AAL Options History — May 2022

In May 2022, AAL traded between $15.39 and $19.57. ATM implied volatility averaged 61.2%, placing in the 47.0% IV rank vs the trailing year. The 30-day expected move averaged 17.8%. IV traded below realized volatility by 4.8% (HV 20d: 66.0%). Max pain ranged from $18.00 to $20.00. Net GEX was positive for 1 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 1.04.

Notable Days

2022-05-20: Highest Volume — 274,373 contracts
2022-05-09: Largest IV spike — 17.3% change
2022-05-12: Highest IV Rank — 66.2%
2022-05-12: Largest Expected Move — 20.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.15	$15.39	$19.57	$18.43	$17.91
Max Pain	$19.14	$18.00	$20.00	$19.00	$18.00
ATM IV	61.2%	53.3%	70.3%	61.9%	55.7%
Expected Move	17.8%	15.5%	20.7%	18.2%	16.4%
HV 20d	66.0%	54.8%	78.0%	54.8%	77.6%
HV 60d	66.4%	63.5%	70.1%	63.6%	68.2%
IV Rank	47.0%	30.7%	66.2%	48.5%	35.7%
IV Percentile	87.3%	64.3%	96.4%	92.9%	73.0%
Term Structure	-0.4%	-3.6%	2.6%	-0.0%	-1.5%
VWIV	63.2%	54.7%	77.4%	65.1%	58.9%
Skew 25d	11.1%	9.1%	13.5%	11.1%	9.1%
Skew 10d	24.3%	19.5%	30.6%	26.2%	19.5%
Call IV 25d	57.4%	50.2%	65.9%	58.1%	52.9%
Put IV 25d	68.5%	59.2%	79.4%	69.2%	62.0%
Bid-Ask Spread %	2.41	1.87	2.90	2.71	2.54
Gamma HHI	0.08	0.06	0.11	0.06	0.07
Net GEX	-8.2M	-14.9M	1.4M	-5.2M	-3.2M
Net DEX	349.9M	-135.1M	717.7M	117.8M	123.0M
Net VEX	-7.7M	-8.1M	-7.3M	-8.0M	-7.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.04	0.67	1.79	0.79	1.17
Total Volume	154,733.048	90,899	274,373	122,074	125,960
Total OI	3,141,647.429	2,989,580	3,258,695	3,060,986	3,093,144

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
2022-05-02	$18.43	$19.00	61.9%	18.2%	54.8%	48.5%	65.1%	11.1%	-0.0%	-5.2M	117.8M	-8.0M	0.79	2.71	68,311	53,763	850,839	2,210,147
2022-05-03	$19.13	$19.00	58.3%	16.9%	56.4%	41.0%	60.7%	9.3%	-0.3%	-1.4M	-20.8M	-8.1M	1.16	2.57	51,970	60,457	872,374	2,221,533
2022-05-04	$19.57	$19.00	53.8%	15.5%	55.9%	31.7%	55.6%	9.4%	0.1%	1.4M	-135.1M	-7.9M	1.20	2.82	41,324	49,575	884,260	2,237,527
2022-05-05	$18.50	$20.00	58.3%	17.0%	59.2%	41.1%	57.2%	10.9%	-0.1%	-6.5M	135.5M	-7.8M	0.75	2.44	67,679	50,539	895,151	2,250,890
2022-05-06	$17.83	$20.00	57.8%	16.7%	60.2%	40.0%	58.6%	10.9%	0.2%	-11.8M	303.0M	-7.8M	0.76	2.42	86,760	65,702	892,249	2,257,625
2022-05-09	$16.35	$20.00	67.8%	19.9%	67.5%	60.8%	69.5%	13.3%	1.6%	-12.4M	529.3M	-7.4M	0.97	2.51	90,897	88,354	862,097	2,222,271
2022-05-10	$16.53	$20.00	67.0%	18.9%	67.1%	59.2%	77.4%	12.9%	-1.0%	-11.5M	509.5M	-7.6M	1.47	2.21	54,196	79,852	892,288	2,250,669
2022-05-11	$15.96	$20.00	67.4%	19.8%	68.1%	59.9%	69.5%	12.4%	1.4%	-13.4M	601.1M	-7.3M	0.99	2.90	69,137	68,634	899,062	2,252,649
2022-05-12	$15.39	$20.00	70.3%	20.7%	56.9%	66.2%	72.9%	13.5%	2.6%	-14.9M	717.7M	-7.3M	1.29	2.31	90,343	116,224	917,846	2,273,607
2022-05-13	$16.61	$20.00	63.0%	18.0%	64.5%	50.9%	63.3%	10.8%	-0.2%	-10.2M	482.2M	-7.7M	0.86	2.02	100,883	87,169	937,931	2,283,239
2022-05-16	$16.52	$19.00	60.8%	17.4%	64.1%	46.3%	60.2%	12.2%	-0.7%	-11.3M	499.2M	-7.6M	0.98	1.87	60,314	59,112	918,844	2,278,494
2022-05-17	$17.72	$19.00	56.5%	16.2%	66.4%	37.3%	56.5%	9.6%	-1.0%	-7.1M	247.4M	-7.6M	0.84	2.39	66,459	55,578	923,968	2,287,662
2022-05-18	$16.88	$19.00	62.6%	17.9%	68.1%	49.9%	62.9%	11.8%	-2.7%	-9.5M	431.6M	-7.6M	1.15	2.23	76,169	87,826	944,585	2,292,852
2022-05-19	$16.91	$19.00	60.4%	17.4%	67.0%	45.3%	60.1%	10.4%	-2.3%	-9.6M	443.8M	-7.6M	1.09	2.22	44,075	47,947	942,445	2,305,145
2022-05-20	$16.19	$19.00	64.8%	18.9%	67.8%	54.6%	64.2%	12.0%	-3.6%	-10.7M	588.9M	-7.5M	1.34	2.24	117,498	156,875	946,441	2,312,254
2022-05-23	$16.66	$19.00	60.6%	17.9%	69.3%	45.9%	61.2%	10.4%	0.1%	-8.6M	403.0M	-7.7M	0.69	2.40	77,435	53,264	810,333	2,179,247
2022-05-24	$15.59	$19.00	65.3%	19.3%	70.0%	55.6%	69.1%	12.5%	-1.0%	-11.9M	590.2M	-7.5M	1.79	2.48	89,153	159,253	830,360	2,198,128
2022-05-25	$16.02	$18.00	62.5%	18.7%	70.9%	49.7%	66.4%	11.3%	-0.3%	-9.6M	492.0M	-7.7M	0.92	2.31	78,481	72,266	874,726	2,218,962
2022-05-26	$17.29	$18.00	56.5%	16.9%	76.5%	37.4%	62.5%	10.7%	0.4%	-4.1M	241.9M	-8.0M	0.91	2.56	97,805	89,131	878,845	2,228,407
2022-05-27	$18.07	$18.00	53.3%	15.7%	78.0%	30.7%	54.7%	9.1%	0.7%	-301.8K	45.9M	-7.9M	0.67	2.39	115,373	77,651	901,140	2,244,360
2022-05-31	$17.91	$18.00	55.7%	16.4%	77.6%	35.7%	58.9%	9.1%	-1.5%	-3.2M	123.0M	-7.9M	1.17	2.54	58,001	67,959	878,378	2,214,766