AAL Options History — April 2022

In April 2022, AAL traded between $16.61 and $20.27. ATM implied volatility averaged 57.0%, placing in the 38.3% IV rank vs the trailing year. The 30-day expected move averaged 16.3%. IV traded above realized volatility by 4.9% (HV 20d: 52.0%). Max pain ranged from $18.00 to $19.00. Net GEX was positive for 7 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 0.86.

Notable Days

2022-04-21: Highest Volume — 439,801 contracts
2022-04-13: Largest IV drop — 7.8% change
2022-04-26: Highest IV Rank — 47.8%
2022-04-26: Largest Expected Move — 17.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.58	$16.61	$20.27	$18.17	$18.90
Max Pain	$18.38	$18.00	$19.00	$18.00	$19.00
ATM IV	57.0%	52.8%	61.6%	53.8%	59.9%
Expected Move	16.3%	15.2%	17.7%	15.7%	17.2%
HV 20d	52.0%	42.2%	71.9%	71.9%	54.1%
HV 60d	62.4%	60.1%	64.2%	61.3%	63.6%
IV Rank	38.3%	29.7%	47.8%	31.6%	44.3%
IV Percentile	85.5%	73.8%	92.9%	77.4%	90.9%
Term Structure	-0.4%	-1.7%	1.5%	0.3%	-0.9%
VWIV	59.0%	53.4%	66.8%	54.3%	60.0%
Skew 25d	6.8%	5.1%	10.7%	5.1%	9.9%
Skew 10d	15.9%	11.2%	21.5%	14.4%	21.5%
Call IV 25d	55.3%	51.6%	59.2%	52.8%	57.4%
Put IV 25d	62.2%	56.9%	68.0%	57.9%	67.2%
Bid-Ask Spread %	2.51	1.77	3.76	2.29	2.58
Gamma HHI	0.08	0.06	0.35	0.06	0.06
Net GEX	-862.1K	-9.8M	24.5M	-1.8M	-4.8M
Net DEX	-996.1K	-347.5M	427.2M	-22.3M	35.4M
Net VEX	-8.1M	-8.4M	-7.9M	-8.4M	-8.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.86	0.46	1.52	1.02	0.57
Total Volume	176,974.95	79,963	439,801	110,457	151,424
Total OI	3,113,973.85	2,905,664	3,268,551	3,173,398	3,123,804

Daily Data (20 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
2022-04-01	$18.17	$18.00	53.8%	15.7%	71.9%	31.6%	54.3%	5.1%	0.3%	-1.8M	-22.3M	-8.4M	1.02	2.29	54,789	55,668	941,149	2,232,249
2022-04-04	$18.25	$18.00	52.8%	15.2%	50.7%	29.7%	53.4%	5.3%	0.3%	-1.8M	-2.7M	-8.2M	0.75	2.15	61,148	45,811	897,794	2,185,113
2022-04-05	$17.81	$18.00	54.5%	15.5%	50.7%	33.1%	57.1%	5.2%	0.2%	-4.1M	94.5M	-8.1M	1.17	3.38	56,458	66,089	918,175	2,206,123
2022-04-06	$17.41	$18.00	57.6%	16.6%	49.1%	39.6%	60.2%	6.3%	-0.5%	-6.4M	201.6M	-8.2M	0.87	1.99	68,393	59,562	927,920	2,235,464
2022-04-07	$17.01	$18.00	58.7%	16.8%	49.4%	41.9%	60.5%	6.7%	-0.3%	-9.0M	328.8M	-8.2M	0.83	1.96	84,893	70,719	941,988	2,253,109
2022-04-08	$16.61	$18.00	58.6%	16.5%	50.4%	41.6%	59.2%	5.6%	-0.6%	-9.8M	427.2M	-8.1M	1.11	1.85	45,106	50,249	966,920	2,274,311
2022-04-11	$16.98	$18.00	60.9%	17.1%	50.6%	46.5%	62.5%	7.3%	-0.8%	-8.7M	307.4M	-8.0M	0.60	2.45	92,196	55,405	913,222	2,250,054
2022-04-12	$17.11	$18.00	60.9%	17.2%	42.2%	46.4%	60.6%	7.2%	-1.0%	-8.0M	296.4M	-8.1M	0.65	2.31	48,494	31,469	934,370	2,263,920
2022-04-13	$18.91	$18.00	56.1%	16.2%	51.6%	36.5%	58.8%	6.3%	0.6%	4.5M	-230.9M	-8.1M	0.63	2.21	219,659	138,379	944,197	2,275,038
2022-04-14	$19.03	$18.00	54.0%	15.4%	51.5%	32.0%	54.6%	5.8%	-0.1%	24.5M	-234.2M	-8.3M	0.79	1.77	123,742	97,865	952,003	2,316,548
2022-04-18	$18.55	$18.00	57.1%	16.4%	52.7%	38.6%	59.3%	6.3%	-0.6%	-2.4M	55.2M	-8.2M	1.52	3.19	54,663	83,224	793,050	2,112,614
2022-04-19	$19.57	$18.00	54.2%	15.5%	52.1%	32.4%	54.1%	6.3%	-0.6%	902.8K	-177.0M	-7.9M	0.50	2.10	171,037	86,345	805,333	2,147,835
2022-04-20	$19.59	$18.50	56.1%	16.1%	51.2%	36.5%	57.6%	6.6%	-0.9%	2.1M	-184.0M	-8.3M	0.46	2.70	153,152	70,235	852,263	2,168,819
2022-04-21	$20.13	$19.00	53.1%	15.2%	50.3%	30.3%	55.5%	6.1%	0.6%	8.8M	-347.5M	-8.0M	0.66	3.76	265,119	174,682	886,952	2,186,217
2022-04-22	$20.27	$19.00	54.9%	15.6%	50.0%	33.9%	55.8%	5.5%	1.5%	7.0M	-332.4M	-8.4M	0.76	2.33	165,472	125,592	932,476	2,233,580
2022-04-25	$20.00	$19.00	58.1%	16.7%	50.6%	40.7%	61.4%	7.8%	-1.0%	1.2M	-219.3M	-8.1M	0.80	2.66	70,156	56,297	852,063	2,162,923
2022-04-26	$18.85	$19.00	61.6%	17.7%	55.6%	47.8%	66.4%	8.8%	-1.7%	-3.7M	43.8M	-8.1M	1.50	3.16	60,394	90,330	859,066	2,176,042
2022-04-27	$19.03	$19.00	60.0%	17.5%	53.0%	44.5%	66.8%	10.7%	-1.0%	-4.0M	24.7M	-8.2M	1.29	3.10	46,153	59,508	860,459	2,209,035
2022-04-28	$19.42	$19.00	56.9%	16.3%	53.3%	38.1%	61.2%	8.3%	-1.4%	-1.8M	-84.6M	-8.1M	0.73	2.32	74,714	54,908	862,470	2,224,809
2022-04-29	$18.90	$19.00	59.9%	17.2%	54.1%	44.3%	60.0%	9.9%	-0.9%	-4.8M	35.4M	-8.1M	0.57	2.58	96,207	55,217	882,431	2,241,373