MSFT GEX — Sitting right on Put Wall

MSFT is pressing into a familiar level again. On the daily chart, price sits around 403 — directly on top of 400 P1, the strongest put NETGEX wall. This is the third test in the current structure, and historically 400 has acted as both support and resistance.

Below HVL at 410, MSFT remains in a negative GEX regime, where moves tend to be more reactive. Spot is also below the 50 SMA (~411) and well below the 200 SMA (~455), so the broader structure stays heavy even as 400 is defended again. The first stabilization target is a reclaim of 410 — not the distant call walls yet.

Overhead, 460 (C1) and 500 (C2 + COI + CV) define the upside map — with 500 stacking the highest call open interest and strongest call volume today. Below spot, a clean break under 400 opens negative extension risk toward the next put references.

CALL$ at 21% reflects moderate call pricing skew — present, but not extreme. IVRank 57.8 and IVx +23.1% over five days point to elevated volatility into the test.

Key levels:

• 400 (P1) — third test / immediate decision level

• 410 (HVL) — regime pivot; reclaim needed for stabilization

• 500 (C2 + COI + CV) — major upside call cluster if momentum returns

The key question: does 400 hold and allow a rebound toward 410 — or does a break below P1 open the downside extension path?

Full GEX breakdown on TradingView: