MSFT

Earnings: 2026-11-04 time unknown, stated by the vendor's estimate, first moves the 2026-11-04 session (34d on the tenor axis), no expected move served. As the vendor's calendar stood on 2026-10-02, not on the page's date.

DTE counts calendar days from 2026-10-01, the page's date and the earliest an entry could be made - not from the 2026-09-30 book the expiries and IVs come from, which would overstate it by 1 day; an expiry first listed after 2026-09-30 is not in the book and not here. A premarket report moves its own session and a postmarket one the next; one with no stated time is placed at the earlier of the two - or at the later, once the earlier is already in the 2026-10-01 close - so an expiry can be called spanning when it might not be, never the reverse. "spans +N": the expiry settles N calendar days after that session, and the line under it says whether the 28-DTE exit comes before it ("inside the exit": that date is already behind 2026-10-01, so it protects nothing); "clear N": it settles N days before it. Thesis = DTE − 28 (the hard exit is 21), cut to the last session before a report that comes first. Every expiry in the band is listed, and one that is not its month's standard monthly is marked weekly — §1 of the trading rules admits no weeklies and no 0DTE, so those rows are context, not candidates; the monthly is read from core.option_expirations, which is derived from the session calendar, so a monthly pulled back to a Thursday by a holiday is the monthly here and carries no mark. ATM IV is the vendor's at the 2026-09-30 close, on the out-of-the-money side of the listed strike nearest book spot: a display selection, not a statistic, read at that one strike, so "no IV at X" is about X and not about its neighbours. The expected move is the vendor's, for the report the expiry spans. Every row links to that expiry on the strike axis below.

book spot $512.90 (unadjusted close, 2026-09-30) · call wall $510.00 (-0.57% from book spot) · put wall $500.00 (-2.52% from book spot) · max pain $470.00 (-8.36% from book spot, 2026-10-16 monthly)

Each level is stored as a distance from the book's own spot, so each is drawn at $512.90 × (1 + that distance) - the 2026-09-30 unadjusted close, the price the chain was taken at. That is why two prices appear on this page. MSFT headlines $512.80, its newest unadjusted close, on 2026-10-01; the book was taken at $512.90 on 2026-09-30, because the book trails the page by the one session counted above. Both are closes, both are dated, and neither is adjusted. Recomputing a wall on the newer close would put it at a level this book never had, so none of these is: they are the 2026-09-30 book's levels, on the 2026-09-30 close.

Dashed: 7 DTE or less, where the vendor's gamma is noisy. "mp": the monthly max pain describes.

5 DTE: at 7 days or less the vendor's gamma scatters - SPY's 3-DTE contracts sat at 0.38× a model reprice at the 10th percentile (2026-09-11) - so read this expiry's per-strike GEX as rough.

Tradability of the 2026-10-05 expiry: 4 calendar days from 2026-10-01 (5 from the book date), outside the owner's 35–65 DTE entry window. Spreads are the NBBO stored with the 2026-09-30 chain snapshot - not a live quote, and not DESIGN J's quote at a trade (per-trade quotes are not collected) - as a percent of mid; a zero or missing bid, or a crossed quote, is drawn as × for no two-sided quote. The owner's floors are marked and filter nothing: spread 10% of mid, OI 500, and the strike nearest 0.20 delta on each side - call 527.5 (Δ 0.19), put 502.5 (Δ -0.22).