AAL Options History — March 2023

In March 2023, AAL traded between $13.64 and $16.57. ATM implied volatility averaged 46.4%, placing in the 21.4% IV rank vs the trailing year. The 30-day expected move averaged 13.4%. IV traded above realized volatility by 12.4% (HV 20d: 34.1%). 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 17 of 23 days. Put/call ratio averaged 1.32.

Notable Days

  • 2023-03-15: Highest Volume — 218,566 contracts
  • 2023-03-15: Largest IV spike — 12.4% change
  • 2023-03-15: Highest IV Rank — 39.3%
  • 2023-03-17: Largest Expected Move — 15.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$14.86$13.64$16.57$16.00$14.70
Max Pain$15.65$15.00$17.00$17.00$15.00
ATM IV46.4%37.7%54.2%40.1%45.9%
Expected Move13.4%10.6%15.7%11.8%12.4%
HV 20d34.1%26.3%39.1%29.8%38.8%
HV 60d40.8%38.6%41.7%41.6%38.6%
IV Rank21.4%1.5%39.3%6.3%20.4%
IV Percentile22.5%0.8%50.8%6.0%15.5%
Term Structure0.5%-0.9%1.8%0.2%-0.3%
VWIV47.3%38.4%56.1%40.7%45.2%
Skew 25d7.1%4.8%9.3%6.6%6.6%
Skew 10d14.8%9.0%22.3%14.2%13.3%
Call IV 25d43.9%35.8%51.4%37.8%43.3%
Put IV 25d51.0%41.1%60.7%44.4%49.9%
Bid-Ask Spread %3.392.294.912.522.87
Gamma HHI0.090.070.190.080.08
Net GEX-7.0M-13.3M-3.1M-6.9M-4.7M
Net DEX198.1M-91.9M415.6M80.1M120.2M
Net VEX-6.6M-6.9M-6.0M-6.4M-6.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.320.143.900.141.41
Total Volume96,565.91322,656218,566108,76195,257
Total OI2,810,842.3482,699,6662,959,4402,699,6662,959,440

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-03-01$16.00$17.0040.1%11.8%29.8%6.3%40.7%6.6%0.2%-6.9M80.1M-6.4M0.142.5295,78312,978651,0832,048,583
2023-03-02$16.12$17.0039.6%11.5%26.3%5.5%41.8%6.4%0.1%-5.7M44.0M-6.4M0.933.0420,17718,683695,7182,055,491
2023-03-03$16.41$17.0037.7%10.6%26.3%1.5%38.4%4.9%0.1%-3.9M-22.9M-6.3M0.412.6885,03435,063666,9452,065,926
2023-03-06$16.13$16.0038.3%11.9%26.8%2.8%41.5%4.8%1.4%-6.7M30.2M-6.3M1.062.2921,36522,601679,8382,059,884
2023-03-07$16.38$16.0038.7%12.2%27.6%3.6%41.4%5.0%1.1%-6.0M-21.9M-6.4M0.843.0232,18126,938685,3092,073,314
2023-03-08$16.57$16.0038.3%11.6%27.9%2.7%41.7%5.8%1.1%-4.8M-91.9M-6.0M0.853.9312,25110,405692,1522,075,105
2023-03-09$15.93$16.0042.3%12.6%31.0%11.1%43.8%5.6%0.3%-7.8M81.1M-6.3M1.124.1829,05332,406696,5512,077,940
2023-03-10$15.43$16.0046.6%14.0%32.3%21.9%49.1%7.3%0.3%-10.7M194.9M-6.5M3.903.8434,779135,752700,6352,084,753
2023-03-13$14.95$16.0049.8%14.4%32.9%29.3%49.5%8.2%0.7%-7.6M277.6M-6.5M1.813.6338,53369,759692,3872,019,356
2023-03-14$14.66$16.0048.2%13.6%32.1%25.6%47.8%8.1%-0.9%-8.1M297.8M-6.3M0.913.4060,87955,416706,1292,005,494
2023-03-15$13.86$16.0054.2%15.6%35.9%39.3%54.5%9.3%0.1%-9.6M415.6M-6.4M2.004.6872,839145,727724,6742,021,717
2023-03-16$14.13$16.0050.9%14.5%37.2%31.8%51.6%7.8%-0.3%-9.0M350.1M-6.7M0.514.0876,87138,849767,5972,049,020
2023-03-17$13.98$15.0053.6%15.7%36.8%37.9%53.2%8.9%1.8%-13.3M366.1M-6.5M1.323.7947,60862,978802,8322,068,960
2023-03-20$13.98$15.0051.1%14.7%36.8%32.3%50.9%8.4%0.8%-6.6M270.8M-6.7M2.082.5629,64061,519732,6602,000,073
2023-03-21$14.41$15.0047.4%13.6%37.4%23.7%48.1%7.7%1.5%-6.7M208.6M-6.7M0.433.3373,87531,449742,6822,052,037
2023-03-22$14.02$15.0047.8%13.7%38.1%24.7%49.0%6.5%1.3%-7.9M294.4M-6.7M0.574.9127,85315,860777,0432,063,898
2023-03-23$13.64$15.0052.5%15.0%37.8%35.4%50.8%8.4%0.8%-9.3M373.2M-6.8M0.533.8153,65728,505787,6442,072,554
2023-03-24$13.71$15.0052.3%14.9%37.8%34.8%56.1%7.3%1.3%-8.6M361.1M-6.9M1.152.6860,86969,859811,8862,085,521
2023-03-27$13.95$15.0049.6%14.0%38.3%28.7%50.0%8.2%-0.3%-6.2M280.0M-6.7M1.763.3339,83869,924805,6702,069,913
2023-03-28$13.98$15.0049.3%13.8%37.3%28.1%49.3%8.4%-0.1%-5.0M283.5M-6.9M3.103.5021,27765,953825,7432,098,800
2023-03-29$14.34$15.0046.7%13.0%38.9%22.3%47.2%6.9%0.5%-3.1M190.7M-6.7M2.042.5535,33272,162832,9782,107,588
2023-03-30$14.50$15.0047.1%13.0%39.1%23.1%45.3%5.5%-0.4%-3.5M172.2M-6.9M1.583.3928,36644,913832,6602,123,191
2023-03-31$14.70$15.0045.9%12.4%38.8%20.4%45.2%6.6%-0.3%-4.7M120.2M-6.8M1.412.8739,51255,745835,7742,123,666