AA Options History — April 2020

In April 2020, AA traded between $5.97 and $8.72. ATM implied volatility averaged 93.5%, placing in the 34.6% IV rank vs the trailing year. The 30-day expected move averaged 27.6%. IV traded below realized volatility by 32.4% (HV 20d: 125.9%). Max pain ranged from $6.00 to $15.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 0.45.

Notable Days

  • 2020-04-15: Highest Volume — 15,180 contracts
  • 2020-04-06: Largest IV drop — 23.7% change
  • 2020-04-03: Highest IV Rank — 49.0%
  • 2020-04-01: Largest Expected Move — 35.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$7.28$5.97$8.72$6.35$8.19
Max Pain$7.14$6.00$15.00$15.00$7.00
ATM IV93.5%72.0%118.3%101.9%72.8%
Expected Move27.6%20.9%35.3%35.3%21.1%
HV 20d125.9%72.4%173.7%173.7%83.2%
HV 60d112.9%108.8%117.3%108.9%117.3%
IV Rank34.6%22.1%49.0%39.4%22.5%
IV Percentile90.7%84.9%96.0%94.0%84.9%
Term Structure1.5%-10.9%22.8%-10.4%3.2%
VWIV96.0%72.2%121.1%121.1%74.7%
Skew 25d14.2%0.4%35.6%26.1%9.5%
Skew 10d19.8%-39.7%154.6%-39.7%24.4%
Call IV 25d86.1%65.8%110.6%94.9%69.1%
Put IV 25d100.3%77.1%120.9%120.9%78.6%
Bid-Ask Spread %19.7611.4364.4464.4414.87
Gamma HHI0.150.090.210.110.20
Net GEX148.5K-36.7K431.3K5.4K360.2K
Net DEX27.7M13.1M36.1M36.1M18.7M
Net VEX-185.5K-261.1K-117.8K-124.5K-233.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.450.101.050.150.90
Total Volume8,120.3332,92015,18010,0006,993
Total OI185,095.81172,720209,546176,567191,438

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-04-01$6.35$15.00101.9%35.3%173.7%39.4%121.1%26.1%-10.4%5.4K36.1M-124.5K0.1564.44N/AN/A8,6681,33296,24380,324
2020-04-02$6.02$6.00113.3%31.5%173.2%46.0%107.6%35.6%0.6%-2.3K34.6M-121.8K0.3823.71N/AN/A3,0581,16699,08380,782
2020-04-03$5.97$6.00118.3%32.1%172.3%49.0%109.0%1.6%-5.0%-36.7K35.3M-117.8K0.3321.83N/AN/A2,860935100,70181,490
2020-04-06$6.54$6.0090.3%28.8%163.2%32.7%102.2%26.3%13.5%27.5K34.3M-145.8K0.3923.97N/AN/A7,4262,88998,14580,030
2020-04-07$7.11$6.0094.4%28.9%165.7%35.1%99.6%7.9%22.8%99.8K33.4M-166.4K0.2819.77N/AN/A8,6872,455101,20180,221
2020-04-08$7.32$6.0095.5%28.6%165.0%35.7%90.5%16.9%-0.9%123.2K32.3M-182.6K0.4219.44N/AN/A2,6171,091102,06380,818
2020-04-09$7.41$7.0090.4%28.7%156.3%32.8%99.4%0.4%3.6%61.5K31.7M-187.8K0.4124.60N/AN/A6,0492,486103,35881,322
2020-04-13$7.61$7.0097.5%28.1%154.6%36.9%98.8%14.2%0.4%92.8K31.9M-191.8K0.4323.41N/AN/A2,046874100,96581,098
2020-04-14$7.69$7.0096.7%27.7%147.1%36.4%93.6%15.5%4.3%117.5K32.8M-189.1K0.1617.09N/AN/A12,3861,935101,78981,864
2020-04-15$7.27$7.00100.5%28.8%148.7%38.6%99.4%17.2%3.7%116.3K32.7M-179.9K0.1016.40N/AN/A13,7591,421110,89782,995
2020-04-16$6.93$7.00104.2%29.8%117.7%40.8%105.3%10.9%4.2%130.0K32.1M-175.2K0.6712.01N/AN/A3,1912,133123,19483,295
2020-04-17$7.60$7.0094.8%26.9%118.9%35.3%105.2%16.6%2.8%185.4K29.7M-205.2K0.6611.47N/AN/A6,0273,952124,72884,818
2020-04-20$7.45$7.0098.7%29.0%117.5%37.6%97.6%15.2%-10.9%197.0K21.5M-203.9K0.3715.34N/AN/A7,1252,631102,51070,210
2020-04-21$7.34$7.0096.5%29.8%118.0%36.3%104.8%10.8%-1.7%192.1K21.6M-202.3K0.6111.43N/AN/A2,3001,398107,25871,947
2020-04-22$7.52$7.0096.4%28.7%81.6%36.2%102.2%14.7%3.2%216.1K20.3M-212.0K0.5515.76N/AN/A4,7332,597108,25771,921
2020-04-23$7.35$7.0090.5%26.0%82.0%32.8%93.1%11.8%-5.1%196.3K22.3M-197.3K0.5414.15N/AN/A6,6113,586111,16373,726
2020-04-24$7.16$7.0089.8%24.7%77.9%32.4%86.4%16.4%3.7%135.6K24.2M-189.0K0.3518.11N/AN/A5,0491,758111,40374,701
2020-04-27$7.41$7.0074.2%22.8%76.6%23.4%77.6%10.0%-0.7%177.3K23.6M-194.2K0.4714.56N/AN/A4,7102,194108,00471,798
2020-04-28$7.90$7.0074.4%20.9%72.4%23.5%74.9%11.0%-0.7%292.7K19.6M-215.2K1.0515.07N/AN/A3,8694,055110,15773,194
2020-04-29$8.72$7.0072.0%21.2%78.5%22.1%72.2%10.3%1.4%431.3K13.1M-261.1K0.3417.46N/AN/A8,5712,904111,42276,479
2020-04-30$8.19$7.0072.8%21.1%83.2%22.5%74.7%9.5%3.2%360.2K18.7M-233.2K0.9014.87N/AN/A3,6893,304113,61177,827