AA Options History — August 2018

In August 2018, AA traded between $40.93 and $45.25. ATM implied volatility averaged 35.4%, placing in the 8.9% IV rank vs the trailing year. The 30-day expected move averaged 10.1%. IV traded below realized volatility by 16.8% (HV 20d: 52.2%). Max pain ranged from $44.00 to $45.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 13 of 23 days. Put/call ratio averaged 0.69.

Notable Days

2018-08-10: Highest Volume — 52,153 contracts
2018-08-15: Largest IV spike — 10.2% change
2018-08-15: Highest IV Rank — 17.2%
2018-08-15: Largest Expected Move — 11.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$43.18	$40.93	$45.25	$42.13	$44.64
Max Pain	$44.35	$44.00	$45.00	$45.00	$44.00
ATM IV	35.4%	33.2%	40.7%	34.7%	35.8%
Expected Move	10.1%	9.5%	11.3%	10.4%	10.0%
HV 20d	52.2%	42.6%	68.3%	59.9%	44.2%
HV 60d	44.7%	41.8%	46.8%	41.8%	46.8%
IV Rank	8.9%	5.3%	17.2%	7.7%	9.4%
IV Percentile	39.4%	21.0%	85.3%	32.1%	42.1%
Term Structure	-0.0%	-1.5%	1.1%	-0.7%	0.1%
VWIV	35.9%	33.1%	40.6%	38.3%	35.3%
Skew 25d	1.7%	0.4%	3.0%	2.7%	0.9%
Skew 10d	4.2%	1.9%	6.7%	6.1%	1.9%
Call IV 25d	35.3%	32.1%	40.3%	33.9%	35.6%
Put IV 25d	37.0%	34.9%	42.1%	36.6%	36.5%
Bid-Ask Spread %	16.99	11.69	25.55	25.55	16.88
Gamma HHI	0.12	0.08	0.26	0.08	0.14
Net GEX	5.9M	1.0M	12.7M	1.9M	9.9M
Net DEX	-19.0M	-112.6M	53.5M	30.8M	-79.7M
Net VEX	-824.4K	-947.9K	-663.4K	-663.4K	-927.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.69	0.14	1.39	1.09	0.34
Total Volume	18,171.565	8,116	52,153	22,029	11,012
Total OI	159,593.348	133,857	193,129	133,857	167,916

Daily Data (23 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
2018-08-01	$42.13	$45.00	34.7%	10.4%	59.9%	7.7%	38.3%	2.7%	-0.7%	1.9M	30.8M	-663.4K	1.09	25.55	N/A	N/A	10,541	11,488	77,383	56,474
2018-08-02	$42.34	$45.00	34.6%	9.9%	59.1%	7.6%	35.1%	3.0%	-1.0%	1.0M	41.7M	-702.5K	0.88	16.73	N/A	N/A	7,914	6,985	81,570	64,579
2018-08-03	$42.76	$45.00	33.4%	9.5%	59.2%	5.7%	33.5%	2.7%	-0.9%	2.4M	21.3M	-727.7K	0.74	14.91	N/A	N/A	8,236	6,057	83,415	64,190
2018-08-06	$42.76	$45.00	33.3%	9.5%	58.3%	5.6%	35.0%	2.1%	-0.1%	2.6M	21.0M	-717.9K	0.73	15.10	N/A	N/A	5,649	4,097	79,956	60,671
2018-08-07	$42.08	$45.00	33.2%	9.6%	58.4%	5.3%	33.1%	2.7%	0.2%	2.1M	38.6M	-704.2K	0.97	14.12	N/A	N/A	4,122	3,994	81,652	61,499
2018-08-08	$43.78	$45.00	36.0%	10.2%	60.7%	9.8%	35.4%	2.1%	-0.2%	3.7M	-17.3M	-762.1K	0.21	18.44	N/A	N/A	28,003	5,822	82,242	62,150
2018-08-09	$42.92	$45.00	35.5%	10.0%	60.8%	9.0%	35.2%	1.2%	-0.0%	5.8M	-2.1M	-786.8K	0.71	17.31	N/A	N/A	7,619	5,443	97,797	64,676
2018-08-10	$44.98	$44.00	36.5%	10.5%	63.5%	10.6%	37.1%	1.6%	1.1%	12.7M	-87.7M	-827.3K	0.14	19.13	N/A	N/A	45,750	6,403	98,710	65,139
2018-08-13	$44.56	$44.00	37.6%	10.5%	63.4%	12.4%	38.4%	1.2%	-1.0%	12.2M	-101.1M	-896.1K	0.90	18.07	N/A	N/A	5,426	4,864	117,824	63,598
2018-08-14	$44.22	$44.00	36.9%	10.7%	63.2%	11.2%	37.5%	1.7%	0.5%	12.5M	-84.0M	-874.2K	1.39	14.16	N/A	N/A	6,324	8,814	118,442	64,123
2018-08-15	$40.93	$45.00	40.7%	11.3%	68.3%	17.2%	40.6%	1.8%	-1.5%	3.6M	53.5M	-759.1K	0.90	21.54	N/A	N/A	10,857	9,771	120,821	64,764
2018-08-16	$41.77	$44.00	38.9%	11.0%	44.2%	14.3%	39.5%	1.4%	-0.2%	6.6M	20.7M	-835.5K	0.39	15.87	N/A	N/A	27,920	10,834	126,215	66,914
2018-08-17	$42.02	$44.00	37.7%	10.8%	43.4%	12.5%	39.3%	1.8%	0.4%	7.3M	18.6M	-842.6K	1.29	12.88	N/A	N/A	6,089	7,851	116,120	68,367
2018-08-20	$41.87	$44.00	35.8%	10.3%	43.0%	9.5%	36.0%	1.3%	0.1%	2.5M	19.5M	-804.8K	1.00	13.75	N/A	N/A	8,148	8,182	81,642	57,711
2018-08-21	$43.10	$44.00	35.2%	10.1%	42.9%	8.5%	35.8%	1.1%	0.5%	4.4M	-19.1M	-870.1K	0.60	15.48	N/A	N/A	13,489	8,128	86,132	59,622
2018-08-22	$43.23	$44.00	34.6%	9.9%	42.6%	7.5%	34.6%	1.4%	0.0%	6.5M	-23.7M	-894.7K	0.47	20.53	N/A	N/A	10,548	4,939	94,294	61,923
2018-08-23	$42.00	$44.00	34.0%	9.7%	43.9%	6.6%	34.3%	1.0%	1.0%	3.2M	18.5M	-830.9K	0.63	14.16	N/A	N/A	7,196	4,566	96,757	62,557
2018-08-24	$43.37	$44.00	34.1%	9.8%	45.3%	6.8%	36.0%	1.9%	0.5%	6.1M	-27.9M	-886.9K	0.93	24.40	N/A	N/A	5,869	5,450	98,322	62,766
2018-08-27	$43.80	$44.00	33.4%	9.5%	44.9%	5.6%	34.0%	1.9%	0.1%	5.1M	-37.9M	-887.7K	0.66	15.18	N/A	N/A	6,632	4,354	87,382	62,363
2018-08-28	$44.23	$44.00	34.9%	9.9%	44.5%	8.0%	34.9%	0.4%	0.0%	6.1M	-58.5M	-897.8K	0.22	15.57	N/A	N/A	18,618	4,005	89,751	63,223
2018-08-29	$45.25	$44.00	34.2%	9.6%	43.5%	6.9%	34.0%	1.8%	-0.1%	9.1M	-112.6M	-947.9K	0.35	11.69	N/A	N/A	8,663	3,039	99,361	64,275
2018-08-30	$44.38	$44.00	34.1%	9.6%	44.3%	6.7%	33.8%	1.9%	0.5%	8.6M	-69.1M	-914.4K	0.23	19.42	N/A	N/A	14,796	3,439	100,754	64,605
2018-08-31	$44.64	$44.00	35.8%	10.0%	44.2%	9.4%	35.3%	0.9%	0.1%	9.9M	-79.7M	-927.4K	0.34	16.88	N/A	N/A	8,244	2,768	102,726	65,190