AAL Options History — March 2015

In March 2015, AAL traded between $46.74 and $55.76. ATM implied volatility averaged 39.4%, placing in the 20.5% IV rank vs the trailing year. The 30-day expected move averaged 10.9%. IV traded above realized volatility by 6.4% (HV 20d: 32.9%). Max pain ranged from $48.00 to $52.50. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 17 of 22 days. Put/call ratio averaged 0.65.

Notable Days

  • 2015-03-17: Highest Volume — 207,664 contracts
  • 2015-03-25: Largest IV spike — 9.5% change
  • 2015-03-10: Highest IV Rank — 28.9%
  • 2015-03-10: Largest Expected Move — 12.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$51.00$46.74$55.76$48.23$52.86
Max Pain$49.73$48.00$52.50$48.00$52.50
ATM IV39.4%34.7%43.2%43.1%39.7%
Expected Move10.9%9.3%12.6%12.4%9.8%
HV 20d32.9%25.9%37.2%34.0%37.0%
HV 60d38.8%36.3%39.9%39.9%39.8%
IV Rank20.5%10.2%28.9%28.6%21.2%
IV Percentile46.1%15.9%75.4%75.0%47.2%
Term Structure1.4%-1.1%7.9%-0.5%-0.7%
VWIV38.0%32.3%43.5%43.2%35.2%
Skew 25d3.5%1.9%4.8%4.4%2.2%
Skew 10d7.3%0.5%19.1%5.9%3.8%
Call IV 25d37.9%31.3%41.8%40.9%39.2%
Put IV 25d41.4%33.7%45.3%45.3%41.3%
Bid-Ask Spread %12.306.1631.3410.687.59
Gamma HHI0.110.080.210.100.12
Net GEX32.5M12.4M80.8M20.0M21.8M
Net DEX-859.2M-2.14B-366.1M-487.7M-777.7M
Net VEX-5.3M-5.9M-4.8M-4.8M-5.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.650.241.720.461.72
Total Volume75,76931,839207,66449,59935,833
Total OI742,956.455651,604887,778651,604720,222

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2015-03-02$48.23$48.0043.1%12.4%34.0%28.6%43.2%4.4%-0.5%20.0M-487.7M-4.8M0.4610.6833,93515,664445,344206,260
2015-03-03$48.77$48.0039.7%11.6%34.1%21.3%39.4%4.5%1.7%25.3M-553.8M-4.8M0.4612.5436,10816,449460,123208,745
2015-03-04$48.94$48.0040.7%11.2%32.7%23.4%37.5%3.7%0.2%29.7M-598.9M-4.9M0.2416.5047,94311,325477,100211,942
2015-03-05$48.42$49.0042.0%12.4%29.5%26.3%43.5%3.0%0.4%28.8M-561.1M-4.9M0.3231.3443,32313,975496,882213,348
2015-03-06$47.96$49.0042.0%12.5%29.2%26.2%43.2%3.9%1.3%24.6M-510.9M-4.9M0.5017.1156,60328,506522,690217,743
2015-03-09$47.92$49.0042.3%12.4%28.8%27.0%43.1%3.3%0.6%27.4M-519.5M-4.9M0.2916.9932,9789,688506,708213,494
2015-03-10$46.74$49.0043.2%12.6%27.9%28.9%43.4%3.2%0.8%23.2M-366.1M-4.8M0.3316.7528,8729,429526,253217,765
2015-03-11$47.39$48.0041.3%12.1%25.9%24.7%41.8%4.0%0.4%28.4M-448.7M-4.9M0.7410.7426,27919,318533,893221,845
2015-03-12$48.68$48.0039.3%11.5%27.5%20.3%40.0%3.4%0.7%42.2M-666.7M-5.1M0.359.4936,51812,685543,429227,860
2015-03-13$49.22$48.0039.8%11.6%27.8%21.4%40.7%3.5%1.1%40.6M-791.7M-5.1M0.3419.6256,37918,904552,794232,212
2015-03-16$50.22$48.0038.4%11.1%28.3%18.2%38.7%3.5%4.4%48.9M-914.9M-5.2M0.3811.2554,34520,552529,350225,631
2015-03-17$53.69$49.0037.0%10.6%36.2%15.2%36.9%3.0%3.6%53.9M-1.58B-5.2M0.279.26163,74843,916535,757232,642
2015-03-18$54.13$49.0035.6%10.2%35.2%12.1%36.5%2.9%5.3%65.5M-1.64B-5.5M0.3111.1777,16623,934563,936245,482
2015-03-19$55.19$49.0036.2%10.2%35.6%13.5%35.4%3.2%4.7%80.8M-1.89B-5.5M0.288.08102,27928,183582,989251,348
2015-03-20$55.76$50.0034.7%9.4%34.9%10.2%32.3%2.3%7.9%35.9M-2.14B-5.7M0.4414.36116,16651,664622,024265,754
2015-03-23$54.40$50.0036.6%9.3%36.4%14.4%32.6%1.9%0.2%28.2M-996.6M-5.6M1.367.4428,54238,707442,274224,883
2015-03-24$53.93$52.5036.4%9.4%36.6%14.0%32.4%4.5%0.8%19.9M-874.6M-5.8M0.896.1634,65230,750454,098245,156
2015-03-25$52.01$52.5039.9%10.2%37.0%21.6%35.9%4.2%-0.9%13.5M-537.5M-5.7M1.338.1341,18454,572469,825265,269
2015-03-26$51.34$52.5039.6%10.2%37.2%21.1%36.2%4.1%0.2%12.4M-445.8M-5.7M1.718.8736,15661,744475,411267,966
2015-03-27$52.66$52.5039.6%10.0%36.1%20.9%34.9%4.0%-0.4%17.9M-698.1M-5.9M0.558.1123,31812,787488,831285,311
2015-03-30$53.62$52.5038.9%9.7%36.4%19.5%33.8%4.8%-1.1%24.9M-905.4M-5.9M1.028.4415,73316,106458,873255,580
2015-03-31$52.86$52.5039.7%9.8%37.0%21.2%35.2%2.2%-0.7%21.8M-777.7M-5.8M1.727.5913,18322,650462,494257,728