MSFT Options History — December 2025 In December 2025, MSFT traded between $475.42 and $491.23. ATM implied volatility averaged 21.6%, placing in the 14.9% IV rank vs the trailing year. The 30-day expected move averaged 6.0%. IV traded above realized volatility by 2.1% (HV 20d: 19.6%). Max pain ranged from $450.00 to $475.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 0.65.
Notable Days 2025-12-03 : Highest Volume — 539,380 contracts2025-12-26 : Largest IV spike — 18.4% change2025-12-31 : Highest IV Rank — 30.2%2025-12-03 : Largest Expected Move — 6.7%Monthly Statistics Metric Avg Min Max Open Close Price $483.95 $475.42 $491.23 $487.64 $483.88 Max Pain $453.86 $450.00 $475.00 $475.00 $450.00 ATM IV 21.6% 18.3% 27.1% 21.3% 27.1% Expected Move 6.0% 5.2% 6.7% 6.4% 5.4% HV 20d 19.6% 16.3% 22.1% 20.4% 16.6% HV 60d 18.5% 17.6% 19.0% 17.7% 18.1% IV Rank 14.9% 5.5% 30.2% 13.9% 30.2% IV Percentile 41.2% 9.1% 79.4% 42.1% 79.4% Term Structure 1.5% -0.5% 7.9% 0.5% -0.2% VWIV 20.7% 16.3% 23.6% 22.4% 18.3% Skew 25d 2.2% 1.3% 2.8% 2.2% 1.3% Skew 10d 4.8% 3.4% 6.1% 4.2% 3.4% Call IV 25d 20.8% 17.6% 26.3% 20.6% 26.3% Put IV 25d 22.9% 19.6% 27.9% 22.8% 27.6% Bid-Ask Spread % 8.58 2.73 31.17 3.26 18.79 Gamma HHI 0.05 0.04 0.09 0.04 0.04 Net GEX 574.8M 225.5M 933.4M 604.6M 263.6M Net DEX -12.57B -17.71B -8.42B -14.83B -10.01B Net VEX -144.7M -155.4M -134.1M -152.9M -134.1M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 0.65 0.39 1.13 0.53 0.76 Total Volume 258,024.409 124,963 539,380 191,655 211,549 Total OI 2,508,618.773 2,133,125 2,755,517 2,525,098 2,195,079
Daily Data (22 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 2025-12-01 $487.64 $475.00 21.3% 6.4% 20.4% 13.9% 22.4% 2.2% 0.5% 604.6M -14.83B -152.9M 0.53 3.26 N/A N/A 125,316 66,339 1,542,168 982,930 2025-12-02 $489.86 $475.00 20.9% 6.2% 20.6% 12.9% 21.9% 2.4% 0.7% 723.4M -16.06B -154.5M 0.43 3.11 N/A N/A 129,166 55,826 1,591,550 1,006,531 2025-12-03 $480.99 $475.00 22.2% 6.7% 21.3% 16.4% 23.6% 2.3% 0.4% 359.0M -11.26B -150.9M 0.49 2.73 N/A N/A 362,125 177,255 1,593,306 1,017,472 2025-12-04 $479.47 $450.00 22.0% 6.6% 20.9% 15.8% 23.0% 2.1% 0.6% 424.9M -11.15B -153.5M 0.47 4.08 N/A N/A 200,816 94,631 1,649,307 1,051,263 2025-12-05 $482.04 $450.00 21.0% 6.3% 20.2% 13.2% 22.4% 1.7% 0.6% 835.8M -13.14B -154.2M 0.48 4.00 N/A N/A 192,450 92,812 1,677,649 1,061,442 2025-12-08 $490.27 $450.00 21.8% 6.4% 21.2% 15.3% 22.4% 2.2% 0.4% 854.0M -17.56B -155.4M 0.53 3.83 N/A N/A 163,833 86,236 1,601,410 1,024,524 2025-12-09 $491.23 $450.00 21.2% 6.2% 19.9% 13.6% 21.9% 2.4% 0.4% 887.3M -17.71B -154.4M 0.48 3.65 N/A N/A 102,882 49,480 1,611,745 1,036,110 2025-12-10 $478.27 $450.00 22.7% 6.6% 21.6% 17.9% 23.1% 1.9% 0.3% 325.2M -10.13B -146.6M 0.39 4.36 N/A N/A 308,037 119,084 1,600,248 1,046,843 2025-12-11 $483.49 $450.00 21.6% 6.3% 22.1% 14.6% 22.3% 1.8% 0.4% 927.7M -13.85B -148.7M 0.51 3.53 N/A N/A 231,654 119,222 1,673,087 1,073,310 2025-12-12 $478.17 $455.00 21.5% 6.2% 21.8% 14.5% 21.8% 2.1% 0.4% 268.0M -9.77B -145.1M 0.74 3.38 N/A N/A 193,129 142,198 1,674,027 1,081,490 2025-12-15 $475.42 $455.00 21.3% 6.1% 21.0% 13.8% 21.0% 2.4% 0.1% 225.5M -8.42B -139.9M 0.88 3.23 N/A N/A 155,564 136,317 1,586,458 1,043,098 2025-12-16 $476.28 $450.00 20.7% 5.9% 21.1% 12.2% 20.5% 2.1% -0.0% 274.1M -9.24B -138.9M 1.13 2.82 N/A N/A 104,614 118,333 1,590,634 1,054,712 2025-12-17 $478.47 $450.00 21.3% 6.1% 19.6% 13.9% 21.3% 2.8% -0.2% 433.8M -10.61B -141.4M 0.81 3.18 N/A N/A 126,766 102,184 1,605,233 1,059,482 2025-12-18 $485.74 $450.00 20.8% 6.0% 19.8% 12.6% 20.9% 2.7% 0.1% 892.5M -15.19B -143.4M 0.90 31.17 N/A N/A 266,239 239,112 1,622,933 1,065,124 2025-12-19 $483.06 $450.00 19.7% 5.6% 18.3% 9.5% 19.9% 2.6% -0.0% 933.4M -13.44B -141.5M 0.61 27.87 N/A N/A 160,380 97,918 1,640,089 1,073,559 2025-12-22 $484.52 $450.00 19.4% 5.6% 18.1% 8.5% 19.6% 2.2% 6.4% 447.5M -11.49B -138.7M 0.73 12.69 N/A N/A 99,599 72,318 1,261,772 871,353 2025-12-23 $487.24 $450.00 18.7% 5.3% 18.2% 6.7% 18.8% 2.1% 7.1% 626.2M -12.62B -140.2M 0.52 3.32 N/A N/A 93,075 48,603 1,283,735 894,249 2025-12-24 $488.19 $450.00 18.3% 5.2% 18.0% 5.5% 16.3% 1.9% 7.6% 693.5M -13.29B -140.3M 0.84 4.44 N/A N/A 67,887 57,076 1,299,593 911,613 2025-12-26 $487.28 $450.00 21.7% 5.3% 16.7% 14.9% 18.5% 1.9% 7.9% 660.7M -12.46B -139.0M 0.68 25.87 N/A N/A 107,280 73,035 1,307,924 916,121 2025-12-29 $486.94 $450.00 25.1% 5.3% 16.5% 24.6% 18.5% 2.0% -0.5% 434.2M -11.69B -135.6M 0.67 3.09 N/A N/A 98,125 65,801 1,256,741 883,410 2025-12-30 $488.35 $450.00 26.0% 5.3% 16.3% 27.0% 17.9% 2.3% -0.0% 550.1M -12.61B -135.1M 0.73 16.32 N/A N/A 93,533 68,738 1,274,509 895,780 2025-12-31 $483.88 $450.00 27.1% 5.4% 16.6% 30.2% 18.3% 1.3% -0.2% 263.6M -10.01B -134.1M 0.76 18.79 N/A N/A 120,447 91,102 1,286,190 908,889
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