MSFT Options History — April 2025

In April 2025, MSFT traded between $351.25 and $394.01. ATM implied volatility averaged 35.9%, placing in the 63.2% IV rank vs the trailing year. The 30-day expected move averaged 10.3%. IV traded below realized volatility by 6.7% (HV 20d: 42.6%). Max pain ranged from $390.00 to $400.00. Net GEX was positive for 14 of 21 trading days. Term structure was in contango for 0 of 21 days. Put/call ratio averaged 0.67.

Notable Days

2025-04-04: Highest Volume — 465,654 contracts
2025-04-09: Largest IV drop — 32.3% change
2025-04-03: Highest IV Rank — 100.0%
2025-04-08: Largest Expected Move — 13.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$377.84	$351.25	$394.01	$382.14	$391.36
Max Pain	$393.81	$390.00	$400.00	$400.00	$390.00
ATM IV	35.9%	30.4%	52.1%	30.6%	32.2%
Expected Move	10.3%	8.2%	13.9%	8.4%	10.6%
HV 20d	42.6%	27.0%	51.4%	28.7%	49.1%
HV 60d	32.8%	27.1%	36.0%	27.1%	33.5%
IV Rank	63.2%	40.9%	100.0%	79.5%	44.8%
IV Percentile	96.7%	91.3%	100.0%	96.8%	93.7%
Term Structure	-1.5%	-3.1%	-0.3%	-0.8%	-0.9%
VWIV	35.9%	29.5%	45.3%	29.8%	37.3%
Skew 25d	7.8%	4.4%	14.2%	4.4%	5.8%
Skew 10d	15.5%	8.5%	27.3%	9.2%	11.2%
Call IV 25d	32.1%	28.3%	44.6%	28.7%	29.1%
Put IV 25d	39.9%	32.8%	58.7%	33.1%	34.9%
Bid-Ask Spread %	4.68	1.75	9.89	4.26	4.86
Gamma HHI	0.04	0.03	0.12	0.03	0.04
Net GEX	113.7M	-149.1M	509.5M	74.9M	272.8M
Net DEX	-1.16B	-6.76B	6.15B	-1.09B	-5.71B
Net VEX	-116.1M	-124.0M	-105.1M	-115.8M	-122.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.67	0.47	1.04	0.62	0.82
Total Volume	242,233.571	120,245	465,654	242,956	330,231
Total OI	2,038,676.619	1,851,287	2,174,335	1,999,781	2,003,461

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
2025-04-01	$382.14	$400.00	30.6%	8.4%	28.7%	79.5%	29.8%	4.4%	-0.8%	74.9M	-1.09B	-115.8M	0.62	4.26	N/A	N/A	150,211	92,745	1,127,065	872,716
2025-04-02	$383.77	$400.00	30.4%	8.2%	27.0%	78.7%	29.5%	4.4%	-0.3%	163.8M	-2.08B	-116.2M	0.53	3.38	N/A	N/A	111,655	59,097	1,163,555	883,390
2025-04-03	$375.11	$400.00	35.0%	9.4%	27.7%	100.0%	32.8%	6.2%	-1.8%	6.4M	906.8M	-116.0M	0.67	3.57	N/A	N/A	181,084	121,786	1,192,185	887,724
2025-04-04	$365.69	$395.00	41.0%	10.9%	28.8%	100.0%	37.6%	9.0%	-1.9%	-149.1M	3.85B	-114.2M	0.79	1.75	N/A	N/A	259,792	205,862	1,224,090	905,712
2025-04-07	$356.07	$395.00	46.3%	12.4%	27.8%	100.0%	42.0%	10.9%	-1.6%	-101.1M	5.61B	-108.5M	0.61	7.90	N/A	N/A	207,956	127,527	1,175,522	876,570
2025-04-08	$351.25	$395.00	52.1%	13.9%	27.6%	100.0%	45.3%	14.2%	-3.1%	-91.9M	6.15B	-108.7M	0.71	6.99	N/A	N/A	174,352	124,022	1,210,812	892,685
2025-04-09	$388.19	$395.00	35.3%	9.6%	46.2%	53.3%	34.8%	8.3%	-1.6%	341.4M	-5.44B	-122.3M	0.50	9.89	N/A	N/A	224,706	113,013	1,212,478	911,379
2025-04-10	$378.57	$395.00	42.3%	11.6%	46.8%	72.9%	40.6%	13.4%	-2.0%	173.0M	-1.91B	-123.1M	0.69	6.65	N/A	N/A	149,243	103,235	1,238,144	918,256
2025-04-11	$388.35	$395.00	36.4%	10.2%	46.7%	56.5%	34.5%	10.7%	-1.5%	358.5M	-5.60B	-124.0M	0.57	5.74	N/A	N/A	171,780	98,335	1,241,576	932,759
2025-04-14	$389.27	$395.00	33.3%	9.4%	46.6%	47.8%	33.3%	9.3%	-1.4%	216.1M	-4.26B	-120.5M	0.63	5.19	N/A	N/A	123,944	77,663	1,163,622	900,282
2025-04-15	$384.87	$395.00	33.1%	9.4%	46.1%	47.4%	32.5%	8.8%	-1.3%	106.0M	-2.42B	-117.5M	0.77	5.49	N/A	N/A	88,418	67,771	1,183,439	918,727
2025-04-16	$369.82	$395.00	37.3%	10.7%	47.9%	58.9%	35.8%	9.7%	-1.6%	-143.1M	2.92B	-112.4M	1.04	3.89	N/A	N/A	130,136	135,025	1,200,686	933,971
2025-04-17	$368.50	$395.00	34.6%	10.0%	47.9%	51.5%	34.2%	8.5%	-1.4%	-147.8M	3.11B	-110.3M	0.76	4.37	N/A	N/A	116,981	89,018	1,215,351	936,160
2025-04-21	$358.31	$390.00	37.9%	11.3%	48.7%	60.7%	38.8%	7.7%	-1.8%	-121.4M	4.15B	-105.1M	0.73	3.67	N/A	N/A	92,772	67,592	1,033,315	817,972
2025-04-22	$366.16	$390.00	35.8%	10.8%	49.0%	54.8%	36.7%	6.8%	-1.8%	-40.2M	2.03B	-108.3M	0.57	4.92	N/A	N/A	96,235	55,306	1,054,190	832,792
2025-04-23	$373.90	$390.00	34.1%	10.4%	49.7%	50.0%	36.6%	6.4%	-1.7%	78.8M	-420.6M	-112.5M	0.79	3.82	N/A	N/A	109,553	86,523	1,073,844	848,434
2025-04-24	$387.25	$390.00	32.7%	10.0%	51.3%	46.2%	35.4%	5.3%	-1.7%	322.4M	-5.10B	-118.8M	0.59	3.38	N/A	N/A	141,631	83,233	1,092,243	866,237
2025-04-25	$390.55	$390.00	30.8%	9.6%	51.4%	40.9%	33.8%	5.2%	-1.5%	509.5M	-6.45B	-120.2M	0.47	2.66	N/A	N/A	158,632	74,587	1,120,069	883,582
2025-04-28	$391.49	$390.00	31.5%	10.2%	49.5%	42.8%	36.0%	4.7%	-0.7%	256.0M	-5.74B	-120.6M	0.66	2.82	N/A	N/A	72,264	47,981	1,077,006	838,151
2025-04-29	$394.01	$390.00	30.8%	10.2%	49.4%	40.9%	36.2%	4.8%	-1.0%	301.8M	-6.76B	-121.4M	0.51	3.09	N/A	N/A	109,245	55,763	1,098,882	853,175
2025-04-30	$391.36	$390.00	32.2%	10.6%	49.1%	44.8%	37.3%	5.8%	-0.9%	272.8M	-5.71B	-122.1M	0.82	4.86	N/A	N/A	181,102	149,129	1,131,810	871,651