AAL Options History — April 2021

In April 2021, AAL traded between $20.13 and $24.27. ATM implied volatility averaged 51.5%, placing in the 0.7% IV rank vs the trailing year. The 30-day expected move averaged 14.7%. IV traded above realized volatility by 5.5% (HV 20d: 45.9%). Max pain ranged from $15.00 to $22.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.60.

Notable Days

  • 2021-04-26: Highest Volume — 305,765 contracts
  • 2021-04-22: Largest IV drop — 10.9% change
  • 2021-04-08: Highest IV Rank — 3.3%
  • 2021-04-08: Largest Expected Move — 16.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$22.25$20.13$24.27$23.81$21.49
Max Pain$17.00$15.00$22.00$22.00$19.50
ATM IV51.5%45.9%59.3%54.3%46.0%
Expected Move14.7%12.9%16.9%13.4%13.0%
HV 20d45.9%38.1%58.9%58.9%39.2%
HV 60d55.7%51.8%57.6%56.8%51.8%
IV Rank0.7%0.0%3.3%0.0%0.1%
IV Percentile0.6%0.0%2.8%0.0%0.8%
Term Structure-0.2%-5.9%2.3%2.1%-1.5%
VWIV52.5%46.2%60.0%49.2%46.6%
Skew 25d1.2%-4.7%12.4%-0.9%-0.3%
Skew 10d6.1%-1.4%40.3%0.7%0.4%
Call IV 25d52.9%46.1%62.1%57.1%47.6%
Put IV 25d54.1%46.4%62.7%56.3%47.2%
Bid-Ask Spread %4.572.0626.452.792.71
Gamma HHI0.090.060.120.120.09
Net GEX10.8M-3.4M21.6M21.6M12.0M
Net DEX-733.9M-1.19B-215.8M-1.12B-589.2M
Net VEX-6.7M-7.2M-6.1M-6.6M-7.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.600.151.100.460.37
Total Volume168,658.28667,775305,765130,906147,255
Total OI2,838,218.3812,644,8563,023,5312,737,4042,987,940

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2021-04-01$23.81$22.0054.3%13.4%58.9%0.0%49.2%-0.9%2.1%21.6M-1.12B-6.6M0.462.7989,81041,0961,156,3121,581,092
2021-04-05$24.27$15.0055.2%16.0%56.3%0.6%57.9%-4.7%-1.2%20.4M-1.19B-6.6M0.453.8046,76321,0121,089,3981,555,458
2021-04-06$24.03$15.0056.7%16.3%54.6%1.6%58.3%0.9%0.4%20.1M-1.14B-6.4M0.442.92137,10759,9791,114,3071,567,505
2021-04-07$23.88$15.0054.8%16.7%54.7%0.3%58.6%0.5%1.5%16.9M-1.06B-6.6M0.383.03123,27347,0441,139,5221,606,298
2021-04-08$23.65$15.0059.3%16.9%54.9%3.3%60.0%0.4%-1.4%16.8M-1.03B-6.7M0.712.64108,21476,3951,174,8981,625,444
2021-04-09$23.43$15.0054.8%16.0%55.0%0.3%57.6%1.3%1.1%14.9M-957.4M-6.7M0.792.4170,23155,7161,200,1281,651,899
2021-04-12$22.89$15.0055.0%16.1%51.7%0.6%56.9%1.8%1.0%12.8M-872.8M-6.5M0.622.2776,40647,6931,131,1991,625,680
2021-04-13$22.51$16.0054.3%15.8%43.7%0.0%55.6%2.7%1.3%10.0M-778.7M-6.5M0.552.06132,67872,7011,152,7841,652,921
2021-04-14$22.34$16.0053.2%15.2%43.2%0.0%54.3%2.3%0.3%10.4M-747.3M-6.6M0.376.50100,67637,4581,174,4531,680,437
2021-04-15$22.20$16.0051.8%15.1%42.1%0.0%54.2%3.8%2.3%9.1M-672.1M-6.7M0.6126.4582,87550,7911,199,4091,694,821
2021-04-16$22.05$16.0050.1%14.4%41.8%0.0%50.9%12.4%-0.1%12.7M-653.9M-6.5M0.842.8274,33062,6821,222,4091,714,657
2021-04-19$21.59$16.0051.9%14.8%41.7%1.4%53.1%1.4%-5.9%5.4M-598.4M-6.1M1.103.7170,97677,8961,050,2891,603,200
2021-04-20$20.35$17.0052.8%15.1%44.3%2.1%53.9%2.1%-2.0%1.1M-324.4M-6.2M0.882.80154,525136,7041,080,9121,638,593
2021-04-21$20.88$17.0051.8%14.9%38.1%1.3%53.4%1.1%-1.0%2.6M-425.0M-6.7M0.6911.84133,39492,6711,124,7221,699,756
2021-04-22$20.13$17.0046.2%13.2%39.6%0.0%46.8%0.7%1.3%-3.4M-215.8M-6.7M0.772.90164,697126,4881,182,7771,752,107
2021-04-23$21.06$18.0045.9%13.1%40.2%0.0%46.7%-1.0%1.0%8.8M-501.9M-6.8M0.443.22143,52563,8021,225,9471,797,584
2021-04-26$21.99$18.0047.5%13.6%43.4%1.2%47.4%-0.4%-0.8%8.8M-723.9M-7.1M0.152.48266,08039,6851,146,7381,741,986
2021-04-27$21.74$19.5047.0%13.3%43.5%0.9%47.3%-0.7%-0.7%10.2M-650.0M-7.2M0.473.0261,47728,7961,181,8491,749,905
2021-04-28$21.73$19.5046.3%13.1%38.5%0.3%46.6%0.6%-1.3%10.7M-646.7M-7.1M0.813.0848,57639,4491,196,7801,759,206
2021-04-29$21.29$19.5045.9%12.9%38.9%0.0%46.2%1.4%-0.3%5.5M-515.4M-7.0M0.592.6082,17048,7281,201,1551,770,109
2021-04-30$21.49$19.5046.0%13.0%39.2%0.1%46.6%-0.3%-1.5%12.0M-589.2M-7.0M0.372.71107,42739,8281,212,1301,775,810