AAL Options History — August 2021

In August 2021, AAL traded between $18.48 and $21.19. ATM implied volatility averaged 47.2%, placing in the 10.6% IV rank vs the trailing year. The 30-day expected move averaged 13.6%. IV traded below realized volatility by 3.5% (HV 20d: 50.7%). Max pain ranged from $21.00 to $22.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 0.84.

Notable Days

  • 2021-08-19: Highest Volume — 288,407 contracts
  • 2021-08-23: Largest IV drop — 10.5% change
  • 2021-08-20: Highest IV Rank — 19.4%
  • 2021-08-20: Largest Expected Move — 15.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.91$18.48$21.19$20.09$19.84
Max Pain$21.14$21.00$22.00$22.00$21.00
ATM IV47.2%43.4%53.5%46.0%43.4%
Expected Move13.6%12.5%15.5%12.8%12.5%
HV 20d50.7%42.9%58.7%53.6%45.3%
HV 60d42.0%41.2%43.7%41.6%42.0%
IV Rank10.6%5.4%19.4%8.9%5.4%
IV Percentile17.8%2.4%35.3%11.5%2.4%
Term Structure0.3%-2.2%3.7%-0.2%0.6%
VWIV49.0%44.3%53.8%46.0%44.3%
Skew 25d5.0%3.3%6.8%6.6%4.3%
Skew 10d12.4%6.2%18.7%16.4%9.4%
Call IV 25d46.5%43.1%52.2%45.0%43.1%
Put IV 25d51.5%47.4%58.2%51.6%47.4%
Bid-Ask Spread %2.772.157.972.202.15
Gamma HHI0.100.070.150.120.08
Net GEX-11.5M-22.3M-1.2M-14.3M-8.6M
Net DEX215.1M-103.0M704.2M248.5M105.4M
Net VEX-7.0M-7.4M-6.7M-6.9M-7.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.840.341.561.170.66
Total Volume172,238.59173,222288,407131,83173,222
Total OI2,824,552.6362,503,1893,072,6182,737,6102,692,911

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2021-08-02$20.09$22.0046.0%12.8%53.6%8.9%46.0%6.6%-0.2%-14.3M248.5M-6.9M1.172.2060,65071,1811,036,0171,701,593
2021-08-03$19.88$22.0046.6%12.8%53.3%9.8%47.7%6.1%0.3%-16.0M306.8M-7.0M1.222.28102,224125,1711,053,1111,738,211
2021-08-04$19.46$22.0049.4%13.4%52.7%13.6%48.1%6.8%-0.5%-17.1M402.6M-6.8M0.652.2993,99360,7441,069,4231,748,527
2021-08-05$20.88$21.0045.9%13.4%58.7%8.9%49.5%5.1%0.5%-7.6M-24.6M-7.2M0.787.97152,554119,2401,107,2111,790,541
2021-08-06$20.97$21.0044.6%13.1%57.7%7.0%48.9%5.6%1.2%-7.6M-88.7M-7.1M1.244.2790,464111,7441,137,9791,807,166
2021-08-09$20.55$21.0045.5%13.2%58.2%8.3%47.7%4.9%0.0%-8.5M82.7M-7.0M0.922.5063,87858,4921,072,7711,738,230
2021-08-10$21.01$21.0044.9%13.1%56.8%7.4%48.6%4.8%0.6%-5.2M-30.9M-7.0M0.732.58114,78583,2511,089,5951,767,566
2021-08-11$21.19$21.0044.7%13.0%56.3%7.2%46.7%3.7%0.6%-2.4M-103.0M-6.9M0.742.2864,00447,4001,102,5931,783,751
2021-08-12$20.37$21.0046.3%14.0%58.1%9.5%49.7%5.0%2.9%-13.6M196.0M-7.0M1.042.8278,34081,3161,117,0371,819,749
2021-08-13$19.80$21.0046.3%13.6%57.9%9.4%47.8%5.8%3.7%-16.9M376.4M-6.9M0.812.32138,473111,9521,122,2851,825,837
2021-08-16$19.73$21.0047.0%13.5%55.4%10.3%52.2%4.0%0.6%-19.8M372.4M-6.7M0.922.4984,07577,4881,079,6461,811,019
2021-08-17$19.29$21.0050.4%14.5%47.7%15.1%53.0%5.3%-1.4%-20.8M518.3M-6.8M0.652.8884,58955,0151,117,9591,856,366
2021-08-18$19.32$21.0049.3%14.1%44.0%13.6%51.6%3.3%-0.1%-22.3M503.4M-6.9M0.642.7275,79648,3971,141,6281,885,528
2021-08-19$18.68$21.0052.1%14.9%45.0%17.4%53.8%6.2%-0.6%-21.8M669.6M-6.9M1.002.27144,462143,9451,162,0141,895,258
2021-08-20$18.48$21.0053.5%15.5%44.7%19.4%53.4%5.5%-2.2%-18.2M704.2M-6.8M1.562.3295,347148,7411,173,8301,898,788
2021-08-23$19.12$21.0047.9%13.7%44.2%11.6%47.6%5.6%0.3%-8.1M230.3M-6.9M0.342.4894,18432,380896,3741,606,815
2021-08-24$19.81$21.0048.6%14.1%45.7%12.6%50.6%4.2%-0.1%-5.1M74.3M-7.3M0.602.42120,16272,633935,5631,658,816
2021-08-25$20.07$21.0046.7%13.8%45.8%9.9%48.7%4.3%-0.3%-1.9M-3.6M-7.4M0.612.4289,65454,361958,7851,674,103
2021-08-26$19.82$21.0048.0%14.0%45.6%11.8%48.9%5.3%0.2%-1.2M58.7M-7.4M0.862.4998,66385,311990,5231,689,863
2021-08-27$20.23$21.0045.4%13.0%42.9%8.2%45.6%3.9%0.2%-5.9M-50.5M-7.2M0.502.4298,45849,5391,008,1691,713,378
2021-08-30$19.48$21.0045.1%13.3%44.9%7.7%47.8%4.5%0.1%-9.4M184.2M-7.3M0.782.4374,75758,214965,8631,697,766
2021-08-31$19.84$21.0043.4%12.5%45.3%5.4%44.3%4.3%0.6%-8.6M105.4M-7.3M0.662.1544,13129,091981,4561,711,455