AA Options History — August 2008

In August 2008, AA traded between $74.40 and $77.86. ATM implied volatility averaged 44.1%, placing in the 29.8% IV rank vs the trailing year. The 30-day expected move averaged 12.6%. IV traded above realized volatility by 1.4% (HV 20d: 42.8%). Max pain ranged from $78.10 to $84.11. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 21 of 21 days. Put/call ratio averaged 0.61.

Notable Days

  • 2008-08-14: Highest Volume — 35,339 contracts
  • 2008-08-04: Largest IV spike — 23.5% change
  • 2008-08-04: Highest IV Rank — 56.8%
  • 2008-08-04: Largest Expected Move — 15.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$76.31$74.40$77.86$77.23$77.21
Max Pain$78.38$78.10$84.11$84.11$78.10
ATM IV44.1%36.0%55.1%44.6%36.0%
Expected Move12.6%10.3%15.5%12.8%10.3%
HV 20d42.8%29.3%54.5%53.7%29.3%
HV 60d49.8%48.6%52.0%52.0%48.6%
IV Rank29.8%9.9%56.8%31.0%9.9%
IV Percentile52.5%8.7%93.3%61.9%8.7%
Term Structure4.2%0.9%6.9%2.1%6.3%
VWIV44.2%36.2%54.0%46.8%36.2%
Skew 25d1.6%-0.2%2.6%-0.2%1.5%
Skew 10d2.6%-0.9%4.8%-0.9%2.3%
Call IV 25d43.8%35.5%54.0%46.7%35.5%
Put IV 25d45.3%37.1%54.6%46.4%37.1%
Bid-Ask Spread %3.812.515.593.052.92
Gamma HHI0.120.100.130.120.13
Net GEX4.6M2.5M6.7M6.2M3.2M
Net DEX107.0M40.5M155.4M75.6M120.8M
Net VEX-4.5M-5.1M-4.0M-4.8M-4.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.610.101.570.900.82
Total Volume10,912.2862,46535,33912,6012,465
Total OI354,605.381329,756381,919357,164339,594

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-08-01$77.23$84.1144.6%12.8%53.7%31.0%46.8%-0.2%2.1%6.2M75.6M-4.8M0.903.05N/AN/A6,6425,959245,762111,402
2008-08-04$74.59$78.1055.1%15.5%54.5%56.8%54.0%0.6%0.9%4.8M126.3M-4.6M0.303.32N/AN/A17,4795,302247,004114,243
2008-08-05$76.49$78.1050.7%14.3%54.3%45.8%50.2%1.4%1.4%6.3M75.3M-4.8M0.895.59N/AN/A4,1123,640255,381114,236
2008-08-06$77.30$78.1047.7%14.0%53.7%38.6%48.8%1.9%1.7%6.7M42.7M-5.0M0.403.63N/AN/A7,7933,129255,819116,381
2008-08-07$76.42$78.1046.7%13.9%41.4%36.0%48.9%1.6%1.4%6.5M71.8M-4.9M0.545.08N/AN/A2,3161,247259,963116,782
2008-08-08$76.32$78.1045.1%13.5%41.4%32.2%47.9%1.5%1.7%5.7M92.5M-4.7M1.573.35N/AN/A2,3913,759255,828116,160
2008-08-11$75.05$78.1053.9%14.1%41.3%53.8%49.6%1.3%1.5%4.5M149.1M-4.5M0.423.53N/AN/A5,6632,353255,819117,898
2008-08-12$74.40$78.1052.9%14.1%41.3%51.4%49.7%-0.1%2.3%4.5M139.2M-4.6M0.364.14N/AN/A20,9497,586258,428118,144
2008-08-13$77.50$78.1050.6%14.2%44.2%45.7%50.1%0.7%4.8%6.7M40.5M-5.1M0.994.80N/AN/A10,97810,865259,090122,829
2008-08-14$76.56$78.1046.4%13.3%43.2%35.4%46.9%1.6%4.0%5.7M95.3M-4.7M0.264.69N/AN/A27,9437,396258,197118,745
2008-08-15$76.44$78.1045.2%13.0%43.2%32.4%45.3%2.1%3.6%5.0M123.4M-4.5M0.264.84N/AN/A10,5432,784246,749117,454
2008-08-18$74.76$78.1042.8%12.3%43.6%26.5%42.5%2.0%5.9%3.7M132.7M-4.1M1.373.92N/AN/A4,5976,311224,263105,493
2008-08-19$74.76$78.1041.5%11.9%43.6%23.3%41.3%2.2%6.3%2.9M150.0M-4.1M0.324.43N/AN/A3,4971,117224,443110,005
2008-08-20$76.20$78.1039.7%11.4%42.8%18.9%40.4%2.6%6.0%3.6M114.8M-4.2M0.414.06N/AN/A3,2321,316225,724109,719
2008-08-21$77.23$78.1039.1%11.2%39.9%17.5%39.4%2.2%5.9%4.3M84.4M-4.3M0.632.74N/AN/A2,8281,790225,169109,702
2008-08-22$77.57$78.1037.5%10.7%39.5%13.4%37.8%2.5%6.2%4.0M100.4M-4.2M0.964.38N/AN/A2,1992,109225,452110,109
2008-08-25$75.50$78.1039.6%11.3%39.4%18.6%40.1%1.8%6.2%2.7M155.4M-4.0M0.822.51N/AN/A3,2432,668225,081110,999
2008-08-26$75.96$78.1038.4%11.0%38.6%15.7%39.3%1.5%6.6%2.5M149.6M-4.0M0.102.87N/AN/A8,800910224,876113,325
2008-08-27$77.09$78.1037.0%10.6%35.3%12.2%37.0%2.1%6.9%3.7M105.1M-4.2M0.303.56N/AN/A3,8011,136229,563112,946
2008-08-28$77.86$78.1036.2%10.4%34.0%10.3%36.6%1.9%6.8%3.8M101.7M-4.1M0.202.56N/AN/A5,2711,039224,845113,091
2008-08-29$77.21$78.1036.0%10.3%29.3%9.9%36.2%1.5%6.3%3.2M120.8M-4.0M0.822.92N/AN/A1,3551,110226,514113,080