AA Options History — December 2025

In December 2025, AA traded between $41.50 and $54.28. ATM implied volatility averaged 46.9%, placing in the 11.5% IV rank vs the trailing year. The 30-day expected move averaged 13.1%. IV traded below realized volatility by 4.5% (HV 20d: 51.4%). Max pain ranged from $35.00 to $40.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 17 of 22 days. Put/call ratio averaged 1.01.

Notable Days

2025-12-19: Highest Volume — 114,061 contracts
2025-12-22: Largest IV spike — 10.4% change
2025-12-31: Highest IV Rank — 19.6%
2025-12-01: Largest Expected Move — 14.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$48.02	$41.50	$54.28	$41.53	$53.05
Max Pain	$35.52	$35.00	$40.00	$38.00	$35.00
ATM IV	46.9%	42.6%	53.1%	46.7%	53.1%
Expected Move	13.1%	12.2%	14.5%	14.5%	12.8%
HV 20d	51.4%	44.0%	57.7%	55.5%	45.5%
HV 60d	56.4%	54.8%	57.8%	54.8%	56.7%
IV Rank	11.5%	5.8%	19.6%	15.7%	19.6%
IV Percentile	24.6%	2.4%	69.4%	21.4%	69.4%
Term Structure	2.0%	-2.7%	6.0%	0.6%	-1.9%
VWIV	46.2%	40.5%	52.0%	52.0%	45.6%
Skew 25d	1.2%	-0.7%	2.7%	2.7%	1.6%
Skew 10d	2.4%	-20.0%	20.0%	3.6%	-13.8%
Call IV 25d	46.8%	41.7%	52.1%	45.9%	51.6%
Put IV 25d	48.0%	43.4%	53.1%	48.6%	53.1%
Bid-Ask Spread %	39.65	18.29	70.20	33.99	70.20
Gamma HHI	0.16	0.12	0.25	0.13	0.24
Net GEX	6.8M	7.6K	18.8M	5.2M	7.6K
Net DEX	-454.6M	-683.6M	-241.9M	-267.6M	-510.0M
Net VEX	-1.5M	-1.6M	-1.3M	-1.4M	-1.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.01	0.14	6.56	0.37	1.82
Total Volume	33,875.682	4,383	114,061	22,451	49,185
Total OI	338,681.818	301,555	362,578	303,341	351,958

Daily Data (22 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
2025-12-01	$41.53	$38.00	46.7%	14.5%	55.5%	15.7%	52.0%	2.7%	0.6%	5.2M	-267.6M	-1.4M	0.37	33.99	N/A	N/A	16,399	6,052	149,033	154,308
2025-12-02	$41.50	$38.50	47.1%	14.3%	55.6%	16.3%	50.1%	0.3%	0.3%	4.3M	-241.9M	-1.4M	0.80	49.09	N/A	N/A	4,173	3,320	143,019	158,536
2025-12-03	$44.52	$40.00	44.0%	13.0%	56.6%	11.8%	47.2%	1.4%	1.4%	6.7M	-374.6M	-1.3M	1.65	67.93	N/A	N/A	38,334	63,179	144,661	160,628
2025-12-04	$43.60	$35.00	42.6%	12.9%	57.7%	9.8%	45.7%	2.7%	2.1%	3.6M	-312.7M	-1.5M	0.64	30.51	N/A	N/A	8,391	5,330	152,293	177,689
2025-12-05	$43.80	$35.00	42.8%	12.8%	57.5%	10.1%	46.1%	1.5%	2.6%	3.8M	-325.9M	-1.4M	0.88	42.34	N/A	N/A	9,005	7,887	160,753	178,189
2025-12-08	$44.44	$35.00	45.1%	13.1%	57.5%	7.5%	45.9%	1.1%	1.0%	3.7M	-305.1M	-1.5M	0.22	45.72	N/A	N/A	18,280	4,000	152,944	164,515
2025-12-09	$43.70	$35.00	44.5%	12.9%	57.0%	6.4%	45.5%	1.2%	-0.3%	3.5M	-290.8M	-1.4M	0.46	27.77	N/A	N/A	3,001	1,382	164,760	166,608
2025-12-10	$44.72	$35.00	46.1%	13.5%	55.8%	8.9%	47.9%	0.8%	2.7%	6.5M	-337.7M	-1.5M	0.24	54.95	N/A	N/A	23,730	5,809	165,928	167,232
2025-12-11	$47.41	$35.00	45.2%	13.1%	55.7%	7.6%	46.5%	-0.5%	0.1%	18.8M	-517.7M	-1.5M	1.00	30.60	N/A	N/A	47,837	48,041	178,035	170,839
2025-12-12	$46.00	$35.00	44.0%	13.0%	53.9%	5.8%	46.2%	2.4%	2.6%	8.7M	-409.6M	-1.6M	0.84	35.65	N/A	N/A	29,626	24,844	180,113	178,503
2025-12-15	$45.56	$35.00	45.4%	13.1%	53.5%	7.9%	47.3%	1.9%	5.7%	5.7M	-370.9M	-1.6M	1.38	24.45	N/A	N/A	5,558	7,666	174,752	167,433
2025-12-16	$46.64	$35.00	44.3%	12.9%	48.2%	6.2%	44.8%	2.0%	6.0%	8.8M	-438.2M	-1.6M	0.34	38.75	N/A	N/A	5,586	1,927	177,362	173,094
2025-12-17	$47.05	$35.00	46.8%	13.4%	47.9%	10.0%	46.4%	1.7%	5.5%	10.3M	-462.3M	-1.6M	0.40	30.48	N/A	N/A	6,932	2,770	178,485	173,968
2025-12-18	$48.36	$35.00	45.1%	12.7%	48.1%	7.3%	45.7%	1.9%	4.2%	12.3M	-527.2M	-1.5M	0.42	25.87	N/A	N/A	11,565	4,831	178,430	175,216
2025-12-19	$51.59	$35.00	45.9%	12.6%	48.6%	8.6%	40.5%	-0.3%	4.8%	7.0M	-683.6M	-1.5M	1.21	57.90	N/A	N/A	51,618	62,443	180,735	177,750
2025-12-22	$53.58	$35.00	50.6%	13.4%	49.0%	15.9%	49.9%	1.2%	-0.4%	9.4M	-614.8M	-1.5M	0.41	34.42	N/A	N/A	14,965	6,061	161,226	166,747
2025-12-23	$53.63	$35.00	48.4%	12.4%	47.1%	12.5%	44.5%	1.3%	-0.2%	10.3M	-627.6M	-1.5M	6.56	50.11	N/A	N/A	9,300	60,990	166,486	170,413
2025-12-24	$53.52	$35.00	48.5%	12.2%	47.5%	12.7%	41.9%	-0.7%	5.3%	5.9M	-599.8M	-1.6M	1.02	18.29	N/A	N/A	7,057	7,186	171,573	186,860
2025-12-26	$54.28	$35.00	50.9%	12.6%	44.2%	16.4%	43.5%	0.4%	0.3%	3.0M	-641.8M	-1.5M	0.14	28.56	N/A	N/A	28,187	3,806	170,965	191,613
2025-12-29	$53.83	$35.00	51.2%	13.4%	44.4%	16.7%	46.3%	0.4%	4.8%	5.0M	-555.0M	-1.5M	0.68	40.79	N/A	N/A	8,713	5,963	167,455	174,355
2025-12-30	$54.24	$35.00	53.0%	13.1%	44.0%	19.5%	46.6%	0.6%	-2.7%	7.1M	-587.1M	-1.5M	0.84	33.97	N/A	N/A	7,789	6,547	168,496	177,042
2025-12-31	$53.05	$35.00	53.1%	12.8%	45.5%	19.6%	45.6%	1.6%	-1.9%	7.6K	-510.0M	-1.5M	1.82	70.20	N/A	N/A	17,451	31,734	171,226	180,732