AA Options History — March 2020

In March 2020, AA traded between $5.43 and $13.44. ATM implied volatility averaged 117.3%, placing in the 75.3% IV rank vs the trailing year. The 30-day expected move averaged 33.9%. IV traded above realized volatility by 4.3% (HV 20d: 113.1%). Max pain ranged from $15.00 to $17.00. Net GEX was positive for 2 of 22 trading days. Term structure was in contango for 8 of 22 days. Put/call ratio averaged 0.55.

Notable Days

  • 2020-03-05: Highest Volume — 11,006 contracts
  • 2020-03-17: Largest IV spike — 179.4% change
  • 2020-03-06: Highest IV Rank — 100.0%
  • 2020-03-13: Largest Expected Move — 52.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$8.20$5.43$13.44$13.44$6.14
Max Pain$15.27$15.00$17.00$15.00$15.00
ATM IV117.3%51.4%206.2%69.7%113.3%
Expected Move33.9%16.5%52.1%21.3%34.9%
HV 20d113.1%47.1%172.1%51.5%172.1%
HV 60d79.6%47.3%108.3%47.3%108.3%
IV Rank75.3%14.2%100.0%79.3%46.0%
IV Percentile98.1%89.7%100.0%99.6%95.6%
Term Structure-8.8%-159.6%164.1%-0.8%-45.8%
VWIV116.8%69.8%163.9%69.8%114.2%
Skew 25d20.3%-76.3%94.6%8.1%14.4%
Skew 10d24.6%-94.3%153.0%17.7%-23.6%
Call IV 25d107.4%63.3%215.3%64.5%115.4%
Put IV 25d127.7%72.5%189.9%72.6%129.8%
Bid-Ask Spread %69.2425.71105.1426.2483.84
Gamma HHI0.110.080.130.120.10
Net GEX-83.3K-289.4K14.3K-121.8K-6.9K
Net DEX46.9M36.0M63.2M52.4M37.1M
Net VEX-189.6K-405.5K-97.7K-405.5K-113.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.550.231.350.300.25
Total Volume6,397.2732,82811,0065,3954,327
Total OI192,106.409161,882212,707190,157174,954

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-03-02$13.44$15.0069.7%21.3%51.5%79.3%69.8%8.1%-0.8%-121.8K52.4M-405.5K0.3026.24N/AN/A4,1461,249101,89088,267
2020-03-03$12.94$15.0070.9%22.5%52.3%82.0%75.5%8.7%-11.9%-120.1K53.2M-385.3K0.6130.62N/AN/A4,2842,596104,67686,454
2020-03-04$12.81$15.0067.7%19.9%50.6%74.9%70.4%9.3%-3.0%-211.7K56.8M-367.2K0.3926.66N/AN/A3,6931,434107,31287,437
2020-03-05$11.88$17.0073.7%20.9%47.1%88.1%70.3%8.6%-0.9%-289.4K61.7M-324.0K0.9028.83N/AN/A5,7945,212109,42487,927
2020-03-06$10.89$16.00104.7%24.3%52.8%100.0%83.6%-4.7%42.0%-244.2K63.2M-283.4K0.5732.47N/AN/A4,9322,798112,40689,335
2020-03-09$8.81$16.00143.8%31.0%86.6%100.0%93.3%-42.6%2.1%-154.4K58.4M-194.0K0.8025.71N/AN/A6,0154,802111,16188,402
2020-03-10$9.19$16.00104.7%28.6%89.9%64.4%83.4%22.8%-2.0%-156.5K59.0M-202.5K0.9626.55N/AN/A3,4383,312113,68687,203
2020-03-11$8.57$16.00136.8%28.6%89.1%93.6%104.6%82.0%-71.6%-136.4K57.0M-177.7K0.3029.80N/AN/A6,2561,856114,72688,019
2020-03-12$7.38$15.00129.9%38.1%97.6%87.3%124.4%73.6%60.6%-83.4K50.4M-151.7K0.8487.50N/AN/A3,2812,764118,35588,703
2020-03-13$7.90$15.00156.8%52.1%104.0%100.0%117.2%94.6%14.5%-82.8K49.2M-179.3K0.8286.44N/AN/A5,2374,319119,48188,070
2020-03-16$6.94$15.0051.4%16.5%108.6%14.2%136.4%-76.3%92.5%-43.8K43.8M-152.6K1.35105.14N/AN/A2,2603,050119,38986,026
2020-03-17$6.96$15.00143.6%41.0%108.0%89.2%140.2%34.7%-14.8%-48.1K45.7M-141.2K0.5574.28N/AN/A2,9231,608120,80186,402
2020-03-18$5.43$15.00152.7%43.8%124.9%96.7%151.3%3.3%-12.6%-29.9K38.2M-99.8K0.4393.44N/AN/A5,4632,369122,65186,449
2020-03-19$5.87$15.00147.1%42.2%133.6%92.1%140.8%16.9%-98.1%-37.7K39.5M-116.8K0.37102.55N/AN/A3,6741,347124,97086,175
2020-03-20$5.61$15.00128.3%36.8%132.4%76.8%143.3%74.6%20.5%-26.9K38.3M-104.7K0.3894.88N/AN/A2,042786126,92385,784
2020-03-23$5.70$15.00169.2%44.3%134.6%100.0%146.5%75.9%-159.6%-19.9K36.0M-97.7K0.23103.95N/AN/A3,09469882,55479,328
2020-03-24$7.26$15.00114.7%35.1%169.7%59.7%134.4%39.9%-96.8%-15.3K41.5M-139.5K0.5480.30N/AN/A6,0133,27284,72079,845
2020-03-25$7.31$15.00206.2%46.9%170.3%100.0%141.2%19.4%0.2%11537.4M-166.3K0.3894.21N/AN/A3,3501,27187,82781,952
2020-03-26$6.79$15.0085.6%39.0%170.9%30.0%135.3%20.1%164.1%14.3K38.6M-135.8K0.5394.57N/AN/A3,4591,84488,79881,441
2020-03-27$6.49$15.0097.6%40.6%170.4%37.0%163.9%-10.4%-34.8%-7.0K38.2M-124.7K0.27102.58N/AN/A4,9501,35091,46182,186
2020-03-30$6.01$15.00113.3%37.9%170.7%46.0%129.7%-26.6%-37.0%-11.5K37.0M-106.8K0.3892.69N/AN/A3,0161,15691,96580,806
2020-03-31$6.14$15.00113.3%34.9%172.1%46.0%114.2%14.4%-45.8%-6.9K37.1M-113.9K0.2583.84N/AN/A3,47385494,05480,900