AAL Options History — January 2019

In January 2019, AAL traded between $30.20 and $36.45. ATM implied volatility averaged 45.6%, placing in the 50.3% IV rank vs the trailing year. The 30-day expected move averaged 13.1%. IV traded below realized volatility by 10.1% (HV 20d: 55.7%). Max pain ranged from $33.00 to $37.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 3 of 21 days. Put/call ratio averaged 0.56.

Notable Days

2019-01-10: Highest Volume — 121,872 contracts
2019-01-24: Largest IV drop — 19.1% change
2019-01-03: Highest IV Rank — 83.8%
2019-01-03: Largest Expected Move — 16.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$33.33	$30.20	$36.45	$32.36	$35.67
Max Pain	$33.67	$33.00	$37.00	$37.00	$33.00
ATM IV	45.6%	36.3%	57.9%	52.7%	36.3%
Expected Move	13.1%	10.4%	16.0%	14.5%	10.4%
HV 20d	55.7%	52.5%	61.7%	55.7%	54.4%
HV 60d	51.3%	49.5%	52.8%	50.8%	49.6%
IV Rank	50.3%	24.9%	83.8%	69.6%	24.9%
IV Percentile	81.0%	52.4%	98.4%	96.8%	52.4%
Term Structure	-1.2%	-3.2%	0.3%	-0.4%	0.3%
VWIV	45.8%	38.7%	54.3%	50.9%	38.7%
Skew 25d	5.2%	3.6%	7.9%	6.1%	3.7%
Skew 10d	9.5%	6.9%	15.8%	13.3%	7.0%
Call IV 25d	43.4%	34.9%	54.5%	50.6%	34.9%
Put IV 25d	48.6%	38.6%	62.3%	56.7%	38.6%
Bid-Ask Spread %	5.57	2.87	9.43	3.44	2.87
Gamma HHI	0.10	0.06	0.30	0.07	0.10
Net GEX	7.8M	-3.1M	34.4M	1.7M	18.5M
Net DEX	25.5M	-487.8M	428.7M	290.7M	-374.6M
Net VEX	-3.2M	-4.0M	-2.6M	-3.0M	-3.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.56	0.15	1.10	0.63	0.59
Total Volume	55,246.286	10,946	121,872	18,883	25,800
Total OI	807,921.524	521,481	940,568	867,305	693,916

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2019-01-02	$32.36	$37.00	52.7%	14.5%	55.7%	69.6%	50.9%	6.1%	-0.4%	1.7M	290.7M	-3.0M	0.63	3.44	11,553	7,330	543,977	323,328
2019-01-03	$30.20	$35.00	57.9%	16.0%	54.6%	83.8%	54.3%	7.9%	-2.2%	-668.6K	428.7M	-2.6M	0.35	4.76	49,016	16,958	547,056	318,594
2019-01-04	$31.90	$34.00	54.1%	14.8%	59.1%	73.5%	50.6%	7.4%	-1.4%	-3.1M	277.1M	-3.0M	0.86	9.43	22,289	19,160	569,509	322,252
2019-01-07	$33.31	$34.00	52.6%	14.4%	61.7%	69.3%	52.1%	7.0%	-3.2%	4.5M	156.7M	-3.1M	1.09	7.68	5,231	5,715	562,771	320,214
2019-01-08	$32.49	$34.00	51.9%	14.5%	56.6%	67.4%	49.4%	5.9%	-0.9%	2.7M	244.1M	-3.0M	0.39	4.65	27,154	10,662	566,287	320,924
2019-01-09	$33.44	$34.00	50.0%	14.1%	57.5%	62.2%	48.9%	6.2%	-0.9%	4.8M	123.1M	-3.1M	0.82	4.25	18,997	15,650	572,411	319,198
2019-01-10	$32.00	$34.00	49.3%	13.8%	59.5%	60.2%	47.4%	5.4%	-1.8%	648.8K	307.7M	-2.8M	0.62	5.59	75,376	46,496	577,932	324,537
2019-01-11	$31.85	$33.00	45.7%	12.9%	59.2%	50.7%	44.0%	5.4%	-0.5%	1.5M	290.3M	-2.8M	1.10	4.59	36,497	40,210	604,145	329,073
2019-01-14	$31.71	$33.00	46.0%	13.1%	56.1%	51.4%	45.6%	5.7%	-1.8%	77.2K	300.2M	-2.7M	0.23	3.97	41,189	9,347	594,012	325,971
2019-01-15	$32.17	$33.00	44.9%	12.8%	56.3%	48.2%	43.9%	5.1%	-1.1%	613.1K	242.8M	-2.8M	0.26	4.79	43,325	11,343	601,206	327,504
2019-01-16	$32.98	$33.00	43.0%	12.3%	56.6%	43.2%	42.6%	4.7%	-1.6%	2.2M	141.4M	-2.9M	0.30	3.98	34,700	10,331	598,629	324,252
2019-01-17	$33.50	$34.00	44.1%	12.8%	53.9%	46.2%	44.0%	3.9%	-2.2%	3.3M	81.7M	-3.0M	0.22	7.48	31,008	6,898	600,791	326,176
2019-01-18	$33.91	$33.00	42.2%	12.3%	52.6%	41.1%	42.5%	3.6%	-1.7%	5.0M	30.4M	-3.0M	0.15	7.81	62,920	9,171	613,764	326,804
2019-01-22	$32.64	$33.00	47.4%	14.6%	54.2%	55.1%	49.5%	4.9%	-1.7%	8.3M	-65.2M	-2.9M	0.95	8.96	57,885	55,084	342,692	178,789
2019-01-23	$31.88	$33.00	47.8%	14.5%	53.9%	56.2%	51.3%	5.0%	-2.0%	6.7M	22.1M	-3.1M	0.59	8.17	41,179	24,279	390,434	227,109
2019-01-24	$33.50	$33.00	38.7%	11.4%	55.0%	31.3%	40.6%	4.4%	-0.6%	13.4M	-148.1M	-3.5M	0.90	4.79	32,167	28,916	420,508	241,684
2019-01-25	$35.09	$33.00	38.7%	11.4%	52.5%	31.5%	40.6%	4.1%	-0.4%	34.4M	-364.1M	-3.7M	0.26	5.89	94,094	24,830	424,482	249,972
2019-01-28	$36.45	$33.00	39.5%	11.9%	53.6%	33.5%	43.3%	4.3%	-0.6%	18.9M	-487.8M	-3.9M	0.25	4.09	28,404	7,095	426,183	238,347
2019-01-29	$36.45	$34.00	38.4%	11.6%	53.5%	30.6%	41.8%	4.5%	0.1%	20.1M	-484.5M	-4.0M	0.59	4.31	25,853	15,226	438,281	242,431
2019-01-30	$36.41	$34.00	36.8%	11.0%	53.6%	26.1%	40.1%	3.8%	0.1%	21.2M	-477.8M	-3.9M	0.64	5.51	18,806	12,028	443,687	246,520
2019-01-31	$35.67	$33.00	36.3%	10.4%	54.4%	24.9%	38.7%	3.7%	0.3%	18.5M	-374.6M	-3.9M	0.59	2.87	16,247	9,553	444,838	249,078