AA Options History — May 2018

In May 2018, AA traded between $47.41 and $54.48. ATM implied volatility averaged 36.3%, placing in the 10.2% IV rank vs the trailing year. The 30-day expected move averaged 10.4%. IV traded below realized volatility by 13.3% (HV 20d: 49.6%). Max pain ranged from $50.00 to $55.00. Net GEX was positive for 18 of 22 trading days. Term structure was in contango for 4 of 22 days. Put/call ratio averaged 0.82.

Notable Days

2018-05-18: Highest Volume — 32,285 contracts
2018-05-04: Largest IV drop — 4.2% change
2018-05-01: Highest IV Rank — 16.4%
2018-05-01: Largest Expected Move — 12.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$51.18	$47.41	$54.48	$51.89	$48.24
Max Pain	$51.82	$50.00	$55.00	$55.00	$50.00
ATM IV	36.3%	34.6%	40.2%	40.2%	35.2%
Expected Move	10.4%	10.0%	12.0%	12.0%	10.3%
HV 20d	49.6%	24.8%	68.1%	68.1%	24.8%
HV 60d	47.1%	46.6%	48.0%	47.8%	46.9%
IV Rank	10.2%	7.6%	16.4%	16.4%	8.5%
IV Percentile	43.9%	29.4%	78.2%	78.2%	35.3%
Term Structure	-0.5%	-1.3%	0.3%	-0.5%	-1.3%
VWIV	37.2%	35.1%	43.4%	43.4%	36.3%
Skew 25d	2.1%	1.0%	3.1%	1.3%	2.3%
Skew 10d	4.9%	2.6%	6.9%	4.6%	6.6%
Call IV 25d	36.0%	34.6%	40.3%	40.3%	34.8%
Put IV 25d	38.1%	36.1%	41.6%	41.6%	37.1%
Bid-Ask Spread %	15.22	10.20	26.32	19.78	26.32
Gamma HHI	0.16	0.11	0.27	0.12	0.14
Net GEX	3.7M	-1.6M	24.1M	4.6M	2.0M
Net DEX	-41.4M	-141.6M	16.2M	-38.8M	-11.0M
Net VEX	-771.1K	-911.5K	-637.9K	-895.8K	-667.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.82	0.15	1.80	0.81	0.52
Total Volume	12,890.409	7,739	32,285	15,096	14,869
Total OI	140,966.864	111,113	165,191	157,076	120,483

Daily Data (22 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2018-05-01	$51.89	$55.00	40.2%	12.0%	68.1%	16.4%	43.4%	1.3%	-0.5%	4.6M	-38.8M	-895.8K	0.81	19.78	N/A	N/A	8,339	6,757	96,676	60,400
2018-05-02	$53.05	$55.00	38.7%	11.8%	67.5%	14.0%	42.0%	1.0%	0.3%	7.6M	-77.7M	-911.5K	0.34	18.94	N/A	N/A	14,023	4,770	98,053	61,532
2018-05-03	$53.18	$55.00	38.4%	10.7%	67.4%	13.5%	39.1%	1.8%	-0.4%	10.5M	-80.3M	-900.6K	0.86	15.07	N/A	N/A	4,968	4,252	101,831	61,460
2018-05-04	$54.37	$55.00	36.8%	10.2%	67.6%	11.0%	37.8%	1.5%	-0.7%	24.1M	-141.6M	-898.9K	0.71	14.94	N/A	N/A	5,290	3,737	103,560	61,631
2018-05-07	$54.48	$55.00	37.0%	10.3%	65.5%	11.3%	37.2%	2.3%	-1.0%	4.6M	-101.4M	-865.0K	0.48	18.63	N/A	N/A	9,148	4,422	86,485	58,481
2018-05-08	$53.64	$55.00	37.7%	10.6%	61.3%	12.5%	36.5%	2.7%	-0.8%	4.2M	-74.4M	-841.4K	0.29	13.75	N/A	N/A	13,863	3,995	91,673	59,308
2018-05-09	$53.32	$55.00	36.4%	10.2%	61.3%	10.3%	40.9%	1.8%	-0.8%	3.6M	-64.3M	-827.4K	1.07	14.78	N/A	N/A	5,249	5,614	91,755	59,988
2018-05-10	$53.75	$55.00	35.5%	10.1%	61.3%	9.0%	36.2%	2.0%	-0.3%	3.8M	-75.5M	-828.9K	0.21	16.93	N/A	N/A	19,638	4,144	92,985	61,600
2018-05-11	$53.83	$50.00	34.6%	10.0%	61.3%	7.6%	35.2%	1.3%	0.3%	4.1M	-79.1M	-818.8K	0.28	20.14	N/A	N/A	15,110	4,235	95,283	62,362
2018-05-14	$52.40	$50.00	35.5%	10.3%	62.0%	9.0%	36.0%	1.5%	-0.7%	1.8M	-48.5M	-775.3K	0.82	12.25	N/A	N/A	5,456	4,462	88,615	59,343
2018-05-15	$50.58	$50.00	35.9%	10.3%	60.9%	9.7%	36.3%	2.5%	-0.0%	-291.8K	6.3M	-733.9K	1.20	11.24	N/A	N/A	3,946	4,743	90,237	60,236
2018-05-16	$50.29	$50.00	35.2%	10.1%	58.7%	8.5%	35.8%	1.9%	0.3%	-1.5M	16.2M	-713.2K	0.92	10.70	N/A	N/A	4,077	3,755	90,955	61,597
2018-05-17	$50.61	$50.00	35.1%	10.1%	58.4%	8.4%	35.3%	2.0%	-0.5%	-1.6M	-4.4M	-727.4K	1.02	10.20	N/A	N/A	3,972	4,035	91,900	61,348
2018-05-18	$50.81	$50.00	35.6%	10.2%	58.5%	9.2%	36.3%	2.0%	-0.7%	2.0M	-23.5M	-730.4K	0.15	10.47	N/A	N/A	27,982	4,303	92,841	61,698
2018-05-21	$50.33	$50.00	35.5%	10.3%	27.6%	9.0%	36.4%	2.9%	-0.2%	3.4M	-51.0M	-731.5K	0.74	12.56	N/A	N/A	4,454	3,285	70,562	40,551
2018-05-22	$49.76	$50.00	35.5%	10.2%	27.3%	9.0%	36.8%	1.8%	0.3%	3.1M	-38.9M	-728.5K	1.25	13.76	N/A	N/A	4,137	5,169	72,551	41,617
2018-05-23	$48.55	$50.00	35.7%	10.2%	27.6%	9.3%	36.3%	2.4%	-0.0%	1.6M	-9.2M	-691.3K	1.15	15.47	N/A	N/A	4,365	5,016	73,901	43,875
2018-05-24	$49.05	$50.00	35.7%	10.1%	25.9%	9.3%	35.8%	2.8%	-0.5%	1.9M	-19.3M	-707.0K	1.33	14.04	N/A	N/A	3,551	4,720	75,526	44,785
2018-05-25	$47.88	$50.00	35.7%	10.1%	25.2%	9.3%	35.1%	2.7%	-0.4%	-106.7K	7.7M	-670.7K	1.31	12.91	N/A	N/A	4,392	5,775	76,112	45,073
2018-05-29	$47.41	$50.00	36.5%	10.7%	25.3%	10.5%	37.5%	3.1%	-1.2%	606.1K	11.5M	-637.9K	1.80	16.29	N/A	N/A	3,696	6,651	72,098	43,162
2018-05-30	$48.52	$50.00	35.1%	10.1%	26.6%	8.4%	35.5%	2.7%	-1.3%	1.7M	-12.9M	-660.8K	0.68	15.58	N/A	N/A	5,505	3,719	73,517	43,625
2018-05-31	$48.24	$50.00	35.2%	10.3%	24.8%	8.5%	36.3%	2.3%	-1.3%	2.0M	-11.0M	-667.9K	0.52	26.32	N/A	N/A	9,783	5,086	76,545	43,938