A	184,672	119,963	1,248,342	889,824
2025-03-11	$382.50	$405.00	30.4%	9.9%	21.8%	78.5%	33.7%	6.2%	-0.8%	-81.2M	1.41B	-119.5M	0.49	2.79	N/A	N/A	163,857	80,446	1,297,498	906,893
2025-03-12	$383.37	$400.00	27.7%	8.8%	21.8%	63.8%	30.5%	5.6%	-0.6%	-70.4M	932.3M	-118.2M	0.63	2.38	N/A	N/A	159,879	100,224	1,318,985	917,840
2025-03-13	$377.96	$400.00	28.4%	9.1%	22.1%	67.7%	30.9%	5.7%	-0.6%	-195.6M	2.62B	-115.5M	0.96	2.29	N/A	N/A	129,519	124,698	1,335,574	923,072
2025-03-14	$388.38	$397.50	24.4%	7.3%	24.6%	45.5%	25.2%	4.7%	-0.3%	156.9M	-2.10B	-119.0M	0.50	1.95	N/A	N/A	206,393	102,453	1,355,076	923,641
2025-03-17	$391.36	$400.00	23.7%	7.7%	24.8%	41.9%	26.5%	3.9%	0.1%	100.3M	-3.00B	-118.5M	0.70	4.66	N/A	N/A	113,665	79,542	1,294,781	881,346
2025-03-18	$382.96	$400.00	25.3%	8.0%	25.8%	50.4%	27.5%	4.5%	-0.1%	-78.8M	91.3M	-115.3M	0.69	4.62	N/A	N/A	88,795	61,060	1,316,174	894,788
2025-03-19	$388.71	$400.00	22.9%	7.5%	25.6%	37.3%	26.3%	3.8%	0.6%	83.4M	-2.47B	-115.6M	0.58	5.52	N/A	N/A	100,765	58,788	1,331,976	901,729
2025-03-20	$386.62	$400.00	23.7%	7.7%	25.5%	41.8%	26.0%	4.0%	0.8%	19.4M	-1.53B	-114.8M	0.97	4.61	N/A	N/A	128,673	125,453	1,341,373	908,665
2025-03-21	$385.77	$400.00	22.9%	7.6%	25.0%	37.4%	26.6%	3.7%	0.5%	-3.6M	-1.32B	-114.2M	0.62	4.22	N/A	N/A	155,268	95,886	1,356,955	915,532
2025-03-24	$392.36	$400.00	22.1%	7.3%	25.8%	33.3%	24.8%	3.4%	4.8%	215.7M	-4.23B	-114.8M	0.50	4.34	N/A	N/A	171,326	85,263	1,049,117	809,245
2025-03-25	$394.48	$400.00	21.4%	7.2%	25.1%	29.5%	25.6%	3.5%	4.8%	339.0M	-5.26B	-117.0M	0.46	4.09	N/A	N/A	136,270	62,470	1,092,916	834,094
2025-03-26	$389.50	$400.00	23.2%	7.7%	25.4%	39.2%	27.2%	3.9%	4.5%	110.3M	-2.53B	-116.3M	0.59	3.42	N/A	N/A	115,525	67,662	1,113,218	859,943
2025-03-27	$391.79	$400.00	24.2%	7.7%	24.9%	44.5%	26.4%	4.2%	4.5%	240.9M	-3.58B	-117.3M	0.62	4.14	N/A	N/A	113,161	69,793	1,128,269	871,640
2025-03-28	$377.67	$400.00	27.5%	8.4%	28.1%	62.9%	28.7%	4.9%	4.0%	-234.3M	2.23B	-111.7M	0.71	3.84	N/A	N/A	222,057	158,218	1,135,465	877,603
2025-03-31	$374.73	$400.00	29.7%	8.4%	27.8%	74.8%	29.9%	4.2%	-0.3%	-128.8M	2.16B	-109.5M	0.83	3.50	N/A	N/A	156,075	129,470	1,093,615	844,318