AAL Options History — March 2019

In March 2019, AAL traded between $30.11 and $34.75. ATM implied volatility averaged 35.9%, placing in the 23.4% IV rank vs the trailing year. The 30-day expected move averaged 10.5%. IV traded above realized volatility by 10.5% (HV 20d: 25.4%). Max pain ranged from $33.00 to $36.00. Net GEX was positive for 14 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 0.78.

Notable Days

2019-03-13: Highest Volume — 56,822 contracts
2019-03-12: Largest IV spike — 10.5% change
2019-03-25: Highest IV Rank — 36.3%
2019-03-25: Largest Expected Move — 11.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$31.77	$30.11	$34.75	$34.75	$31.86
Max Pain	$33.86	$33.00	$36.00	$36.00	$33.00
ATM IV	35.9%	30.3%	40.7%	34.3%	38.2%
Expected Move	10.5%	9.6%	11.5%	9.6%	10.4%
HV 20d	25.4%	23.0%	29.9%	23.8%	29.9%
HV 60d	41.3%	37.1%	47.2%	47.2%	38.2%
IV Rank	23.4%	8.5%	36.3%	19.3%	29.3%
IV Percentile	50.0%	15.9%	71.8%	46.8%	58.7%
Term Structure	0.9%	-0.8%	4.3%	-0.0%	-0.7%
VWIV	36.5%	33.8%	39.4%	33.9%	36.8%
Skew 25d	3.6%	2.5%	4.7%	3.3%	3.6%
Skew 10d	7.3%	3.6%	12.8%	6.6%	8.4%
Call IV 25d	34.4%	29.2%	40.1%	32.8%	37.3%
Put IV 25d	38.0%	32.3%	44.3%	36.1%	41.0%
Bid-Ask Spread %	3.48	2.23	6.35	2.86	2.23
Gamma HHI	0.08	0.05	0.21	0.15	0.21
Net GEX	791.1K	-3.0M	8.7M	6.8M	8.7M
Net DEX	136.5M	-7.0M	238.5M	-7.0M	60.5M
Net VEX	-2.8M	-3.3M	-2.5M	-3.3M	-3.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.78	0.28	3.69	1.27	0.63
Total Volume	37,423.333	15,771	56,822	37,231	38,717
Total OI	587,679.571	526,981	639,730	611,052	597,675

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
2019-03-01	$34.75	$36.00	34.3%	9.6%	23.8%	19.3%	33.9%	3.3%	-0.0%	6.8M	-7.0M	-3.3M	1.27	2.86	16,429	20,802	371,401	239,651
2019-03-04	$33.68	$36.00	35.8%	10.4%	25.3%	23.5%	36.6%	3.7%	-0.6%	2.5M	104.6M	-3.0M	0.52	2.83	27,593	14,286	362,983	239,219
2019-03-05	$33.32	$36.00	34.4%	9.6%	24.8%	19.7%	34.1%	4.0%	0.2%	1.1M	149.6M	-2.9M	0.46	2.57	23,660	10,999	373,893	243,040
2019-03-06	$32.61	$36.00	35.1%	9.9%	25.0%	21.5%	34.8%	4.2%	0.2%	651.4K	199.7M	-2.8M	0.28	2.28	41,417	11,595	382,870	247,534
2019-03-07	$32.06	$36.00	35.6%	10.2%	25.2%	23.0%	36.0%	4.0%	0.4%	241.3K	238.5M	-2.7M	0.96	2.60	18,814	18,012	384,686	249,370
2019-03-08	$31.99	$36.00	35.7%	10.0%	25.2%	23.4%	35.1%	4.4%	0.6%	168.8K	235.7M	-2.7M	0.62	2.34	26,493	16,299	388,881	250,849
2019-03-11	$32.09	$33.00	33.6%	10.4%	25.4%	17.6%	35.5%	4.0%	0.3%	658.9K	224.0M	-2.6M	3.69	3.91	12,005	44,306	386,386	248,897
2019-03-12	$31.16	$33.00	37.2%	11.0%	24.9%	27.2%	39.4%	4.7%	-0.1%	379.0K	150.6M	-2.5M	1.24	4.30	19,315	23,926	353,770	213,024
2019-03-13	$31.81	$33.00	36.4%	10.7%	26.2%	25.1%	37.3%	4.1%	-0.7%	684.6K	114.1M	-2.7M	0.40	4.24	40,734	16,088	364,769	228,509
2019-03-14	$32.02	$33.00	33.3%	10.3%	26.0%	16.8%	35.7%	3.4%	0.4%	1.0M	86.1M	-2.8M	0.46	3.98	24,612	11,263	376,603	235,170
2019-03-15	$31.45	$33.00	30.8%	9.9%	26.2%	9.9%	33.8%	2.5%	0.3%	-3.0M	136.0M	-2.7M	0.81	3.34	20,781	16,791	382,452	237,057
2019-03-18	$31.30	$33.00	30.3%	9.9%	24.9%	8.5%	33.9%	3.1%	3.5%	-935.1K	133.4M	-2.6M	0.69	2.51	14,186	9,830	307,280	219,701
2019-03-19	$31.45	$33.00	32.4%	10.3%	24.0%	13.3%	35.0%	2.8%	4.2%	-111.0K	107.5M	-2.7M	0.38	5.87	20,312	7,676	314,601	223,878
2019-03-20	$31.05	$33.00	35.3%	10.8%	23.8%	21.3%	37.0%	2.7%	4.2%	-446.3K	128.5M	-2.7M	0.51	6.35	20,580	10,455	320,428	225,886
2019-03-21	$31.53	$33.00	35.5%	10.6%	25.0%	21.8%	38.3%	2.8%	4.3%	1.3M	86.5M	-2.8M	0.65	3.95	14,333	9,281	326,671	228,489
2019-03-22	$30.63	$33.00	38.7%	11.3%	25.2%	30.8%	39.4%	3.3%	4.0%	-1.2M	147.6M	-2.7M	0.62	5.49	24,441	15,236	329,706	230,230
2019-03-25	$30.31	$33.00	40.7%	11.5%	24.0%	36.3%	38.8%	4.1%	-0.5%	-1.2M	163.7M	-2.7M	0.51	3.26	10,454	5,317	322,410	230,685
2019-03-26	$30.11	$33.00	40.4%	11.3%	23.0%	35.4%	38.5%	3.4%	-0.4%	-1.9M	176.6M	-2.6M	0.29	2.66	25,563	7,356	326,415	233,215
2019-03-27	$31.14	$33.00	40.6%	11.2%	27.4%	36.0%	38.8%	3.6%	-0.8%	959.7K	101.9M	-2.9M	0.45	2.96	22,719	10,265	331,980	235,899
2019-03-28	$30.88	$33.00	39.0%	10.6%	27.4%	31.6%	37.0%	3.1%	-0.8%	254.9K	128.3M	-2.8M	0.96	2.50	21,948	21,001	336,297	238,811
2019-03-29	$31.86	$33.00	38.2%	10.4%	29.9%	29.3%	36.8%	3.6%	-0.7%	8.7M	60.5M	-3.0M	0.63	2.23	23,781	14,936	344,672	253,003