MSFT Options Chain Analysis

As of previous close (2026-09-11) · OPRA historical data

Spot $495.16 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

0.54

1.4M P / 2.6M C

Put/Call (Volume)

0.46

123k P / 266k C that session

30d ATM IV

24%

annualized implied move

Call wall

$625

174k contracts

Put wall

$350

75k contracts

Tail hedging

0.8×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.54 puts per call outstanding.
●Call wall at $625 (174k contracts), 26% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $350 (75k contracts), 29% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 24% — calm pricing; option premium is cheap.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-10-09. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-09-14	7k	3k	0.41	41k
2026-09-16	3k	3k	0.84	6k
2026-09-18	389k	242k	0.62	49k
2026-09-21	533	694	1.30	1k
2026-09-23	341	650	1.91	826
2026-09-25	38k	15k	0.39	12k
2026-10-02	61k	8k	0.13	5k
2026-10-09	8k	4k	0.44	2k
2026-10-16	311k	160k	0.51	24k
2026-10-23	3k	3k	1.09	2k
2026-10-30	254	449	1.77	1k
2026-11-20	194k	99k	0.51	5k
2026-12-18	552k	167k	0.30	6k
2027-01-15	385k	212k	0.55	8k
2027-03-19	91k	97k	1.08	4k
2027-04-16	3k	3k	0.95	842
2027-06-17	118k	87k	0.74	3k
2027-09-17	23k	20k	0.86	724
2027-12-17	87k	52k	0.60	803
2028-01-21	93k	79k	0.85	614
2028-06-16	34k	22k	0.67	481
2028-12-15	95k	61k	0.65	660

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.