AAL Options History — May 2014

In May 2014, AAL traded between $36.39 and $40.16. ATM implied volatility averaged 33.9%. The 30-day expected move averaged 10.8%. IV traded above realized volatility by 2.7% (HV 20d: 31.2%). Max pain ranged from $20.00 to $22.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 0.39.

Notable Days

  • 2014-05-01: Highest Volume — 52,658 contracts
  • 2014-05-22: Largest IV drop — 6.2% change
  • 2014-05-05: Largest Expected Move — 11.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$38.39$36.39$40.16$36.39$40.16
Max Pain$20.95$20.00$22.00$20.00$22.00
ATM IV33.9%30.1%37.5%37.5%31.7%
Expected Move10.8%10.4%11.3%11.2%10.5%
HV 20d31.2%17.8%41.4%41.4%17.8%
HV 60d33.9%32.7%34.6%34.6%32.7%
Term Structure0.2%-1.4%2.3%0.3%-0.5%
VWIV38.9%36.8%41.7%41.7%38.2%
Skew 25d4.2%2.2%6.1%3.5%5.8%
Skew 10d9.7%5.4%15.0%9.8%8.6%
Call IV 25d32.7%28.5%36.8%36.8%29.3%
Put IV 25d37.0%31.9%40.4%40.3%35.1%
Bid-Ask Spread %15.2811.0017.1514.0714.39
Gamma HHI0.150.110.250.130.12
Net GEX24.6M18.0M32.3M22.6M20.1M
Net DEX-924.4M-1.17B-740.0M-740.0M-975.3M
Net VEX-2.8M-2.9M-2.6M-2.6M-2.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.390.111.550.110.15
Total Volume23,952.4769,08652,65852,65812,108
Total OI559,936.333488,530618,754555,940539,176

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2014-05-01$36.39$20.0037.5%11.2%41.4%0.0%41.7%3.5%0.3%22.6M-740.0M-2.6M0.1114.0747,3025,356407,341148,599
2014-05-02$36.49$20.0037.5%11.2%41.3%0.0%39.7%4.5%0.5%26.6M-787.7M-2.9M0.4615.2718,6908,584435,276150,238
2014-05-05$36.60$20.0037.1%11.3%40.7%0.0%39.9%3.6%-0.4%24.9M-796.4M-2.9M0.4516.3411,7085,220434,727146,369
2014-05-06$36.67$20.0036.4%11.2%39.9%0.0%39.7%2.2%-0.0%26.2M-823.5M-2.8M0.3315.8916,4565,414438,778148,653
2014-05-07$37.22$20.0035.3%11.0%40.1%0.0%40.8%5.2%0.5%28.8M-891.6M-2.8M0.3015.6910,5423,131446,743149,570
2014-05-08$38.25$20.0035.8%11.0%40.3%0.0%38.9%3.9%1.2%31.5M-1.04B-2.8M0.2914.6135,77110,415447,640150,616
2014-05-09$38.26$20.0034.8%11.0%36.4%0.0%39.3%3.8%0.5%29.2M-1.05B-2.9M0.1615.9218,2802,851455,746155,666
2014-05-12$39.39$20.0034.6%10.9%32.1%0.0%38.7%5.7%-0.4%30.8M-1.17B-2.8M0.4114.7116,8586,951447,337151,291
2014-05-13$39.31$20.0033.7%10.8%31.7%0.0%39.1%5.1%-0.6%32.3M-1.17B-2.7M0.3916.7026,00910,155450,859154,772
2014-05-14$38.84$20.0034.2%10.8%32.4%0.0%38.9%3.7%-1.3%30.5M-1.09B-2.8M0.3714.5310,9323,994456,169162,585
2014-05-15$38.19$20.0035.3%10.8%28.9%0.0%39.6%3.9%-1.4%27.6M-993.7M-2.8M0.2617.1522,5535,835447,837162,730
2014-05-16$38.53$22.0033.8%10.9%28.8%0.0%40.9%6.1%0.0%18.6M-1.03B-2.8M0.2416.8422,7695,471449,500164,657
2014-05-19$38.57$22.0032.7%10.7%28.8%0.0%38.9%5.1%1.3%18.0M-819.0M-2.7M0.7414.9112,7279,450365,307123,223
2014-05-20$38.24$22.0033.6%10.6%28.9%0.0%37.7%2.9%0.2%18.4M-784.7M-2.8M0.5315.807,8804,163369,847131,295
2014-05-21$38.32$22.0032.2%10.8%27.6%0.0%39.3%5.2%0.3%18.7M-785.0M-2.7M0.4316.096,3652,721371,709133,648
2014-05-22$38.72$22.0030.2%10.6%27.8%0.0%36.9%3.3%2.3%20.6M-832.3M-2.7M0.2316.8910,1672,298372,780135,437
2014-05-23$39.11$22.0030.1%10.5%24.3%0.0%37.8%3.3%1.1%28.8M-886.9M-2.7M0.1615.4825,1414,084377,084136,522
2014-05-27$39.35$22.0031.5%10.5%22.0%0.0%37.8%4.2%0.3%20.0M-882.1M-2.7M1.5511.0010,15915,762365,561130,054
2014-05-28$39.80$22.0031.7%10.4%22.1%0.0%37.0%2.2%-0.1%19.6M-919.0M-2.7M0.2214.3225,4325,507369,626143,277
2014-05-29$39.82$22.0031.9%10.5%21.1%0.0%36.8%5.4%0.2%22.5M-936.2M-2.8M0.3614.3313,0564,735383,771146,647
2014-05-30$40.16$22.0031.7%10.5%17.8%0.0%38.2%5.8%-0.5%20.1M-975.3M-2.8M0.1514.3910,4911,617389,447149,729