AA Options History — May 2008

In May 2008, AA traded between $83.43 and $107.15. ATM implied volatility averaged 47.6%, placing in the 40.2% IV rank vs the trailing year. The 30-day expected move averaged 13.4%. IV traded above realized volatility by 9.2% (HV 20d: 38.3%). Max pain ranged from $84.11 to $96.12. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 0.60.

Notable Days

  • 2008-05-07: Highest Volume — 62,905 contracts
  • 2008-05-07: Largest IV spike — 35.9% change
  • 2008-05-07: Highest IV Rank — 75.4%
  • 2008-05-07: Largest Expected Move — 15.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$96.99$83.43$107.15$83.43$97.54
Max Pain$91.54$84.11$96.12$90.11$96.12
ATM IV47.6%40.2%62.7%41.8%42.8%
Expected Move13.4%11.7%15.7%12.0%12.3%
HV 20d38.3%32.8%43.1%32.8%43.0%
HV 60d44.3%43.1%45.2%43.2%43.8%
IV Rank40.2%20.1%75.4%41.1%26.5%
IV Percentile75.0%46.0%98.8%57.1%59.1%
Term Structure-0.1%-6.6%2.8%0.6%2.3%
VWIV47.5%42.7%55.4%44.8%43.4%
Skew 25d-0.6%-4.6%1.8%-3.4%1.1%
Skew 10d-0.9%-9.7%3.4%-6.6%1.9%
Call IV 25d47.9%43.3%56.8%45.4%43.4%
Put IV 25d47.3%41.7%53.4%42.0%44.5%
Bid-Ask Spread %5.073.247.767.765.06
Gamma HHI0.180.160.240.160.17
Net GEX16.9M5.5M26.2M5.5M14.8M
Net DEX-751.0M-1.37B-27.4M-27.4M-637.5M
Net VEX-5.5M-6.0M-3.0M-4.6M-5.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.600.121.250.120.51
Total Volume22,513.7625,58462,90524,86538,616
Total OI341,051.238257,023397,025292,910352,682

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-05-01$83.43$90.1141.8%12.0%32.8%41.1%44.8%-3.4%0.6%5.5M-27.4M-4.6M0.127.76N/AN/A22,1622,703169,605123,305
2008-05-02$86.77$90.1140.8%11.7%36.0%37.2%43.8%-4.6%2.4%10.2M-205.2M-4.9M0.195.23N/AN/A13,7222,623177,085122,499
2008-05-05$88.65$84.1141.7%12.1%34.2%33.4%42.7%-0.4%0.8%13.1M-304.9M-5.0M0.473.83N/AN/A7,6893,599183,190123,049
2008-05-06$91.31$84.1146.1%12.7%35.8%34.7%44.9%-1.4%0.2%15.8M-455.5M-5.2M0.344.02N/AN/A20,3806,985184,592124,075
2008-05-07$91.53$84.1162.7%15.7%35.5%75.4%55.4%-4.0%-6.6%15.0M-508.5M-5.4M0.196.20N/AN/A52,69210,213192,421126,782
2008-05-08$95.28$90.1155.5%14.6%37.1%57.6%50.6%-1.7%-4.0%22.6M-762.2M-5.6M0.725.53N/AN/A23,21316,710211,171129,035
2008-05-09$93.81$90.1153.8%15.3%36.0%53.5%53.6%-1.8%-3.5%20.4M-653.7M-5.7M0.405.00N/AN/A16,7946,704214,793137,735
2008-05-12$99.99$90.1160.9%15.6%38.3%71.0%54.1%-2.4%-4.8%23.3M-867.8M-3.0M0.895.06N/AN/A26,16223,220164,33892,685
2008-05-13$101.21$90.1154.0%15.1%37.8%54.1%52.5%-2.1%-4.0%24.8M-1.17B-5.9M0.714.21N/AN/A14,12510,064231,152153,301
2008-05-14$100.93$90.1140.2%13.6%37.1%20.1%48.0%0.5%-1.0%26.2M-1.16B-5.8M0.756.83N/AN/A16,58412,375233,312155,201
2008-05-15$102.70$90.1147.1%13.5%36.5%37.2%47.4%0.1%-0.5%25.2M-1.27B-5.8M0.366.66N/AN/A8,8583,213233,634163,391
2008-05-16$103.69$90.1142.9%12.3%36.3%26.6%43.4%-0.5%2.3%19.7M-1.37B-5.7M0.716.54N/AN/A11,2167,980233,928162,770
2008-05-19$107.15$90.1148.0%13.8%37.1%39.4%48.1%0.3%1.2%16.4M-1.19B-5.6M0.945.69N/AN/A15,54814,628191,613139,263
2008-05-20$103.88$96.1246.3%13.3%38.9%35.2%46.8%0.1%2.7%15.5M-1.02B-5.8M0.693.97N/AN/A7,6275,227195,911146,170
2008-05-21$100.21$96.1245.1%12.9%41.7%32.2%45.9%0.5%2.8%14.7M-817.4M-6.0M0.525.95N/AN/A9,8855,134198,109147,566
2008-05-22$98.04$96.1245.7%13.1%42.3%33.5%46.2%0.7%2.0%13.8M-695.1M-5.9M0.673.36N/AN/A6,0474,045198,126148,521
2008-05-23$96.72$96.1245.7%13.1%42.5%33.6%46.0%1.5%1.3%13.4M-612.5M-6.0M1.024.80N/AN/A2,7632,821199,765148,905
2008-05-27$97.03$96.1247.3%13.5%42.5%37.4%47.7%1.2%0.8%13.8M-641.5M-5.8M1.253.24N/AN/A2,6173,267200,011149,670
2008-05-28$99.89$96.1245.7%13.1%40.8%33.7%46.7%1.8%1.2%15.8M-797.9M-5.8M0.583.79N/AN/A4,3212,493200,313150,584
2008-05-29$96.94$96.1244.5%12.8%43.1%30.6%44.9%1.5%1.8%14.3M-607.0M-5.7M0.513.73N/AN/A5,1272,637200,266151,552
2008-05-30$97.54$96.1242.8%12.3%43.0%26.5%43.4%1.1%2.3%14.8M-637.5M-5.6M0.515.06N/AN/A25,49413,122200,466152,216