AAL Options History — March 2014

In March 2014, AAL traded between $35.39 and $39.02. ATM implied volatility averaged 36.3%. The 30-day expected move averaged 10.7%. IV traded above realized volatility by 7.7% (HV 20d: 28.6%). Max pain ranged from $20.00 to $20.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 0.48.

Notable Days

  • 2014-03-19: Highest Volume — 59,371 contracts
  • 2014-03-26: Largest IV spike — 7.8% change
  • 2014-03-28: Largest Expected Move — 11.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$37.18$35.39$39.02$36.10$36.60
Max Pain$20.00$20.00$20.00$20.00$20.00
ATM IV36.3%32.6%42.2%35.1%41.6%
Expected Move10.7%10.4%11.2%10.8%11.1%
HV 20d28.6%23.9%35.1%23.9%35.1%
HV 60d32.7%31.8%33.9%32.4%33.9%
Term Structure0.7%-1.9%4.1%0.3%-0.1%
VWIV37.6%36.0%40.9%37.9%37.9%
Skew 25d3.5%-0.2%5.9%4.3%5.2%
Skew 10d8.3%-0.2%26.3%8.9%12.0%
Call IV 25d35.6%31.4%41.4%33.6%40.9%
Put IV 25d39.1%34.6%46.1%37.9%46.1%
Bid-Ask Spread %15.3110.6121.0613.7116.61
Gamma HHI0.150.120.320.190.14
Net GEX15.3M8.7M28.5M15.1M14.6M
Net DEX-1.21B-1.54B-711.1M-1.22B-849.3M
Net VEX-2.2M-2.6M-1.9M-2.2M-2.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.480.070.890.470.29
Total Volume27,631.71414,00359,37118,00923,658
Total OI720,598.857574,594835,308730,522583,223

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2014-03-03$36.10$20.0035.1%10.8%23.9%0.0%37.9%4.3%0.3%15.1M-1.22B-2.2M0.4713.7112,2735,736453,519277,003
2014-03-04$37.34$20.0032.6%11.0%26.0%0.0%36.7%5.6%0.3%15.1M-1.37B-2.0M0.1912.2536,3206,916456,553280,536
2014-03-05$37.86$20.0033.0%10.4%26.2%0.0%37.0%3.3%0.1%15.8M-1.42B-2.0M0.0710.9028,3581,937458,340284,982
2014-03-06$38.81$20.0033.6%10.5%26.6%0.0%38.6%1.5%0.0%14.4M-1.53B-2.0M0.3812.8231,12611,744470,693286,109
2014-03-07$39.02$20.0033.5%10.5%25.7%0.0%36.0%2.3%1.8%28.5M-1.54B-1.9M0.4011.0015,2576,101474,225291,480
2014-03-10$38.96$20.0035.2%10.5%24.4%0.0%36.9%1.2%-1.5%13.9M-1.50B-2.0M0.3910.6118,1857,050467,339287,324
2014-03-11$38.08$20.0035.5%10.4%26.2%0.0%36.9%-0.2%-0.5%14.6M-1.41B-2.1M0.4315.5913,9425,998468,907288,917
2014-03-12$37.56$20.0035.2%10.5%26.3%0.0%37.2%3.3%-0.7%15.8M-1.35B-2.2M0.6115.0910,1876,261473,971292,272
2014-03-13$36.74$20.0037.3%10.7%27.2%0.0%37.0%4.1%-1.1%15.9M-1.25B-2.2M0.7921.0618,02914,309478,712295,748
2014-03-14$36.34$20.0036.0%10.8%27.5%0.0%38.2%1.7%-0.1%15.4M-1.21B-2.3M0.4720.2421,88510,394483,929302,254
2014-03-17$37.70$20.0034.4%10.6%29.1%0.0%38.1%4.8%3.9%15.7M-1.38B-2.2M0.3416.2311,9954,032482,747301,649
2014-03-18$37.35$20.0034.9%10.7%29.4%0.0%38.0%3.9%2.1%16.4M-1.36B-2.1M0.5514.3311,5436,405487,562304,115
2014-03-19$37.08$20.0034.1%10.7%29.7%0.0%38.3%3.5%4.1%16.2M-1.32B-2.2M0.1716.5550,8448,527490,505308,956
2014-03-20$36.56$20.0034.5%10.8%28.5%0.0%36.7%4.4%3.2%15.4M-1.30B-2.6M0.8916.5318,74816,681518,250313,544
2014-03-21$36.11$20.0035.4%10.8%28.4%0.0%38.3%2.6%3.0%8.7M-1.19B-2.4M0.3815.7227,38010,274507,910327,398
2014-03-24$36.80$20.0037.1%10.9%28.9%0.0%40.9%5.9%-0.0%13.9M-846.2M-2.5M0.8214.977,6986,305382,542192,052
2014-03-25$37.90$20.0038.1%10.5%30.5%0.0%36.6%5.9%0.7%16.1M-967.0M-2.4M0.4616.0515,0986,987386,344192,082
2014-03-26$36.70$20.0041.1%10.7%32.7%0.0%37.7%3.0%-1.9%15.2M-872.5M-2.4M0.5116.8610,8145,470391,089193,933
2014-03-27$35.77$20.0042.2%10.9%33.9%0.0%37.8%4.1%0.6%12.1M-747.1M-2.5M0.6719.0718,89212,611395,170197,064
2014-03-28$35.39$20.0041.6%11.2%33.8%0.0%37.8%3.2%0.7%13.0M-711.1M-2.5M0.8115.2113,41810,878404,468199,160
2014-03-31$36.60$20.0041.6%11.1%35.1%0.0%37.9%5.2%-0.1%14.6M-849.3M-2.4M0.2916.6118,3855,273391,077192,146