AA Options History — December 2008

In December 2008, AA traded between $19.37 and $27.06. ATM implied volatility averaged 98.0%, placing in the 46.2% IV rank vs the trailing year. The 30-day expected move averaged 28.5%. IV traded below realized volatility by 47.3% (HV 20d: 145.3%). Max pain ranged from $24.03 to $54.07. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 4 of 22 days. Put/call ratio averaged 1.20.

Notable Days

  • 2008-12-17: Highest Volume — 33,235 contracts
  • 2008-12-04: Largest IV spike — 21.6% change
  • 2008-12-05: Highest IV Rank — 61.2%
  • 2008-12-05: Largest Expected Move — 34.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$23.35$19.37$27.06$22.37$27.06
Max Pain$36.05$24.03$54.07$24.03$30.04
ATM IV98.0%84.4%118.2%104.6%84.4%
Expected Move28.5%24.2%34.5%30.0%24.2%
HV 20d145.3%100.2%171.4%164.0%100.4%
HV 60d141.3%135.1%143.3%135.1%142.8%
IV Rank46.2%36.0%61.2%51.5%36.0%
IV Percentile86.3%76.2%96.4%92.9%76.2%
Term Structure-7.3%-16.8%6.5%2.7%-9.3%
VWIV105.7%89.9%116.7%113.4%93.1%
Skew 25d20.7%11.7%30.2%19.5%11.7%
Skew 10d43.9%24.8%68.2%54.2%39.2%
Call IV 25d95.5%81.6%107.1%106.0%85.2%
Put IV 25d116.2%97.0%132.5%125.4%97.0%
Bid-Ask Spread %2.311.344.144.141.34
Gamma HHI0.410.240.740.310.28
Net GEX1.6M258.5K4.8M887.5K1.1M
Net DEX26.2M-15.1M57.3M44.0M-9.3M
Net VEX-565.1K-688.2K-431.7K-518.0K-688.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.200.3210.330.670.90
Total Volume15,421.7273,03233,2355,46127,358
Total OI320,488.318302,198361,445302,528319,498

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-12-01$22.37$24.03104.6%30.0%164.0%51.5%113.4%19.5%2.7%887.5K44.0M-518.0K0.674.14N/AN/A3,2652,196228,79073,738
2008-12-02$23.45$24.0399.5%28.5%164.6%47.9%106.8%21.0%4.2%1.0M36.0M-540.7K10.333.73N/AN/A2,52426,085229,46174,081
2008-12-03$22.32$24.0396.9%27.8%163.7%46.1%105.4%20.5%6.5%933.0K40.4M-508.8K0.582.61N/AN/A5,5533,240230,34871,850
2008-12-04$19.37$24.03117.9%33.8%169.3%61.0%113.9%25.4%0.1%462.7K56.0M-431.7K0.662.57N/AN/A5,7423,782232,34272,070
2008-12-05$19.58$54.07118.2%34.5%163.4%61.2%116.7%20.6%-16.8%529.7K52.9M-439.4K0.322.22N/AN/A10,6433,457233,45871,222
2008-12-08$23.02$48.0698.8%31.1%171.4%47.4%109.2%18.6%-12.6%1.3M19.3M-560.6K0.512.93N/AN/A15,6628,017236,66871,434
2008-12-09$22.95$48.0697.6%30.6%169.9%46.6%110.5%18.6%-12.8%1.4M21.4M-546.2K0.782.12N/AN/A9,1747,144242,39075,612
2008-12-10$24.51$48.0692.1%29.5%170.3%41.9%103.5%15.4%-9.7%1.8M1.9M-589.2K0.342.22N/AN/A16,0255,438243,05977,438
2008-12-11$23.98$42.05102.7%29.4%168.5%49.5%103.3%14.2%-9.1%2.3M539.0K-609.1K0.351.86N/AN/A8,8253,131251,55278,729
2008-12-12$24.22$42.05101.5%29.1%164.6%48.4%105.9%15.8%-5.9%2.6M-1.3M-605.6K1.931.84N/AN/A5,1629,941252,12079,449
2008-12-15$23.81$42.05103.9%29.8%164.3%50.1%106.1%12.5%-8.6%2.9M8.3M-601.0K0.421.86N/AN/A5,3322,252253,88083,873
2008-12-16$24.97$42.0595.0%27.2%160.0%43.6%95.1%13.1%-4.2%3.8M-15.1M-601.7K0.392.75N/AN/A7,1002,744254,83084,218
2008-12-17$24.87$42.05100.0%28.7%159.7%47.3%104.1%18.0%-7.3%3.8M-13.7M-578.4K0.501.95N/AN/A22,08611,149254,48184,836
2008-12-18$23.48$36.05104.3%29.9%151.0%50.3%116.7%28.1%-11.0%4.8M20.4M-610.4K1.331.85N/AN/A9,66412,848265,24391,017
2008-12-19$23.31$36.05100.1%28.7%134.8%47.3%112.2%22.1%-11.9%2.2M57.3M-571.9K0.712.55N/AN/A14,84110,481264,49796,948
2008-12-22$22.18$36.0596.5%27.7%116.1%44.8%104.5%22.9%-11.2%258.5K55.3M-538.5K0.902.58N/AN/A8,5367,713222,72781,291
2008-12-23$23.00$30.0489.3%25.6%113.2%39.5%99.2%28.4%-7.8%312.9K49.1M-559.3K1.002.09N/AN/A6,0496,026226,14483,980
2008-12-24$22.56$30.0486.2%24.7%111.4%37.3%106.7%24.9%-7.1%277.4K49.1M-544.6K1.531.92N/AN/A1,1991,833228,74783,091
2008-12-26$23.50$30.0488.4%25.3%108.7%38.9%108.3%29.3%-9.9%312.3K43.9M-559.0K1.051.78N/AN/A3,3323,513228,72884,171
2008-12-29$23.38$30.0488.6%25.4%108.2%39.0%101.3%30.2%-8.7%360.7K42.5M-593.3K0.612.11N/AN/A3,4592,105229,96485,885
2008-12-30$25.69$30.0490.1%25.8%100.2%40.1%89.9%24.9%-9.4%733.7K17.5M-636.7K0.491.77N/AN/A9,8014,851231,11485,769
2008-12-31$27.06$30.0484.4%24.2%100.4%36.0%93.1%11.7%-9.3%1.1M-9.3M-688.2K0.901.34N/AN/A14,39012,968234,13185,367