AA Options History — November 2011

In November 2011, AA traded between $21.34 and $26.26. ATM implied volatility averaged 52.5%, placing in the 37.3% IV rank vs the trailing year. The 30-day expected move averaged 14.6%. IV traded below realized volatility by 7.7% (HV 20d: 60.3%). Max pain ranged from $24.03 to $26.43. Net GEX was positive for 18 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 0.65.

Notable Days

  • 2011-11-30: Highest Volume — 39,170 contracts
  • 2011-11-09: Largest IV spike — 26.9% change
  • 2011-11-01: Highest IV Rank — 62.5%
  • 2011-11-01: Largest Expected Move — 16.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$24.13$21.34$26.26$24.99$24.08
Max Pain$25.40$24.03$26.43$24.03$24.03
ATM IV52.5%41.8%71.9%71.9%57.2%
Expected Move14.6%13.0%16.6%16.6%14.6%
HV 20d60.3%44.8%67.8%67.7%51.9%
HV 60d57.0%55.5%60.7%60.7%58.4%
IV Rank37.3%23.4%62.5%62.5%43.4%
IV Percentile84.4%71.8%96.8%96.8%88.9%
Term Structure1.6%-2.4%4.2%-2.4%1.3%
VWIV51.1%47.4%56.2%56.2%51.7%
Skew 25d6.9%0.8%10.9%6.7%8.5%
Skew 10d14.1%5.5%20.3%13.4%18.3%
Call IV 25d48.6%43.3%54.6%54.6%48.7%
Put IV 25d55.6%51.4%61.3%61.3%57.2%
Bid-Ask Spread %3.912.686.312.686.31
Gamma HHI0.200.120.350.160.21
Net GEX1.0M-177.7K2.2M1.0M1.8M
Net DEX125.7M68.7M180.1M115.4M85.1M
Net VEX-1.4M-1.6M-1.2M-1.6M-1.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.650.201.520.480.21
Total Volume17,552.2388,76039,17018,14439,170
Total OI428,349.952400,180455,350412,088455,350

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2011-11-01$24.99$24.0371.9%16.6%67.7%62.5%56.2%6.7%-2.4%1.0M115.4M-1.6M0.482.68N/AN/A12,2635,881231,109180,979
2011-11-02$25.71$24.0364.8%14.2%67.8%53.3%50.5%7.0%-0.4%1.0M90.8M-1.6M0.483.12N/AN/A5,9142,846232,529182,778
2011-11-03$26.12$24.0347.9%13.4%65.6%31.3%47.4%9.4%0.3%1.1M77.3M-1.6M0.322.97N/AN/A9,7953,087234,429180,915
2011-11-04$26.26$26.4347.2%13.8%65.1%30.4%48.9%8.9%0.3%2.2M68.7M-1.6M1.524.13N/AN/A5,7758,783236,110181,725
2011-11-07$25.83$26.4349.4%13.5%64.4%33.3%48.1%9.3%1.2%2.2M77.4M-1.6M0.783.78N/AN/A6,7105,206234,021177,734
2011-11-08$25.90$26.4341.8%13.0%64.1%23.4%47.6%8.2%2.1%2.2M84.6M-1.6M0.633.76N/AN/A6,9434,404236,141180,790
2011-11-09$24.51$26.4353.0%15.2%66.7%38.0%54.6%6.9%0.2%943.3K133.1M-1.4M1.224.82N/AN/A6,7528,257238,378182,830
2011-11-10$24.63$26.4351.1%14.6%66.7%35.5%52.9%7.7%0.3%944.4K125.3M-1.5M0.793.93N/AN/A5,2574,170239,722184,482
2011-11-11$25.47$26.4348.6%13.9%67.5%32.2%51.1%10.9%1.2%1.9M93.5M-1.6M0.203.24N/AN/A23,1354,678240,100186,320
2011-11-14$24.94$26.4351.2%14.7%62.9%35.6%49.8%8.6%0.4%2.1M105.5M-1.5M1.013.81N/AN/A6,9097,007250,135185,431
2011-11-15$24.90$26.4349.3%14.1%59.7%33.2%48.9%7.0%1.9%1.7M114.6M-1.4M0.974.01N/AN/A4,8854,734252,100186,203
2011-11-16$23.96$26.4349.5%14.2%59.8%33.4%50.0%4.4%2.7%89.3K150.5M-1.4M0.793.56N/AN/A11,4398,998252,514187,067
2011-11-17$23.12$26.4351.0%14.6%60.8%35.4%51.6%6.6%2.1%-162.5K178.6M-1.3M0.873.53N/AN/A10,4549,084256,115191,181
2011-11-18$23.29$26.4348.4%13.9%59.9%32.0%49.9%6.1%3.1%-177.7K180.1M-1.3M1.154.46N/AN/A7,3968,539259,690194,383
2011-11-21$22.76$26.4353.4%15.3%58.7%38.4%52.1%6.2%3.1%-104.8K161.6M-1.3M0.354.06N/AN/A21,8997,576221,667178,513
2011-11-22$22.25$24.0351.0%14.6%57.5%35.3%50.5%5.5%3.7%212.5K173.4M-1.3M0.313.27N/AN/A12,1863,753239,799181,554
2011-11-23$21.34$24.0352.0%14.9%58.1%36.7%52.4%0.8%4.2%134.6K179.4M-1.2M0.403.87N/AN/A13,1045,233244,697183,243
2011-11-25$21.51$24.0353.3%15.6%45.6%38.3%54.5%4.5%2.4%443.0K168.6M-1.3M0.334.81N/AN/A10,7783,574249,136184,881
2011-11-28$22.73$24.0356.9%15.6%50.4%43.0%52.1%6.0%2.1%932.2K132.4M-1.4M0.393.98N/AN/A16,6076,528251,355184,780
2011-11-29$22.37$24.0353.9%15.1%44.8%39.1%52.1%6.6%3.7%1.2M144.6M-1.4M0.354.06N/AN/A14,0074,881258,859185,604
2011-11-30$24.08$24.0357.2%14.6%51.9%43.4%51.7%8.5%1.3%1.8M85.1M-1.6M0.216.31N/AN/A32,3526,818266,732188,618