AAL Options History — February 2019

In February 2019, AAL traded between $35.00 and $36.89. ATM implied volatility averaged 32.9%, placing in the 15.7% IV rank vs the trailing year. The 30-day expected move averaged 9.4%. IV traded below realized volatility by 2.3% (HV 20d: 35.2%). Max pain ranged from $33.00 to $36.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 16 of 19 days. Put/call ratio averaged 0.53.

Notable Days

2019-02-04: Highest Volume — 98,053 contracts
2019-02-22: Largest IV drop — 4.9% change
2019-02-01: Highest IV Rank — 19.8%
2019-02-01: Largest Expected Move — 10.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$35.97	$35.00	$36.89	$36.17	$35.50
Max Pain	$34.21	$33.00	$36.00	$33.00	$36.00
ATM IV	32.9%	31.2%	34.4%	34.4%	32.5%
Expected Move	9.4%	8.8%	10.1%	10.1%	9.5%
HV 20d	35.2%	22.8%	46.9%	46.9%	23.7%
HV 60d	48.2%	47.1%	49.6%	49.6%	47.1%
IV Rank	15.7%	11.0%	19.8%	19.8%	14.6%
IV Percentile	40.5%	32.1%	45.2%	45.2%	38.1%
Term Structure	0.2%	-0.4%	0.9%	0.6%	-0.0%
VWIV	33.1%	31.6%	34.5%	34.5%	33.2%
Skew 25d	3.4%	2.9%	4.1%	3.0%	3.1%
Skew 10d	6.7%	5.7%	7.8%	5.9%	7.1%
Call IV 25d	31.6%	30.2%	33.1%	33.1%	31.5%
Put IV 25d	34.9%	33.2%	36.6%	36.1%	34.6%
Bid-Ask Spread %	2.70	2.13	3.18	2.70	3.00
Gamma HHI	0.12	0.10	0.17	0.10	0.15
Net GEX	20.1M	11.0M	30.3M	20.7M	11.5M
Net DEX	-310.1M	-506.0M	-112.6M	-447.4M	-112.6M
Net VEX	-3.8M	-4.2M	-3.4M	-3.9M	-3.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.53	0.16	1.02	0.34	0.80
Total Volume	39,354.368	18,351	98,053	51,242	23,159
Total OI	708,568.368	587,420	796,019	699,897	605,837

Daily Data (19 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
2019-02-01	$36.17	$33.00	34.4%	10.1%	46.9%	19.8%	34.5%	3.0%	0.6%	20.7M	-447.4M	-3.9M	0.34	2.70	38,107	13,135	448,760	251,137
2019-02-04	$36.59	$33.00	34.1%	9.7%	43.7%	18.9%	34.2%	4.1%	-0.4%	23.4M	-474.4M	-3.8M	0.85	2.69	52,973	45,080	443,793	239,061
2019-02-05	$36.89	$34.00	33.1%	9.6%	41.5%	16.2%	33.9%	3.5%	0.2%	24.6M	-506.0M	-4.1M	0.26	2.81	37,127	9,805	469,434	280,463
2019-02-06	$36.74	$34.00	32.7%	9.4%	40.2%	15.0%	33.7%	3.4%	0.2%	25.5M	-485.8M	-4.2M	0.30	3.05	17,248	5,132	477,201	283,704
2019-02-07	$36.24	$34.00	33.9%	9.8%	39.8%	18.4%	33.3%	3.9%	-0.0%	22.7M	-399.7M	-4.2M	0.55	2.30	18,272	10,095	479,293	285,976
2019-02-08	$35.97	$34.00	33.8%	9.7%	35.9%	18.0%	32.9%	3.9%	0.0%	20.2M	-341.4M	-4.1M	0.42	2.33	18,234	7,616	482,920	290,439
2019-02-11	$36.68	$34.00	33.3%	9.6%	36.0%	16.8%	32.9%	3.7%	0.6%	25.8M	-480.1M	-4.1M	0.16	3.18	25,222	4,042	482,362	281,981
2019-02-12	$35.84	$34.00	32.6%	9.4%	37.4%	14.9%	32.9%	3.8%	0.4%	25.3M	-332.0M	-4.0M	0.69	2.94	12,902	8,940	492,884	283,699
2019-02-13	$36.15	$34.00	33.0%	9.5%	37.3%	15.9%	33.7%	2.9%	0.4%	25.5M	-379.9M	-4.0M	0.21	2.82	39,177	8,216	493,333	287,073
2019-02-14	$36.16	$34.00	32.6%	9.3%	36.6%	14.8%	33.7%	2.9%	0.9%	29.5M	-390.4M	-4.0M	0.54	2.61	19,914	10,749	500,994	289,482
2019-02-15	$35.12	$34.00	33.1%	9.5%	38.2%	16.3%	32.6%	3.1%	0.5%	30.3M	-177.5M	-3.8M	0.24	2.83	57,191	13,926	501,838	294,181
2019-02-19	$35.66	$34.00	32.8%	9.3%	38.4%	15.3%	32.1%	3.5%	0.1%	14.0M	-237.0M	-3.8M	0.45	2.48	18,387	8,326	398,162	259,418
2019-02-20	$35.09	$34.00	33.0%	9.3%	36.0%	16.0%	32.4%	3.0%	0.2%	11.3M	-145.9M	-3.6M	0.25	3.04	29,793	7,473	401,375	263,113
2019-02-21	$35.00	$34.00	33.3%	9.3%	34.6%	16.7%	32.0%	3.6%	0.3%	11.0M	-134.8M	-3.7M	0.69	2.76	22,269	15,451	406,653	264,445
2019-02-22	$35.53	$34.00	31.7%	8.8%	30.6%	12.3%	31.6%	3.6%	0.1%	14.9M	-204.0M	-3.7M	1.02	2.26	9,062	9,289	409,465	271,072
2019-02-25	$35.99	$34.00	31.7%	8.9%	26.3%	12.4%	34.4%	3.0%	0.3%	15.7M	-272.5M	-3.7M	0.98	2.93	45,393	44,565	392,773	267,932
2019-02-26	$36.36	$36.00	31.2%	9.0%	22.8%	11.0%	31.8%	2.9%	0.2%	16.6M	-232.1M	-3.5M	0.70	2.39	12,020	8,381	357,151	230,269
2019-02-27	$35.73	$36.00	32.5%	9.3%	23.6%	14.6%	33.1%	3.3%	0.2%	12.7M	-137.3M	-3.4M	0.51	2.13	13,994	7,068	361,743	233,383
2019-02-28	$35.50	$36.00	32.5%	9.5%	23.7%	14.6%	33.2%	3.1%	-0.0%	11.5M	-112.6M	-3.4M	0.80	3.00	12,861	10,298	369,802	236,035