AA Options History — September 2025

In September 2025, AA traded between $30.82 and $33.62. ATM implied volatility averaged 51.7%, placing in the 22.9% IV rank vs the trailing year. The 30-day expected move averaged 14.8%. IV traded above realized volatility by 11.5% (HV 20d: 40.2%). Max pain ranged from $30.00 to $32.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.71.

Notable Days

2025-09-22: Highest Volume — 47,884 contracts
2025-09-23: Largest IV spike — 8.4% change
2025-09-24: Highest IV Rank — 32.6%
2025-09-24: Largest Expected Move — 15.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$32.18	$30.82	$33.62	$30.82	$32.70
Max Pain	$30.19	$30.00	$32.00	$32.00	$30.00
ATM IV	51.7%	48.0%	58.5%	50.0%	55.3%
Expected Move	14.8%	14.4%	15.8%	15.2%	15.0%
HV 20d	40.2%	29.4%	46.2%	46.2%	34.7%
HV 60d	43.4%	41.2%	44.7%	43.8%	41.2%
IV Rank	22.9%	17.5%	32.6%	20.5%	28.0%
IV Percentile	60.5%	34.5%	93.3%	51.2%	85.3%
Term Structure	0.3%	-2.2%	3.8%	-0.5%	-0.8%
VWIV	51.8%	49.7%	55.8%	53.5%	52.0%
Skew 25d	2.0%	-6.6%	19.4%	2.9%	0.6%
Skew 10d	9.1%	-10.4%	27.9%	18.4%	17.3%
Call IV 25d	50.8%	34.8%	57.4%	48.5%	54.7%
Put IV 25d	52.7%	49.1%	58.4%	51.4%	55.3%
Bid-Ask Spread %	16.56	3.23	43.52	4.66	14.84
Gamma HHI	0.13	0.11	0.17	0.12	0.14
Net GEX	2.9M	130.7K	7.9M	1.6M	5.4M
Net DEX	-66.5M	-154.2M	16.3M	-16.8M	-95.5M
Net VEX	-1.3M	-1.4M	-1.3M	-1.3M	-1.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.71	0.16	2.23	1.39	0.74
Total Volume	23,797.714	7,552	47,884	23,392	25,063
Total OI	330,802.524	256,228	374,006	319,258	312,037

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
2025-09-02	$30.82	$32.00	50.0%	15.2%	46.2%	20.5%	53.5%	2.9%	-0.5%	1.6M	-16.8M	-1.3M	1.39	4.66	N/A	N/A	9,794	13,598	151,339	167,919
2025-09-03	$31.10	$32.00	50.4%	15.5%	45.9%	21.0%	54.3%	0.5%	-1.1%	1.6M	-23.2M	-1.4M	0.22	5.40	N/A	N/A	21,147	4,625	156,145	176,880
2025-09-04	$31.17	$30.00	50.0%	14.5%	45.9%	20.4%	50.1%	3.2%	-2.2%	2.7M	-29.6M	-1.4M	0.37	25.55	N/A	N/A	13,042	4,767	173,680	178,712
2025-09-05	$31.81	$30.00	48.8%	14.5%	46.0%	18.6%	50.1%	2.4%	-1.0%	3.0M	-56.9M	-1.4M	0.87	11.56	N/A	N/A	13,564	11,866	172,389	181,677
2025-09-08	$32.05	$30.00	48.7%	14.7%	46.0%	18.5%	50.9%	-0.1%	2.8%	3.3M	-63.6M	-1.4M	2.08	15.92	N/A	N/A	6,253	13,009	170,621	179,069
2025-09-09	$31.35	$30.00	48.9%	14.4%	46.0%	18.8%	50.1%	1.2%	1.8%	1.7M	-19.7M	-1.4M	0.44	5.09	N/A	N/A	11,004	4,807	174,015	184,897
2025-09-10	$30.84	$30.00	48.5%	14.5%	41.1%	18.3%	50.8%	1.2%	2.1%	130.7K	16.3M	-1.3M	0.39	43.52	N/A	N/A	12,789	4,965	169,343	185,838
2025-09-11	$32.33	$30.00	48.1%	14.6%	44.2%	17.7%	49.7%	-6.6%	3.8%	2.3M	-67.6M	-1.3M	0.16	3.96	N/A	N/A	35,990	5,735	172,345	185,877
2025-09-12	$33.33	$30.00	48.0%	14.4%	45.2%	17.5%	50.2%	3.0%	3.1%	6.6M	-154.2M	-1.4M	0.25	34.37	N/A	N/A	35,533	9,016	186,575	187,431
2025-09-15	$33.62	$30.00	50.5%	14.6%	45.2%	21.1%	51.4%	1.7%	1.9%	4.6M	-134.6M	-1.4M	0.41	5.45	N/A	N/A	15,396	6,345	157,346	171,993
2025-09-16	$33.45	$30.00	50.8%	14.7%	39.7%	21.6%	52.0%	1.0%	0.3%	4.6M	-123.7M	-1.4M	0.60	3.94	N/A	N/A	5,282	3,157	159,523	174,783
2025-09-17	$32.96	$30.00	50.7%	14.5%	40.4%	21.4%	51.6%	1.6%	-0.2%	3.8M	-96.4M	-1.3M	2.23	27.02	N/A	N/A	3,791	8,435	158,921	176,111
2025-09-18	$32.80	$30.00	50.9%	14.6%	40.3%	21.6%	51.8%	0.8%	-0.6%	3.4M	-80.0M	-1.3M	0.80	3.23	N/A	N/A	4,190	3,362	159,618	180,215
2025-09-19	$32.53	$30.00	50.8%	14.6%	40.5%	21.5%	51.7%	1.3%	-0.9%	1.0M	-64.6M	-1.3M	1.19	16.85	N/A	N/A	6,608	7,868	161,402	180,585
2025-09-22	$32.50	$30.00	52.7%	14.5%	29.4%	24.3%	50.1%	19.4%	-0.7%	1.0M	-58.2M	-1.3M	0.31	23.99	N/A	N/A	36,625	11,259	124,227	132,001
2025-09-23	$31.42	$30.00	57.1%	15.6%	31.9%	30.6%	54.2%	1.2%	-1.3%	1.7M	-24.8M	-1.3M	0.36	29.76	N/A	N/A	25,266	9,210	147,605	136,041
2025-09-24	$31.26	$30.00	58.5%	15.8%	31.9%	32.6%	55.6%	1.1%	-1.2%	1.5M	-23.4M	-1.3M	0.44	25.45	N/A	N/A	16,946	7,441	160,193	142,636
2025-09-25	$31.41	$30.00	57.7%	15.7%	32.0%	31.4%	55.8%	1.0%	-0.2%	1.6M	-24.5M	-1.4M	0.62	8.76	N/A	N/A	7,592	4,693	172,760	150,037
2025-09-26	$32.78	$30.00	55.5%	14.5%	35.5%	28.3%	51.1%	1.4%	1.1%	1.5M	-107.1M	-1.4M	0.83	21.94	N/A	N/A	15,610	13,028	177,888	151,048
2025-09-29	$33.61	$30.00	54.2%	15.5%	36.5%	26.4%	51.6%	2.5%	0.2%	7.9M	-148.2M	-1.4M	0.27	16.57	N/A	N/A	24,421	6,660	165,459	139,672
2025-09-30	$32.70	$30.00	55.3%	15.0%	34.7%	28.0%	52.0%	0.6%	-0.8%	5.4M	-95.5M	-1.4M	0.74	14.84	N/A	N/A	14,432	10,631	169,682	142,355