AA Options History — April 2022

In April 2022, AA traded between $66.99 and $90.20. ATM implied volatility averaged 67.0%, placing in the 56.0% IV rank vs the trailing year. The 30-day expected move averaged 19.0%. IV traded above realized volatility by 2.4% (HV 20d: 64.7%). Max pain ranged from $76.00 to $85.00. Net GEX was positive for 17 of 20 trading days. Term structure was in contango for 0 of 20 days. Put/call ratio averaged 0.71.

Notable Days

2022-04-21: Highest Volume — 140,464 contracts
2022-04-25: Largest IV spike — 5.8% change
2022-04-26: Highest IV Rank — 72.8%
2022-04-26: Largest Expected Move — 21.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$80.85	$66.99	$90.20	$90.20	$67.95
Max Pain	$81.20	$76.00	$85.00	$80.00	$76.00
ATM IV	67.0%	63.9%	72.7%	66.3%	70.3%
Expected Move	19.0%	17.9%	21.3%	18.3%	20.4%
HV 20d	64.7%	40.1%	79.6%	71.7%	79.0%
HV 60d	67.0%	61.6%	73.9%	64.1%	73.9%
IV Rank	56.0%	46.8%	72.8%	53.9%	65.8%
IV Percentile	89.7%	82.9%	96.4%	88.9%	93.3%
Term Structure	-1.1%	-2.2%	-0.4%	-0.6%	-1.3%
VWIV	67.0%	63.3%	74.3%	65.1%	70.1%
Skew 25d	1.2%	-1.0%	3.8%	-0.1%	3.8%
Skew 10d	2.3%	-1.9%	7.7%	0.1%	7.7%
Call IV 25d	67.4%	63.2%	72.6%	67.5%	69.5%
Put IV 25d	68.6%	64.8%	75.5%	67.4%	73.3%
Bid-Ask Spread %	7.57	3.91	13.42	4.95	5.02
Gamma HHI	0.09	0.04	0.21	0.11	0.05
Net GEX	5.0M	-3.1M	12.9M	8.9M	1.2M
Net DEX	-421.9M	-816.9M	90.3M	-816.9M	-60.8M
Net VEX	-2.2M	-2.6M	-2.0M	-2.1M	-2.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.71	0.48	1.07	0.75	0.67
Total Volume	37,453.7	17,796	140,464	30,017	31,672
Total OI	311,085.2	226,532	344,274	333,300	344,274

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
2022-04-01	$90.20	$80.00	66.3%	18.3%	71.7%	53.9%	65.1%	-0.1%	-0.6%	8.9M	-816.9M	-2.1M	0.75	4.95	N/A	N/A	17,137	12,880	159,217	174,083
2022-04-04	$90.20	$80.00	65.5%	17.9%	67.8%	51.3%	63.3%	-0.8%	-1.8%	9.7M	-800.2M	-2.0M	0.84	5.49	N/A	N/A	9,726	8,203	149,977	167,556
2022-04-05	$87.43	$80.00	65.0%	18.2%	68.2%	50.0%	64.4%	0.8%	-0.4%	9.4M	-698.6M	-2.1M	1.07	6.70	N/A	N/A	9,656	10,287	154,697	170,745
2022-04-06	$87.89	$80.00	65.3%	18.3%	65.7%	50.9%	64.7%	0.7%	-0.9%	9.5M	-714.2M	-2.1M	0.99	11.16	N/A	N/A	9,973	9,888	156,231	174,331
2022-04-07	$86.99	$80.00	66.1%	18.4%	64.4%	53.2%	64.5%	0.9%	-1.2%	8.7M	-667.1M	-2.1M	0.60	10.58	N/A	N/A	21,432	12,885	157,135	176,468
2022-04-08	$84.90	$85.00	66.2%	18.5%	62.4%	53.5%	64.9%	1.3%	-1.2%	6.5M	-594.1M	-2.2M	0.85	11.84	N/A	N/A	10,240	8,670	159,069	177,880
2022-04-11	$82.79	$85.00	68.1%	19.1%	55.6%	59.2%	67.0%	0.7%	-1.2%	8.4M	-519.4M	-2.1M	0.59	13.42	N/A	N/A	12,621	7,458	148,070	172,974
2022-04-12	$83.13	$85.00	67.4%	18.8%	55.6%	57.0%	66.3%	1.1%	-1.6%	9.9M	-537.5M	-2.1M	0.56	11.32	N/A	N/A	14,071	7,948	150,881	174,871
2022-04-13	$87.41	$85.00	65.0%	18.4%	57.4%	49.9%	64.0%	1.2%	-1.0%	12.9M	-724.1M	-2.0M	0.62	11.55	N/A	N/A	14,393	8,869	155,276	175,854
2022-04-14	$87.99	$80.00	64.8%	18.2%	51.0%	49.3%	64.2%	0.8%	-1.5%	3.2M	-748.0M	-2.0M	0.56	9.17	N/A	N/A	22,408	12,483	155,798	177,691
2022-04-18	$89.42	$80.00	66.7%	19.0%	51.0%	55.1%	66.5%	0.9%	-0.4%	4.2M	-452.0M	-2.0M	0.67	5.64	N/A	N/A	17,282	11,541	102,036	124,496
2022-04-19	$86.65	$85.00	63.9%	18.3%	40.1%	46.8%	64.3%	1.7%	-0.8%	3.3M	-389.8M	-2.1M	0.86	6.20	N/A	N/A	9,568	8,228	108,164	131,617
2022-04-20	$87.88	$85.00	66.0%	18.9%	40.5%	52.8%	66.2%	1.3%	-0.4%	3.7M	-426.9M	-2.1M	0.63	6.10	N/A	N/A	39,280	24,683	110,982	135,741
2022-04-21	$72.77	$85.00	64.5%	18.5%	74.6%	48.4%	67.3%	0.2%	-0.6%	-3.1M	-1.6M	-2.0M	0.62	5.12	N/A	N/A	86,597	53,867	123,980	149,282
2022-04-22	$67.77	$80.00	66.7%	19.2%	77.1%	55.0%	68.5%	-1.0%	-0.8%	-2.3M	90.3M	-2.1M	0.87	3.91	N/A	N/A	41,344	36,069	152,128	159,064
2022-04-25	$67.57	$80.00	70.6%	20.6%	76.9%	66.6%	72.4%	1.8%	-2.2%	-342.5K	-29.1M	-2.2M	0.57	6.19	N/A	N/A	40,072	22,996	146,745	148,160
2022-04-26	$66.99	$80.00	72.7%	21.3%	76.3%	72.8%	74.3%	2.9%	-1.5%	626.0K	-45.1M	-2.5M	0.64	6.75	N/A	N/A	17,556	11,287	164,773	158,150
2022-04-27	$70.47	$77.00	71.5%	21.0%	79.6%	69.1%	72.6%	3.7%	-1.8%	2.9M	-154.1M	-2.6M	0.48	4.90	N/A	N/A	19,521	9,306	170,834	163,168
2022-04-28	$70.55	$76.00	68.3%	19.8%	78.5%	59.7%	68.7%	2.7%	-1.6%	3.2M	-148.4M	-2.5M	0.73	5.48	N/A	N/A	15,628	11,349	173,171	166,135
2022-04-29	$67.95	$76.00	70.3%	20.4%	79.0%	65.8%	70.1%	3.8%	-1.3%	1.2M	-60.8M	-2.5M	0.67	5.02	N/A	N/A	18,968	12,704	175,880	168,394