AA Options History — January 2022

In January 2022, AA traded between $56.29 and $62.34. ATM implied volatility averaged 60.8%, placing in the 44.3% IV rank vs the trailing year. The 30-day expected move averaged 17.7%. IV traded above realized volatility by 15.1% (HV 20d: 45.7%). Max pain ranged from $44.00 to $60.00. Net GEX was positive for 19 of 20 trading days. Term structure was in contango for 1 of 20 days. Put/call ratio averaged 0.70.

Notable Days

2022-01-20: Highest Volume — 127,104 contracts
2022-01-20: Largest IV drop — 11.5% change
2022-01-24: Highest IV Rank — 57.4%
2022-01-27: Largest Expected Move — 19.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$59.69	$56.29	$62.34	$60.29	$56.29
Max Pain	$56.40	$44.00	$60.00	$44.00	$60.00
ATM IV	60.8%	55.0%	64.6%	59.2%	57.5%
Expected Move	17.7%	15.9%	19.1%	17.7%	16.9%
HV 20d	45.7%	36.4%	55.0%	39.3%	54.9%
HV 60d	55.2%	51.2%	61.3%	59.5%	54.3%
IV Rank	44.3%	24.1%	57.4%	38.7%	32.7%
IV Percentile	68.7%	33.7%	87.3%	59.1%	53.2%
Term Structure	-1.2%	-2.8%	0.0%	-1.3%	-0.1%
VWIV	62.4%	56.0%	70.0%	62.8%	59.2%
Skew 25d	3.1%	1.1%	5.5%	1.8%	4.1%
Skew 10d	6.8%	3.3%	11.5%	3.3%	8.4%
Call IV 25d	60.0%	53.9%	63.5%	58.8%	56.1%
Put IV 25d	63.2%	57.4%	68.7%	60.6%	60.2%
Bid-Ask Spread %	6.56	3.57	11.39	3.86	4.90
Gamma HHI	0.12	0.09	0.17	0.17	0.10
Net GEX	12.0M	-3.9M	20.5M	18.9M	1.7M
Net DEX	-636.6M	-1.03B	-139.3M	-906.3M	-139.3M
Net VEX	-2.3M	-2.4M	-2.1M	-2.3M	-2.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.70	0.37	2.14	0.47	0.78
Total Volume	43,615.35	17,568	127,104	36,742	29,962
Total OI	441,968.05	292,688	543,875	476,872	301,812

Daily Data (20 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
2022-01-03	$60.29	$44.00	59.2%	17.7%	39.3%	38.7%	62.8%	1.8%	-1.3%	18.9M	-906.3M	-2.3M	0.47	3.86	N/A	N/A	24,936	11,806	246,264	230,608
2022-01-04	$57.66	$44.00	59.1%	18.2%	44.1%	38.3%	70.0%	1.9%	-0.3%	16.7M	-711.0M	-2.4M	2.14	3.90	N/A	N/A	16,224	34,770	247,181	233,883
2022-01-05	$58.68	$45.00	60.5%	18.6%	43.5%	43.2%	66.1%	1.5%	-1.0%	15.5M	-761.8M	-2.4M	0.58	5.11	N/A	N/A	21,990	12,768	249,045	237,298
2022-01-06	$58.75	$55.00	60.2%	16.7%	42.8%	42.1%	59.0%	2.3%	-1.6%	16.6M	-772.8M	-2.4M	0.64	8.65	N/A	N/A	17,440	11,211	249,280	239,667
2022-01-07	$62.34	$55.00	60.9%	17.1%	45.9%	44.4%	61.1%	2.1%	-1.0%	15.0M	-1.03B	-2.3M	0.45	8.29	N/A	N/A	50,225	22,422	252,297	242,545
2022-01-10	$61.23	$55.00	62.6%	17.3%	45.2%	50.3%	60.2%	2.1%	-2.2%	14.1M	-817.3M	-2.3M	0.37	4.49	N/A	N/A	35,038	12,813	232,722	237,950
2022-01-11	$61.88	$55.00	59.8%	16.8%	44.0%	40.6%	58.9%	1.7%	-0.6%	17.7M	-900.5M	-2.4M	0.51	3.57	N/A	N/A	19,699	9,999	257,409	241,211
2022-01-12	$61.97	$55.00	59.1%	16.6%	41.7%	38.3%	57.8%	1.1%	-1.6%	18.0M	-908.3M	-2.3M	0.50	5.07	N/A	N/A	32,667	16,229	253,791	243,837
2022-01-13	$60.67	$60.00	60.4%	16.9%	43.2%	42.8%	60.1%	1.6%	-1.7%	17.0M	-820.0M	-2.4M	0.81	3.87	N/A	N/A	9,702	7,866	266,978	252,153
2022-01-14	$61.38	$60.00	60.2%	17.1%	41.8%	42.0%	59.7%	2.1%	-0.8%	19.7M	-862.6M	-2.3M	0.54	9.49	N/A	N/A	16,495	8,978	263,424	253,731
2022-01-18	$59.88	$60.00	62.9%	18.0%	43.3%	51.4%	62.9%	2.5%	-2.8%	12.0M	-748.9M	-2.2M	0.59	5.30	N/A	N/A	18,374	10,808	247,036	247,521
2022-01-19	$60.01	$60.00	62.2%	17.8%	43.2%	49.0%	62.6%	3.0%	-1.7%	13.6M	-750.5M	-2.2M	0.95	5.64	N/A	N/A	26,242	24,971	252,263	249,762
2022-01-20	$61.54	$60.00	55.0%	15.9%	36.4%	24.1%	56.0%	3.4%	-1.8%	20.5M	-861.8M	-2.1M	0.45	7.14	N/A	N/A	87,598	39,506	262,127	263,002
2022-01-21	$56.44	$60.00	61.2%	17.8%	45.6%	45.6%	60.9%	5.2%	-2.5%	-3.9M	-474.0M	-2.2M	0.64	7.64	N/A	N/A	36,217	23,227	272,826	271,049
2022-01-24	$57.31	$60.00	64.6%	19.0%	45.9%	57.4%	69.7%	5.1%	-1.2%	4.0M	-192.3M	-2.3M	1.29	9.59	N/A	N/A	16,228	20,863	148,293	144,395
2022-01-25	$61.35	$60.00	63.9%	19.0%	52.3%	55.2%	66.9%	5.5%	0.0%	8.2M	-356.6M	-2.3M	0.47	6.13	N/A	N/A	31,400	14,788	152,949	149,441
2022-01-26	$60.79	$60.00	62.7%	19.1%	52.4%	50.7%	66.5%	5.5%	-0.6%	9.5M	-344.0M	-2.3M	0.64	11.39	N/A	N/A	24,656	15,752	158,086	148,370
2022-01-27	$58.39	$60.00	63.7%	19.1%	54.4%	54.5%	65.4%	4.7%	-0.5%	5.6M	-219.6M	-2.3M	0.48	9.47	N/A	N/A	20,145	9,762	162,036	153,337
2022-01-28	$56.97	$60.00	60.7%	17.9%	55.0%	43.8%	62.2%	5.3%	-0.3%	599.4K	-150.5M	-2.3M	0.70	7.71	N/A	N/A	16,804	11,726	167,081	156,701
2022-01-31	$56.29	$60.00	57.5%	16.9%	54.9%	32.7%	59.2%	4.1%	-0.1%	1.7M	-139.3M	-2.2M	0.78	4.90	N/A	N/A	16,849	13,113	150,296	151,516