AA Options History — December 2011

In December 2011, AA traded between $20.47 and $24.03. ATM implied volatility averaged 45.7%, placing in the 28.5% IV rank vs the trailing year. The 30-day expected move averaged 13.2%. IV traded below realized volatility by 1.5% (HV 20d: 47.2%). Max pain ranged from $24.03 to $30.04. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 0.78.

Notable Days

  • 2011-12-20: Highest Volume — 24,371 contracts
  • 2011-12-12: Largest IV spike — 32.1% change
  • 2011-12-12: Highest IV Rank — 41.4%
  • 2011-12-08: Largest Expected Move — 15.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$21.99$20.47$24.03$23.57$20.79
Max Pain$29.47$24.03$30.04$24.03$30.04
ATM IV45.7%39.7%55.7%52.5%41.8%
Expected Move13.2%11.4%15.4%15.1%13.1%
HV 20d47.2%33.0%51.1%51.1%33.0%
HV 60d56.4%52.5%58.2%57.9%52.5%
IV Rank28.5%20.7%41.4%37.3%23.4%
IV Percentile67.6%56.3%87.7%84.1%59.5%
Term Structure0.6%-2.3%4.3%-0.0%-1.7%
VWIV46.8%40.2%53.2%53.2%48.9%
Skew 25d6.0%2.8%9.1%2.9%5.5%
Skew 10d10.4%5.4%18.2%9.9%9.6%
Call IV 25d45.9%39.7%52.1%52.1%47.8%
Put IV 25d51.9%45.6%57.9%55.1%53.3%
Bid-Ask Spread %2.781.504.763.041.93
Gamma HHI0.240.180.350.340.20
Net GEX1.5M95.5K3.0M3.0M956.0K
Net DEX151.2M80.9M212.1M89.5M169.1M
Net VEX-1.3M-1.6M-1.1M-1.5M-1.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.780.212.850.700.21
Total Volume14,845.815,98624,37115,90413,442
Total OI476,759.524441,699497,233471,939483,310

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2011-12-01$23.57$24.0352.5%15.1%51.1%37.3%53.2%2.9%-0.0%3.0M89.5M-1.5M0.703.04N/AN/A9,3816,523281,004190,935
2011-12-02$23.81$24.0344.9%14.4%50.8%27.4%50.4%4.2%0.2%2.4M80.9M-1.6M0.444.33N/AN/A11,3905,026284,343194,072
2011-12-05$24.03$30.0447.2%13.7%50.9%30.5%48.0%8.5%0.5%2.8M85.2M-1.5M0.762.80N/AN/A10,1657,772281,044194,211
2011-12-06$23.84$30.0447.4%13.5%50.7%30.7%47.2%7.7%0.5%2.8M94.8M-1.5M0.734.07N/AN/A4,5563,312283,095197,673
2011-12-07$23.79$30.0446.7%13.6%50.7%29.8%47.8%8.0%0.7%3.0M97.0M-1.5M0.412.91N/AN/A4,2331,753284,281199,433
2011-12-08$22.76$30.0453.9%15.4%49.4%39.1%51.5%9.1%-2.0%2.1M142.4M-1.4M0.534.03N/AN/A5,3922,850285,576199,598
2011-12-09$23.16$30.0442.1%13.4%49.9%23.9%48.8%8.0%0.4%2.5M125.8M-1.4M0.813.40N/AN/A5,4734,458286,858198,789
2011-12-12$22.47$30.0455.7%14.2%48.8%41.4%48.8%7.7%-0.3%1.9M159.5M-1.3M1.962.68N/AN/A6,58712,896284,476198,518
2011-12-13$21.72$30.0445.6%13.8%49.5%28.3%47.9%6.5%0.6%533.3K193.1M-1.2M2.853.06N/AN/A6,03517,177284,693204,669
2011-12-14$21.48$30.0454.0%14.3%49.5%39.2%52.6%5.0%-0.3%506.4K192.0M-1.2M0.862.11N/AN/A9,9688,544286,489203,906
2011-12-15$21.10$30.0448.0%13.8%48.3%31.5%50.1%3.5%0.9%335.3K212.1M-1.2M1.372.03N/AN/A8,94112,256288,210206,934
2011-12-16$21.17$30.0444.1%12.6%47.2%26.4%45.2%5.2%4.3%884.0K209.0M-1.2M0.601.80N/AN/A13,9708,337291,292205,941
2011-12-19$20.50$30.0444.8%12.8%47.9%27.3%46.6%4.8%0.5%95.5K185.6M-1.1M0.342.73N/AN/A14,9785,115256,969184,730
2011-12-20$21.34$30.0440.9%11.7%50.2%22.3%41.5%8.1%3.0%887.2K165.2M-1.2M0.304.76N/AN/A18,7855,586265,293187,221
2011-12-21$21.27$30.0440.1%11.5%49.7%21.2%40.2%6.9%2.4%1.5M155.7M-1.2M0.821.84N/AN/A4,9164,054274,432186,592
2011-12-22$21.39$30.0440.6%11.7%47.5%21.9%40.7%7.1%1.5%2.0M152.9M-1.2M0.581.91N/AN/A10,1545,876275,800187,144
2011-12-23$21.29$30.0439.7%11.4%47.4%20.7%41.3%6.0%1.4%1.0M158.5M-1.2M0.591.93N/AN/A6,2783,683280,398189,743
2011-12-27$21.12$30.0439.9%11.4%42.6%20.9%41.2%6.6%2.0%1.0M162.5M-1.2M0.532.54N/AN/A7,1943,799280,164190,015
2011-12-28$20.47$30.0444.2%12.7%43.5%26.6%45.4%2.8%-0.4%580.8K175.1M-1.1M0.583.01N/AN/A7,6354,414283,256191,230
2011-12-29$20.74$30.0445.4%13.0%33.2%28.1%46.1%3.0%-2.3%798.5K169.6M-1.2M0.331.50N/AN/A6,6372,221286,046193,567
2011-12-30$20.79$30.0441.8%13.1%33.0%23.4%48.9%5.5%-1.7%956.0K169.1M-1.2M0.211.93N/AN/A11,1152,327289,241194,069