AAL Options History — April 2015

In April 2015, AAL traded between $47.38 and $52.77. ATM implied volatility averaged 40.8%, placing in the 23.6% IV rank vs the trailing year. The 30-day expected move averaged 11.8%. IV traded above realized volatility by 3.8% (HV 20d: 37.0%). Max pain ranged from $48.00 to $52.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.63.

Notable Days

  • 2015-04-29: Highest Volume — 167,220 contracts
  • 2015-04-24: Largest IV drop — 13.9% change
  • 2015-04-06: Highest IV Rank — 30.1%
  • 2015-04-06: Largest Expected Move — 12.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$49.34$47.38$52.77$50.51$48.25
Max Pain$48.67$48.00$52.50$52.50$50.00
ATM IV40.8%32.6%43.7%42.2%40.4%
Expected Move11.8%9.4%12.6%11.0%12.6%
HV 20d37.0%31.0%43.0%40.9%32.4%
HV 60d38.6%34.2%41.3%40.8%35.1%
IV Rank23.6%5.4%30.1%26.7%22.8%
IV Percentile57.7%7.9%79.0%67.9%53.2%
Term Structure-0.2%-1.5%2.4%-1.5%0.9%
VWIV41.3%33.7%44.4%37.7%44.1%
Skew 25d3.5%2.6%4.8%4.8%2.9%
Skew 10d6.8%-1.0%13.6%10.8%5.3%
Call IV 25d39.4%31.9%42.5%39.7%38.6%
Put IV 25d42.8%35.0%45.9%44.5%41.5%
Bid-Ask Spread %9.856.0415.999.899.21
Gamma HHI0.100.080.140.110.08
Net GEX21.2M7.6M54.9M8.3M19.4M
Net DEX-461.0M-1.21B-145.1M-391.1M-283.4M
Net VEX-5.4M-5.6M-5.1M-5.5M-5.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.630.231.170.320.62
Total Volume76,999.66734,757167,220142,80778,182
Total OI771,053.238689,753856,679723,565856,679

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2015-04-01$50.51$52.5042.2%11.0%40.9%26.7%37.7%4.8%-1.5%8.3M-391.1M-5.5M0.329.89108,24834,559462,656260,909
2015-04-02$49.22$48.0041.4%12.4%41.9%24.8%43.7%4.3%2.4%10.6M-240.7M-5.5M1.0715.0843,13646,061484,025278,762
2015-04-06$48.13$48.0043.7%12.6%42.6%30.1%43.2%3.6%1.9%7.6M-199.9M-5.2M0.669.0641,05327,261484,488257,973
2015-04-07$47.53$48.0043.2%12.1%42.8%28.9%41.9%3.4%-0.6%8.6M-145.1M-5.1M0.7415.9920,74815,375498,214260,005
2015-04-08$48.74$48.0043.0%12.2%42.7%28.4%43.3%2.9%-0.7%10.7M-292.0M-5.4M0.8314.9526,92822,383502,256266,863
2015-04-09$47.86$48.0043.1%12.2%43.0%28.7%42.0%4.1%-0.8%8.2M-172.1M-5.2M0.868.5023,34120,056510,155274,348
2015-04-10$47.77$48.0043.0%12.1%41.9%28.4%42.6%4.0%-0.4%10.5M-162.6M-5.2M1.177.8725,10329,276522,406281,058
2015-04-13$47.80$48.0043.6%12.5%41.7%29.7%43.4%3.4%-1.0%9.3M-222.1M-5.2M0.578.9422,97313,170505,682262,720
2015-04-14$47.38$48.0043.6%12.5%40.9%29.8%43.5%3.4%-1.3%8.1M-166.4M-5.1M0.7210.7220,15214,605515,438266,668
2015-04-15$47.73$48.0042.2%12.1%31.9%26.7%42.4%3.7%0.0%11.3M-215.4M-5.1M0.5411.4930,87616,754521,693267,603
2015-04-16$48.42$48.0040.6%11.6%32.4%23.1%41.6%2.8%-0.8%17.4M-301.8M-5.2M0.6211.5724,27915,120533,448270,567
2015-04-17$48.20$48.0042.5%12.2%31.0%27.4%43.1%3.0%-0.5%15.9M-281.3M-5.2M0.516.3854,01527,679543,597274,124
2015-04-20$49.74$48.0041.3%12.2%33.4%24.8%41.8%3.3%-0.7%27.6M-623.7M-5.3M0.236.2754,76912,503463,033226,720
2015-04-21$51.39$48.0041.0%12.1%35.2%24.1%42.2%3.2%-1.2%36.6M-899.6M-5.6M0.467.8551,22723,696483,031231,137
2015-04-22$51.39$48.0042.1%12.5%35.2%26.4%44.4%3.1%-1.2%37.6M-920.2M-5.6M0.458.4239,49717,724495,065244,200
2015-04-23$51.47$48.5037.8%11.1%32.8%17.0%38.5%3.5%-0.9%43.0M-944.2M-5.6M0.659.0851,43933,384505,004250,515
2015-04-24$52.77$49.0032.6%9.4%33.7%5.4%33.7%2.9%-0.7%54.9M-1.21B-5.6M0.528.14105,83455,233524,772267,108
2015-04-27$51.86$50.0033.2%9.9%33.0%6.9%35.5%3.5%0.4%41.9M-884.5M-5.6M0.9312.4035,48432,915499,636260,472
2015-04-28$51.12$50.0036.4%10.4%32.6%14.0%35.7%2.6%1.6%36.3M-741.1M-5.6M0.266.04107,19727,538505,390269,105
2015-04-29$48.87$50.0039.9%12.1%35.7%21.6%42.2%4.1%1.1%21.2M-380.5M-5.5M0.559.07107,57059,650525,150279,443
2015-04-30$48.25$50.0040.4%12.6%32.4%22.8%44.1%2.9%0.9%19.4M-283.4M-5.6M0.629.2148,40129,781547,926308,753