MSFT Options History — September 2025

In September 2025, MSFT traded between $493.75 and $516.80. ATM implied volatility averaged 20.6%, placing in the 12.0% IV rank vs the trailing year. The 30-day expected move averaged 5.7%. IV traded above realized volatility by 4.7% (HV 20d: 15.9%). Max pain ranged from $480.00 to $490.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 0.44.

Notable Days

2025-09-12: Highest Volume — 631,388 contracts
2025-09-29: Largest IV spike — 13.8% change
2025-09-30: Highest IV Rank — 27.8%
2025-09-23: Largest Expected Move — 6.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$507.17	$493.75	$516.80	$504.12	$516.80
Max Pain	$482.62	$480.00	$490.00	$490.00	$485.00
ATM IV	20.6%	18.9%	26.3%	19.7%	26.3%
Expected Move	5.7%	5.5%	6.0%	5.7%	5.8%
HV 20d	15.9%	14.6%	17.4%	15.2%	14.6%
HV 60d	17.8%	17.4%	18.3%	17.4%	17.4%
IV Rank	12.0%	7.1%	27.8%	9.5%	27.8%
IV Percentile	39.7%	24.2%	76.6%	31.0%	76.6%
Term Structure	1.5%	-0.6%	6.0%	-0.0%	-0.6%
VWIV	20.1%	19.1%	21.3%	19.1%	20.6%
Skew 25d	2.5%	1.8%	3.5%	3.5%	2.1%
Skew 10d	5.2%	3.8%	7.5%	7.0%	4.3%
Call IV 25d	19.6%	17.4%	26.0%	18.3%	26.0%
Put IV 25d	22.1%	20.4%	28.2%	21.8%	28.2%
Bid-Ask Spread %	3.07	1.96	4.28	3.22	2.10
Gamma HHI	0.06	0.04	0.25	0.04	0.05
Net GEX	940.3M	194.9M	2.33B	582.0M	1.18B
Net DEX	-22.81B	-28.10B	-14.80B	-20.36B	-26.44B
Net VEX	-151.9M	-155.2M	-149.9M	-153.0M	-150.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.44	0.27	0.66	0.52	0.43
Total Volume	264,307.333	118,366	631,388	197,678	192,257
Total OI	2,367,263.143	2,161,609	2,551,406	2,271,189	2,313,258

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
2025-09-02	$504.12	$490.00	19.7%	5.7%	15.2%	9.5%	19.1%	3.5%	-0.0%	582.0M	-20.36B	-153.0M	0.52	3.22	N/A	N/A	130,049	67,629	1,298,424	972,765
2025-09-03	$504.25	$490.00	19.3%	5.6%	14.9%	8.2%	19.6%	3.3%	0.1%	677.7M	-20.70B	-152.7M	0.59	2.34	N/A	N/A	74,292	44,074	1,339,211	988,539
2025-09-04	$506.68	$480.00	19.0%	5.5%	15.0%	7.4%	19.4%	3.3%	0.1%	808.7M	-21.92B	-152.3M	0.53	3.78	N/A	N/A	118,674	63,300	1,351,746	998,248
2025-09-05	$493.75	$480.00	19.5%	5.7%	17.0%	8.9%	20.0%	3.0%	0.0%	194.9M	-14.80B	-150.1M	0.42	3.11	N/A	N/A	394,732	166,630	1,377,595	1,008,642
2025-09-08	$497.89	$480.00	18.9%	5.5%	17.4%	7.1%	19.4%	3.0%	0.2%	643.7M	-17.93B	-150.6M	0.56	3.42	N/A	N/A	121,083	68,005	1,356,778	999,041
2025-09-09	$498.22	$480.00	18.9%	5.5%	17.4%	7.2%	19.2%	2.7%	0.2%	631.3M	-18.75B	-149.9M	0.47	3.06	N/A	N/A	102,451	48,553	1,371,779	1,004,762
2025-09-10	$500.23	$480.00	19.9%	5.7%	16.2%	10.1%	20.1%	2.5%	0.0%	794.4M	-20.17B	-152.5M	0.31	3.43	N/A	N/A	213,943	66,423	1,392,035	1,016,178
2025-09-11	$500.62	$480.00	19.4%	5.6%	15.1%	8.7%	19.9%	2.3%	0.2%	882.5M	-20.40B	-151.7M	0.43	3.12	N/A	N/A	190,007	81,738	1,428,054	1,025,750
2025-09-12	$510.47	$480.00	19.4%	5.6%	16.8%	8.5%	19.7%	1.8%	0.2%	2.33B	-28.04B	-155.2M	0.29	4.28	N/A	N/A	488,232	143,156	1,465,543	1,037,185
2025-09-15	$514.21	$480.00	20.0%	5.7%	17.0%	10.2%	20.3%	2.0%	0.7%	1.25B	-28.10B	-153.4M	0.29	3.22	N/A	N/A	172,971	50,414	1,401,376	1,003,460
2025-09-16	$509.40	$480.00	20.9%	6.0%	16.6%	12.7%	21.3%	2.3%	0.6%	1.03B	-25.21B	-153.4M	0.35	4.24	N/A	N/A	172,034	60,120	1,431,324	1,013,844
2025-09-17	$509.58	$480.00	20.0%	5.7%	15.9%	10.2%	20.2%	2.2%	0.7%	1.11B	-25.42B	-152.8M	0.27	3.32	N/A	N/A	186,260	49,809	1,460,636	1,027,321
2025-09-18	$508.35	$480.00	20.1%	5.7%	15.8%	10.5%	20.0%	2.1%	1.0%	990.4M	-24.62B	-152.2M	0.39	3.38	N/A	N/A	204,210	79,882	1,470,574	1,035,707
2025-09-19	$511.19	$480.00	19.8%	5.6%	15.9%	9.6%	19.7%	2.1%	0.9%	1.36B	-26.71B	-151.2M	0.46	3.83	N/A	N/A	259,342	120,317	1,501,906	1,049,500
2025-09-22	$514.04	$485.00	20.9%	5.8%	15.9%	13.0%	20.9%	2.2%	5.0%	1.02B	-25.18B	-150.0M	0.47	2.85	N/A	N/A	158,986	75,178	1,256,739	904,870
2025-09-23	$509.25	$485.00	21.1%	6.0%	16.2%	13.3%	21.1%	2.4%	5.6%	850.3M	-22.52B	-151.7M	0.59	2.79	N/A	N/A	138,471	82,097	1,294,431	921,210
2025-09-24	$509.12	$485.00	20.8%	5.8%	15.5%	12.4%	20.7%	2.4%	5.8%	810.6M	-22.19B	-152.3M	0.35	2.27	N/A	N/A	140,659	48,818	1,314,381	950,021
2025-09-25	$506.37	$485.00	22.1%	5.9%	14.7%	16.2%	20.8%	2.6%	5.6%	644.3M	-20.57B	-151.6M	0.66	2.30	N/A	N/A	146,481	97,307	1,348,783	962,851
2025-09-26	$511.86	$485.00	22.0%	5.5%	15.0%	16.0%	19.6%	2.0%	6.0%	985.5M	-24.06B	-151.7M	0.42	2.45	N/A	N/A	228,106	96,014	1,371,057	988,531
2025-09-29	$514.27	$485.00	25.1%	5.6%	15.0%	24.5%	20.2%	2.1%	-0.5%	979.6M	-24.93B	-150.8M	0.42	1.96	N/A	N/A	145,920	61,830	1,305,650	952,821
2025-09-30	$516.80	$485.00	26.3%	5.8%	14.6%	27.8%	20.6%	2.1%	-0.6%	1.18B	-26.44B	-150.5M	0.43	2.10	N/A	N/A	133,978	58,279	1,347,505	965,753