AA Options History — December 2022

In December 2022, AA traded between $42.33 and $50.17. ATM implied volatility averaged 59.7%, placing in the 22.8% IV rank vs the trailing year. The 30-day expected move averaged 17.9%. IV traded above realized volatility by 2.2% (HV 20d: 57.6%). Max pain ranged from $45.00 to $50.00. Net GEX was positive for 17 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.06.

Notable Days

2022-12-12: Highest Volume — 27,832 contracts
2022-12-22: Largest IV spike — 7.5% change
2022-12-30: Highest IV Rank — 36.1%
2022-12-30: Largest Expected Move — 19.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$45.52	$42.33	$50.17	$48.95	$45.13
Max Pain	$48.81	$45.00	$50.00	$45.00	$47.00
ATM IV	59.7%	56.5%	63.5%	57.6%	63.5%
Expected Move	17.9%	16.7%	19.2%	17.5%	19.2%
HV 20d	57.6%	50.3%	74.0%	74.0%	51.9%
HV 60d	71.7%	64.9%	78.0%	78.0%	65.2%
IV Rank	22.8%	11.4%	36.1%	15.6%	36.1%
IV Percentile	20.9%	4.4%	40.9%	10.7%	40.9%
Term Structure	1.1%	-1.4%	5.9%	-0.5%	-1.4%
VWIV	62.7%	58.3%	67.5%	61.9%	67.5%
Skew 25d	4.0%	2.1%	4.9%	2.7%	4.9%
Skew 10d	8.3%	6.1%	10.1%	6.1%	9.5%
Call IV 25d	58.4%	55.0%	62.1%	57.3%	62.1%
Put IV 25d	62.4%	59.3%	67.0%	60.0%	67.0%
Bid-Ask Spread %	3.79	2.44	5.86	3.25	2.86
Gamma HHI	0.10	0.06	0.48	0.16	0.07
Net GEX	2.6M	-1.2M	20.1M	8.4M	888.2K
Net DEX	-48.0M	-301.9M	85.5M	-232.5M	-23.1M
Net VEX	-1.8M	-2.1M	-1.6M	-2.0M	-1.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.06	0.37	3.65	0.49	0.70
Total Volume	17,082.048	8,797	27,832	18,017	17,255
Total OI	362,548.619	313,538	401,750	385,423	350,413

Daily Data (21 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
2022-12-01	$48.95	$45.00	57.6%	17.5%	74.0%	15.6%	61.9%	2.7%	-0.5%	8.4M	-232.5M	-2.0M	0.49	3.25	N/A	N/A	12,090	5,927	189,366	196,057
2022-12-02	$50.17	$45.00	57.3%	17.3%	73.7%	14.4%	61.2%	2.1%	1.0%	20.1M	-301.9M	-2.1M	0.62	4.02	N/A	N/A	9,886	6,119	190,509	198,098
2022-12-05	$46.96	$50.00	59.9%	18.0%	68.6%	23.4%	63.4%	3.4%	1.2%	3.4M	-122.5M	-1.9M	0.72	5.22	N/A	N/A	13,802	9,979	178,706	187,436
2022-12-06	$48.31	$50.00	60.5%	18.4%	68.3%	25.7%	64.1%	3.1%	1.1%	4.3M	-174.0M	-2.0M	0.91	4.71	N/A	N/A	7,388	6,697	181,222	191,405
2022-12-07	$46.83	$50.00	60.4%	18.1%	68.6%	25.0%	63.4%	3.9%	0.4%	2.6M	-104.5M	-1.9M	0.50	4.81	N/A	N/A	9,673	4,807	182,233	195,209
2022-12-08	$47.34	$50.00	59.3%	18.0%	63.7%	21.5%	63.1%	4.1%	1.5%	2.7M	-118.7M	-1.9M	0.65	5.15	N/A	N/A	7,194	4,689	182,093	197,505
2022-12-09	$45.19	$50.00	59.0%	18.0%	59.6%	20.3%	64.0%	3.1%	2.6%	-506.2K	-19.5M	-1.8M	1.08	2.77	N/A	N/A	9,821	10,623	181,446	199,671
2022-12-12	$45.69	$50.00	59.6%	18.2%	51.7%	22.6%	63.4%	4.2%	3.3%	1.6M	-47.6M	-1.8M	1.25	4.73	N/A	N/A	12,366	15,466	170,609	190,553
2022-12-13	$46.16	$50.00	56.9%	17.5%	51.6%	12.9%	61.0%	4.1%	4.0%	2.4M	-69.3M	-1.9M	1.47	4.54	N/A	N/A	9,210	13,500	176,969	200,273
2022-12-14	$45.62	$50.00	56.5%	17.7%	51.1%	11.4%	61.2%	4.6%	5.9%	1.7M	-44.3M	-1.8M	1.11	5.86	N/A	N/A	4,162	4,635	178,853	209,299
2022-12-15	$43.14	$50.00	58.2%	17.9%	54.2%	17.4%	62.4%	3.3%	5.0%	-700.5K	66.2M	-1.7M	0.79	3.03	N/A	N/A	13,371	10,605	179,982	210,596
2022-12-16	$42.78	$50.00	57.9%	17.4%	53.4%	16.6%	60.7%	4.1%	4.3%	-1.2M	85.5M	-1.7M	0.67	3.03	N/A	N/A	9,877	6,579	186,365	215,385
2022-12-19	$42.33	$50.00	58.9%	17.2%	53.3%	20.1%	61.3%	4.4%	-0.5%	-595.0K	82.2M	-1.6M	2.75	2.85	N/A	N/A	7,323	20,114	146,084	167,454
2022-12-20	$43.97	$50.00	59.3%	17.2%	55.4%	21.2%	59.9%	4.1%	-0.3%	681.6K	33.7M	-1.8M	0.94	3.50	N/A	N/A	8,752	8,252	150,767	182,717
2022-12-21	$44.72	$50.00	58.2%	16.7%	51.7%	17.5%	58.3%	4.2%	0.5%	1.9M	2.2M	-1.8M	0.37	2.55	N/A	N/A	7,148	2,620	155,096	187,698
2022-12-22	$43.55	$50.00	62.6%	18.0%	52.1%	32.7%	63.3%	4.8%	-1.2%	569.6K	29.9M	-1.8M	1.45	3.07	N/A	N/A	6,387	9,245	157,806	185,852
2022-12-23	$44.14	$47.00	60.5%	17.4%	52.3%	25.4%	61.1%	4.6%	-0.6%	1.7M	10.5M	-1.8M	0.53	5.35	N/A	N/A	5,885	3,108	159,995	190,707
2022-12-27	$44.88	$47.00	62.2%	18.1%	51.3%	31.3%	64.0%	4.2%	-0.4%	1.5M	-13.1M	-1.8M	0.90	2.44	N/A	N/A	5,375	4,858	152,922	176,429
2022-12-28	$43.72	$47.00	63.1%	18.7%	50.3%	34.5%	65.3%	4.4%	-1.0%	332.4K	26.8M	-1.8M	3.65	3.03	N/A	N/A	3,588	13,096	155,414	179,497
2022-12-29	$46.41	$47.00	62.6%	18.4%	51.7%	32.9%	66.3%	4.7%	-1.1%	3.7M	-73.7M	-1.8M	0.75	2.85	N/A	N/A	9,857	7,394	156,733	188,097
2022-12-30	$45.13	$47.00	63.5%	19.2%	51.9%	36.1%	67.5%	4.9%	-1.4%	888.2K	-23.1M	-1.8M	0.70	2.86	N/A	N/A	10,132	7,123	161,674	188,739