AAL Options History — February 2014

In February 2014, AAL traded between $33.80 and $37.00. ATM implied volatility averaged 35.3%. The 30-day expected move averaged 11.0%. IV traded above realized volatility by 3.5% (HV 20d: 31.9%). Max pain ranged from $20.00 to $20.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 0.49.

Notable Days

  • 2014-02-11: Highest Volume — 65,868 contracts
  • 2014-02-04: Largest IV drop — 4.3% change
  • 2014-02-06: Largest Expected Move — 11.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$35.35$33.80$37.00$33.96$36.93
Max Pain$20.00$20.00$20.00$20.00$20.00
ATM IV35.3%32.4%40.8%40.8%32.4%
Expected Move11.0%10.7%11.3%11.0%10.9%
HV 20d31.9%22.2%37.2%36.9%22.2%
HV 60d32.6%32.1%33.2%33.2%32.1%
Term Structure-0.1%-1.9%1.4%-1.7%0.0%
VWIV38.7%37.2%42.3%39.5%38.5%
Skew 25d3.6%1.9%5.8%5.8%4.2%
Skew 10d8.5%1.9%15.2%7.8%14.4%
Call IV 25d34.4%30.7%38.8%38.8%30.7%
Put IV 25d38.0%34.3%44.6%44.6%34.9%
Bid-Ask Spread %13.0310.9316.8616.8613.51
Gamma HHI0.260.170.370.200.17
Net GEX17.1M13.3M27.0M13.3M15.9M
Net DEX-1.54B-1.87B-1.27B-1.46B-1.33B
Net VEX-2.5M-3.1M-2.1M-3.1M-2.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.490.191.340.220.49
Total Volume28,747.6849,95065,86857,56014,255
Total OI951,319.526715,7281,062,106978,373745,526

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2014-02-03$33.96$20.0040.8%11.0%36.9%0.0%39.5%5.8%-1.7%13.3M-1.46B-3.1M0.2216.8647,07510,485592,188386,185
2014-02-04$34.05$20.0039.0%11.1%37.0%0.0%37.9%5.3%-0.9%15.0M-1.47B-3.0M0.3314.0117,0205,596597,139391,799
2014-02-05$33.80$20.0038.5%10.9%37.2%0.0%38.9%5.2%-0.5%16.0M-1.41B-3.0M0.8312.9716,31913,620600,056394,145
2014-02-06$34.66$20.0037.3%11.3%37.1%0.0%39.5%4.0%-1.2%19.2M-1.58B-2.8M0.3613.3840,21114,602606,329403,868
2014-02-07$35.67$20.0036.0%11.2%32.5%0.0%39.2%5.7%-0.9%15.4M-1.80B-2.6M0.3612.8831,70811,453619,995410,735
2014-02-10$35.58$20.0036.5%11.0%32.5%0.0%38.9%2.8%-1.6%16.0M-1.74B-2.4M1.3411.9916,96422,708602,323401,101
2014-02-11$35.13$20.0036.3%11.0%31.2%0.0%38.8%3.6%-1.9%15.5M-1.67B-2.5M0.5616.0642,22723,641606,196413,317
2014-02-12$34.69$20.0035.9%11.0%32.2%0.0%42.3%3.0%-0.0%16.2M-1.58B-2.8M0.6512.9415,88210,374627,279432,072
2014-02-13$35.03$20.0034.8%11.1%32.0%0.0%38.3%3.8%0.5%19.3M-1.64B-2.8M0.3013.919,1662,767630,269430,196
2014-02-14$34.41$20.0034.8%11.0%33.3%0.0%39.1%3.0%0.3%15.6M-1.54B-2.8M0.5913.7611,1956,619632,077430,029
2014-02-18$34.31$20.0035.6%10.9%33.0%0.0%39.2%3.2%1.0%16.7M-1.54B-2.6M0.3311.547,4992,451620,846426,208
2014-02-19$34.59$20.0034.7%10.9%32.6%0.0%37.9%2.2%1.4%20.7M-1.60B-2.5M0.4311.9912,7445,457624,776427,690
2014-02-20$35.66$20.0033.6%11.1%33.5%0.0%38.8%3.9%1.1%27.0M-1.77B-2.4M0.6313.2420,08812,720619,859427,950
2014-02-21$36.17$20.0033.1%11.0%33.6%0.0%37.6%3.4%0.8%25.6M-1.87B-2.3M0.4711.7214,4416,722623,700437,903
2014-02-24$36.65$20.0032.5%10.8%30.5%0.0%37.2%3.4%0.7%14.3M-1.27B-2.2M0.4710.939,7824,564441,711274,017
2014-02-25$37.00$20.0032.9%10.8%29.9%0.0%38.2%2.9%-0.0%13.8M-1.32B-2.1M0.1911.7325,1884,677445,530277,865
2014-02-26$36.75$20.0033.3%10.7%24.7%0.0%37.5%1.9%-0.1%14.4M-1.31B-2.1M0.2312.4618,0794,223450,410280,676
2014-02-27$36.56$20.0033.3%10.8%23.2%0.0%38.0%1.9%0.4%14.5M-1.30B-2.2M0.5811.698,6645,020459,564283,542
2014-02-28$36.93$20.0032.4%10.9%22.2%0.0%38.5%4.2%0.0%15.9M-1.33B-2.2M0.4913.519,5894,666462,405283,121