AAL Options History — November 2021

In November 2021, AAL traded between $17.62 and $22.23. ATM implied volatility averaged 44.5%, placing in the 8.0% IV rank vs the trailing year. The 30-day expected move averaged 13.0%. IV traded above realized volatility by 5.9% (HV 20d: 38.6%). Max pain ranged from $20.00 to $22.00. Net GEX was positive for 9 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 0.52.

Notable Days

  • 2021-11-05: Highest Volume — 432,826 contracts
  • 2021-11-26: Largest IV spike — 34.7% change
  • 2021-11-26: Highest IV Rank — 28.1%
  • 2021-11-30: Largest Expected Move — 17.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$20.00$17.62$22.23$19.70$17.62
Max Pain$20.95$20.00$22.00$21.00$20.00
ATM IV44.5%39.3%59.3%39.8%56.6%
Expected Move13.0%11.5%17.7%11.7%17.7%
HV 20d38.6%28.4%52.8%29.1%51.4%
HV 60d39.2%37.3%42.9%37.5%42.8%
IV Rank8.0%0.9%28.1%1.6%24.5%
IV Percentile19.1%2.0%66.7%3.6%65.5%
Term Structure-0.1%-1.8%0.8%0.1%-0.7%
VWIV46.5%40.9%61.8%42.7%61.8%
Skew 25d-0.0%-3.6%5.4%1.0%5.4%
Skew 10d2.6%-4.3%23.9%2.7%9.9%
Call IV 25d46.0%40.1%59.3%40.6%55.3%
Put IV 25d46.0%40.4%64.7%41.7%60.8%
Bid-Ask Spread %2.511.698.032.088.03
Gamma HHI0.080.070.110.080.09
Net GEX2.6M-8.2M18.1M-643.1K-5.2M
Net DEX18.8M-624.5M466.2M150.2M433.3M
Net VEX-7.2M-7.4M-7.0M-7.1M-7.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.520.270.870.520.67
Total Volume228,625.762132,647432,826281,236258,031
Total OI3,145,005.4292,865,9503,375,1483,094,1463,121,646

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2021-11-01$19.70$21.0039.8%11.7%29.1%1.6%42.7%1.0%0.1%-643.1K150.2M-7.1M0.522.08185,43295,8041,187,2461,906,900
2021-11-02$19.80$21.0039.3%11.5%29.2%0.9%40.9%1.0%0.6%1.9M128.0M-7.2M0.331.92115,72838,3721,229,1981,928,281
2021-11-03$20.60$21.0040.2%11.8%29.0%2.2%43.0%0.3%0.5%10.3M-160.1M-7.3M0.272.19242,50964,9561,231,6131,936,800
2021-11-04$20.55$21.0039.7%11.8%28.4%1.5%42.3%-0.3%0.6%12.9M-139.7M-7.2M0.351.69135,39847,0631,245,9231,943,008
2021-11-05$21.70$21.0042.6%12.3%34.0%5.4%43.7%-1.6%0.0%13.4M-593.8M-7.3M0.412.01307,518125,3081,262,8821,937,123
2021-11-08$22.16$21.0042.7%12.3%34.6%5.6%44.3%-0.7%0.2%16.8M-608.5M-7.2M0.472.07158,96174,6111,215,6991,928,304
2021-11-09$22.23$22.0041.1%11.9%34.6%3.4%42.6%0.4%0.3%18.1M-624.5M-7.1M0.632.09113,41571,7751,230,2321,936,909
2021-11-10$21.60$22.0042.6%12.0%34.1%5.4%42.8%-1.3%-1.0%12.6M-414.9M-7.0M0.541.88124,36066,9241,249,0471,939,491
2021-11-11$21.46$21.0040.2%11.7%34.3%2.2%41.6%-1.4%0.8%10.9M-339.7M-7.2M0.561.8185,11047,6971,264,9801,946,600
2021-11-12$20.25$21.0042.8%12.4%40.4%5.7%45.4%-2.6%0.1%-1.8M72.8M-7.1M0.441.74199,14087,1061,277,4541,948,475
2021-11-15$20.36$21.0044.6%12.8%40.4%8.1%46.8%-3.2%-0.8%1.3M10.4M-7.0M0.396.04123,01947,9981,259,5221,936,113
2021-11-16$19.82$21.0044.5%12.8%41.1%8.1%46.3%-1.5%-0.3%-3.3M221.4M-7.1M0.501.96141,86370,5701,306,7131,949,021
2021-11-17$19.85$21.0043.1%12.4%41.1%6.1%44.8%-0.9%-0.1%-1.7M198.5M-7.0M0.531.8386,76645,8811,318,7011,966,135
2021-11-18$19.31$21.0043.8%12.6%42.0%7.1%45.8%-3.6%-0.1%-7.5M393.8M-7.0M0.871.80117,564102,1841,321,3651,976,893
2021-11-19$19.19$21.0044.6%12.9%40.2%8.1%45.5%-0.2%-1.1%-4.8M417.0M-7.2M0.841.70126,072106,0451,369,0502,006,098
2021-11-22$19.61$21.0043.6%12.8%40.9%6.8%45.8%-0.3%0.7%-1.2M76.3M-7.1M0.352.13142,05350,1981,068,6781,797,272
2021-11-23$19.41$21.0045.6%13.1%40.8%9.5%46.7%0.1%-0.6%-369.2K115.5M-7.3M0.522.3598,21250,5781,110,7421,812,268
2021-11-24$19.45$21.0044.0%12.6%40.2%7.3%44.9%0.7%0.1%-117.4K130.0M-7.3M0.392.05117,88345,4081,133,7481,829,479
2021-11-26$17.68$20.0059.3%17.4%52.8%28.1%61.5%5.4%-1.8%-7.6M466.2M-7.1M0.872.21209,167182,2361,159,9771,833,373
2021-11-29$17.70$20.0053.8%16.2%52.8%20.6%56.9%3.1%-0.6%-8.2M462.6M-7.2M0.443.18202,89189,3351,133,6041,888,551
2021-11-30$17.62$20.0056.6%17.7%51.4%24.5%61.8%5.4%-0.7%-5.2M433.3M-7.4M0.678.03154,930103,1011,216,9481,904,698