AAL Options History — August 2022

In August 2022, AAL traded between $13.13 and $15.49. ATM implied volatility averaged 52.8%, placing in the 29.5% IV rank vs the trailing year. The 30-day expected move averaged 15.3%. IV traded above realized volatility by 5.0% (HV 20d: 47.8%). Max pain ranged from $15.00 to $17.00. Net GEX was positive for 0 of 23 trading days. Term structure was in contango for 16 of 23 days. Put/call ratio averaged 1.00.

Notable Days

2022-08-17: Highest Volume — 172,184 contracts
2022-08-19: Largest IV spike — 6.8% change
2022-08-31: Highest IV Rank — 41.6%
2022-08-31: Largest Expected Move — 17.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.43	$13.13	$15.49	$14.27	$13.13
Max Pain	$16.48	$15.00	$17.00	$15.00	$16.00
ATM IV	52.8%	48.1%	58.6%	55.1%	58.6%
Expected Move	15.3%	13.9%	17.4%	16.0%	17.4%
HV 20d	47.8%	37.5%	59.6%	59.6%	39.5%
HV 60d	64.1%	58.8%	70.4%	70.4%	58.8%
IV Rank	29.5%	19.8%	41.6%	34.4%	41.6%
IV Percentile	46.8%	27.4%	70.2%	56.3%	70.2%
Term Structure	0.2%	-2.0%	1.7%	0.1%	-0.1%
VWIV	53.9%	48.3%	62.9%	57.2%	62.4%
Skew 25d	7.4%	4.1%	9.0%	8.1%	8.6%
Skew 10d	15.4%	9.8%	19.1%	16.9%	18.0%
Call IV 25d	50.1%	45.1%	55.0%	53.0%	55.0%
Put IV 25d	57.6%	50.4%	63.6%	61.1%	63.6%
Bid-Ask Spread %	2.02	1.65	2.62	1.96	1.96
Gamma HHI	0.10	0.08	0.12	0.10	0.12
Net GEX	-9.2M	-15.5M	-3.4M	-8.9M	-14.7M
Net DEX	484.4M	294.9M	740.8M	469.0M	740.8M
Net VEX	-7.2M	-7.4M	-6.9M	-7.3M	-6.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.00	0.42	2.47	0.59	0.93
Total Volume	116,617.13	69,811	172,184	164,537	69,811
Total OI	3,240,946.652	3,081,722	3,434,217	3,081,722	3,303,535

Daily Data (23 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
2022-08-01	$14.27	$15.00	55.1%	16.0%	59.6%	34.4%	57.2%	8.1%	0.1%	-8.9M	469.0M	-7.3M	0.59	1.96	103,440	61,097	828,000	2,253,722
2022-08-02	$14.11	$15.00	57.3%	16.6%	56.7%	39.0%	60.0%	7.5%	-0.2%	-7.2M	467.3M	-7.4M	1.25	2.07	37,483	46,845	874,625	2,283,788
2022-08-03	$14.65	$15.00	54.1%	15.3%	58.2%	32.3%	55.9%	8.4%	0.2%	-5.0M	377.6M	-7.4M	0.95	2.29	67,758	64,190	881,313	2,301,778
2022-08-04	$14.82	$16.00	53.4%	15.7%	58.2%	30.7%	58.5%	7.8%	1.1%	-3.4M	344.7M	-7.4M	0.60	1.81	73,427	44,107	897,876	2,321,925
2022-08-05	$14.76	$16.00	50.5%	14.9%	58.2%	24.7%	51.3%	7.4%	0.4%	-4.0M	376.5M	-7.3M	0.78	2.17	56,599	44,174	898,390	2,327,911
2022-08-08	$15.06	$16.00	52.2%	15.3%	56.4%	28.4%	53.5%	7.5%	1.2%	-6.7M	344.4M	-7.3M	0.46	2.54	96,302	43,983	862,581	2,297,279
2022-08-09	$14.55	$17.00	52.7%	15.0%	48.4%	29.3%	51.2%	7.6%	-0.6%	-8.3M	449.9M	-7.2M	1.18	1.91	44,399	52,510	899,141	2,309,050
2022-08-10	$15.07	$17.00	49.6%	14.8%	49.0%	22.9%	49.7%	5.6%	1.7%	-4.2M	333.5M	-7.2M	1.23	1.98	66,147	81,114	911,122	2,325,009
2022-08-11	$14.94	$17.00	49.6%	14.5%	49.1%	22.9%	48.8%	7.2%	1.0%	-6.1M	386.3M	-7.1M	0.82	1.80	63,377	52,020	917,438	2,358,443
2022-08-12	$15.19	$17.00	48.1%	14.1%	49.1%	19.8%	49.4%	5.3%	1.5%	-5.1M	332.3M	-7.1M	1.09	1.70	70,848	77,147	926,872	2,392,498
2022-08-15	$15.34	$17.00	49.0%	14.2%	49.2%	21.7%	49.1%	5.0%	-1.0%	-6.4M	324.5M	-7.2M	0.54	1.81	61,657	33,227	894,536	2,378,856
2022-08-16	$15.49	$17.00	49.0%	14.1%	47.2%	21.6%	48.3%	5.5%	-2.0%	-5.8M	294.9M	-7.2M	0.42	1.65	88,364	36,984	908,741	2,392,964
2022-08-17	$14.95	$17.00	48.6%	13.9%	48.8%	20.8%	48.9%	4.1%	-0.3%	-9.0M	414.7M	-7.0M	1.26	2.22	76,148	96,036	918,008	2,407,321
2022-08-18	$14.86	$17.00	49.9%	14.3%	37.5%	23.6%	50.0%	7.3%	0.1%	-9.8M	450.3M	-7.1M	0.89	1.66	56,628	50,486	940,151	2,446,073
2022-08-19	$14.14	$17.00	53.3%	15.3%	40.8%	30.7%	52.4%	8.0%	0.2%	-15.5M	613.8M	-7.0M	1.57	2.62	65,442	103,041	957,319	2,476,898
2022-08-22	$13.66	$17.00	56.8%	16.5%	42.8%	37.9%	57.2%	9.0%	-0.3%	-14.4M	652.9M	-7.0M	1.55	2.24	40,570	62,842	770,308	2,341,084
2022-08-23	$13.84	$17.00	54.0%	15.7%	42.3%	32.2%	54.6%	8.4%	0.1%	-14.4M	626.3M	-7.1M	1.56	2.01	50,002	78,254	787,199	2,374,321
2022-08-24	$14.02	$17.00	53.0%	15.1%	39.9%	29.9%	53.9%	8.7%	0.4%	-13.2M	595.2M	-7.2M	0.96	1.92	40,991	39,506	810,345	2,407,080
2022-08-25	$14.39	$17.00	52.1%	15.0%	40.1%	28.2%	52.9%	8.6%	0.4%	-11.1M	525.6M	-7.4M	0.84	2.26	48,711	40,946	823,104	2,419,857
2022-08-26	$13.73	$17.00	54.8%	16.0%	43.8%	33.7%	54.9%	7.9%	0.6%	-12.9M	659.4M	-7.1M	0.54	1.90	60,222	32,475	833,880	2,435,862
2022-08-29	$13.57	$16.00	55.9%	16.2%	41.9%	36.1%	55.9%	8.6%	0.4%	-12.8M	662.9M	-7.0M	0.47	1.96	58,900	27,484	804,855	2,399,593
2022-08-30	$13.34	$16.00	56.5%	16.6%	42.1%	37.3%	62.9%	8.4%	0.2%	-13.0M	698.0M	-6.9M	2.47	1.92	33,554	82,946	824,327	2,416,795
2022-08-31	$13.13	$16.00	58.6%	17.4%	39.5%	41.6%	62.4%	8.6%	-0.1%	-14.7M	740.8M	-6.9M	0.93	1.96	36,263	33,548	838,285	2,465,250