MSFT Options History — May 2025

In May 2025, MSFT traded between $429.35 and $460.38. ATM implied volatility averaged 20.2%, placing in the 11.4% IV rank vs the trailing year. The 30-day expected move averaged 5.8%. IV traded below realized volatility by 20.3% (HV 20d: 40.5%). Max pain ranged from $390.00 to $410.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 0.57.

Notable Days

2025-05-01: Highest Volume — 1,053,320 contracts
2025-05-21: Largest IV spike — 9.1% change
2025-05-01: Highest IV Rank — 19.3%
2025-05-01: Largest Expected Move — 6.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$448.35	$429.35	$460.38	$429.35	$460.38
Max Pain	$400.24	$390.00	$410.00	$390.00	$410.00
ATM IV	20.2%	18.1%	23.0%	23.0%	18.1%
Expected Move	5.8%	5.1%	6.9%	6.9%	5.1%
HV 20d	40.5%	11.7%	58.9%	58.9%	11.7%
HV 60d	38.4%	37.7%	38.7%	38.6%	37.7%
IV Rank	11.4%	4.1%	19.3%	19.3%	4.1%
IV Percentile	28.9%	10.3%	50.8%	50.8%	10.3%
Term Structure	0.2%	-0.3%	0.7%	-0.1%	0.3%
VWIV	21.0%	17.6%	25.5%	25.5%	17.6%
Skew 25d	4.2%	3.0%	5.1%	4.5%	4.2%
Skew 10d	9.4%	6.1%	11.9%	8.9%	9.0%
Call IV 25d	18.4%	16.1%	21.1%	21.1%	16.1%
Put IV 25d	22.6%	20.3%	25.5%	25.5%	20.3%
Bid-Ask Spread %	3.07	1.82	15.41	3.25	2.03
Gamma HHI	0.08	0.05	0.10	0.06	0.10
Net GEX	1.26B	753.8M	1.80B	904.0M	1.49B
Net DEX	-24.39B	-28.12B	-21.26B	-22.61B	-26.44B
Net VEX	-136.1M	-141.3M	-125.3M	-125.3M	-135.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.57	0.13	0.92	0.58	0.56
Total Volume	358,114.905	160,983	1,053,320	1,053,320	298,241
Total OI	2,250,612.619	2,125,293	2,401,662	2,131,516	2,242,683

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
2025-05-01	$429.35	$390.00	23.0%	6.9%	58.9%	19.3%	25.5%	4.5%	-0.1%	904.0M	-22.61B	-125.3M	0.58	3.25	N/A	N/A	668,417	384,903	1,193,577	937,939
2025-05-02	$435.42	$395.00	22.1%	6.4%	57.9%	16.8%	22.8%	3.9%	0.2%	1.17B	-24.33B	-132.0M	0.52	2.83	N/A	N/A	450,380	232,479	1,300,324	1,013,955
2025-05-05	$436.91	$395.00	22.5%	6.5%	56.7%	17.9%	23.3%	4.6%	0.3%	900.0M	-21.71B	-134.8M	0.57	2.42	N/A	N/A	162,235	92,223	1,245,125	920,288
2025-05-06	$435.66	$395.00	22.6%	6.6%	55.3%	18.0%	24.5%	5.1%	0.3%	909.1M	-21.26B	-136.2M	0.78	2.75	N/A	N/A	102,448	79,438	1,284,363	948,683
2025-05-07	$436.56	$395.00	22.4%	6.5%	54.7%	17.6%	23.6%	4.7%	0.2%	987.3M	-21.76B	-135.8M	0.52	15.41	N/A	N/A	167,825	87,128	1,300,344	964,278
2025-05-08	$439.94	$400.00	21.2%	6.2%	43.4%	14.3%	21.4%	4.5%	0.3%	1.20B	-23.58B	-137.2M	0.39	3.30	N/A	N/A	295,755	115,006	1,324,120	976,772
2025-05-09	$438.69	$400.00	20.3%	5.9%	41.9%	11.7%	21.4%	4.5%	0.3%	1.04B	-22.66B	-136.8M	0.65	2.02	N/A	N/A	140,851	91,205	1,359,728	995,471
2025-05-12	$446.24	$400.00	19.2%	5.5%	41.6%	8.8%	20.7%	3.7%	-0.0%	1.33B	-25.40B	-133.3M	0.40	2.76	N/A	N/A	295,210	117,104	1,289,443	942,403
2025-05-13	$449.35	$400.00	18.6%	5.3%	41.5%	7.0%	19.2%	3.0%	-0.1%	1.70B	-27.24B	-133.7M	0.40	2.24	N/A	N/A	255,990	102,021	1,374,942	976,061
2025-05-14	$451.75	$400.00	19.9%	5.6%	41.0%	10.6%	21.5%	3.6%	-0.2%	1.80B	-28.12B	-137.2M	0.13	2.13	N/A	N/A	829,834	107,044	1,404,690	996,972
2025-05-15	$451.89	$400.00	19.5%	5.5%	37.0%	9.5%	19.7%	3.7%	-0.3%	1.72B	-24.22B	-137.7M	0.40	2.22	N/A	N/A	265,903	105,424	1,341,571	1,017,876
2025-05-16	$451.88	$400.00	18.7%	5.3%	36.9%	7.2%	19.3%	3.3%	-0.3%	1.59B	-24.37B	-136.8M	0.73	2.34	N/A	N/A	181,860	132,532	1,349,135	1,035,288
2025-05-19	$457.68	$400.00	18.8%	5.4%	34.0%	7.5%	19.8%	3.6%	0.1%	1.42B	-26.26B	-137.3M	0.68	2.15	N/A	N/A	168,064	114,773	1,232,365	892,928
2025-05-20	$457.01	$400.00	18.9%	5.4%	34.1%	7.8%	18.4%	4.0%	0.7%	1.43B	-25.96B	-137.8M	0.41	2.04	N/A	N/A	164,241	67,179	1,259,711	920,849
2025-05-21	$453.70	$400.00	20.6%	5.9%	34.5%	12.6%	21.2%	4.6%	-0.0%	1.21B	-23.75B	-140.3M	0.92	3.08	N/A	N/A	111,340	102,805	1,280,668	934,588
2025-05-22	$455.36	$405.00	20.2%	5.8%	33.2%	11.4%	20.6%	4.4%	0.4%	1.45B	-24.65B	-139.9M	0.57	2.64	N/A	N/A	162,395	93,325	1,290,635	941,624
2025-05-23	$451.69	$405.00	20.5%	5.8%	33.7%	12.3%	21.4%	4.9%	0.7%	753.8M	-21.96B	-141.3M	0.76	2.71	N/A	N/A	136,103	103,170	1,310,484	957,991
2025-05-27	$459.56	$405.00	19.4%	5.5%	33.8%	9.4%	20.4%	4.4%	0.3%	1.15B	-25.90B	-135.5M	0.76	2.03	N/A	N/A	104,562	79,544	1,219,245	909,688
2025-05-28	$457.82	$405.00	19.2%	5.5%	34.1%	8.7%	19.9%	4.4%	0.2%	1.10B	-24.82B	-136.7M	0.68	2.27	N/A	N/A	95,827	65,156	1,243,430	932,985
2025-05-29	$458.56	$405.00	18.7%	5.4%	33.8%	7.3%	18.0%	4.8%	0.2%	1.23B	-25.23B	-136.3M	0.61	1.82	N/A	N/A	118,154	72,319	1,258,809	940,834
2025-05-30	$460.38	$410.00	18.1%	5.1%	11.7%	4.1%	17.6%	4.2%	0.3%	1.49B	-26.44B	-135.4M	0.56	2.03	N/A	N/A	191,673	106,568	1,288,403	954,280