AAL Options History — April 2023

In April 2023, AAL traded between $12.66 and $14.41. ATM implied volatility averaged 43.5%, placing in the 15.0% IV rank vs the trailing year. The 30-day expected move averaged 12.4%. IV traded above realized volatility by 0.5% (HV 20d: 43.0%). Max pain ranged from $14.00 to $15.00. Net GEX was positive for 0 of 19 trading days. Term structure was in contango for 2 of 19 days. Put/call ratio averaged 1.08.

Notable Days

  • 2023-04-12: Highest Volume — 282,575 contracts
  • 2023-04-27: Largest IV drop — 17.1% change
  • 2023-04-12: Highest IV Rank — 25.7%
  • 2023-04-12: Largest Expected Move — 13.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$13.46$12.66$14.41$14.41$13.64
Max Pain$14.16$14.00$15.00$15.00$14.00
ATM IV43.5%36.7%48.2%46.3%36.7%
Expected Move12.4%10.5%13.7%12.6%10.5%
HV 20d43.0%34.8%49.5%38.9%49.5%
HV 60d37.2%31.1%38.9%38.2%38.9%
IV Rank15.0%0.0%25.7%21.3%0.0%
IV Percentile13.7%0.0%28.2%17.1%0.0%
Term Structure-0.8%-1.9%1.8%-0.4%-0.7%
VWIV43.4%37.0%48.7%44.5%37.0%
Skew 25d6.0%4.2%8.2%7.7%4.2%
Skew 10d12.5%8.1%18.5%14.9%9.0%
Call IV 25d41.9%35.3%46.2%43.8%35.3%
Put IV 25d47.9%39.5%53.2%51.5%39.5%
Bid-Ask Spread %2.441.813.122.422.57
Gamma HHI0.110.080.150.080.11
Net GEX-10.0M-13.4M-5.1M-5.9M-8.6M
Net DEX400.2M221.9M567.4M221.9M288.8M
Net VEX-6.4M-6.7M-6.1M-6.7M-6.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.080.292.380.650.49
Total Volume112,811.89544,188282,57544,188175,530
Total OI3,058,890.6322,932,2363,203,4622,932,2363,201,656

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-04-03$14.41$15.0046.3%12.6%38.9%21.3%44.5%7.7%-0.4%-5.9M221.9M-6.7M0.652.4226,84417,344805,1092,127,127
2023-04-04$14.13$15.0046.9%13.1%38.4%22.6%47.2%6.3%-0.7%-7.8M284.6M-6.6M1.772.2226,86947,665817,4292,132,391
2023-04-05$13.91$15.0047.5%13.1%37.8%24.1%46.9%8.2%-0.4%-11.0M346.2M-6.6M1.213.1222,98427,845826,0702,145,175
2023-04-06$14.00$14.0046.3%13.2%36.4%21.2%45.7%6.5%-0.6%-12.8M327.9M-6.5M1.442.0627,65739,736831,4552,160,592
2023-04-10$14.14$14.0047.1%13.3%35.5%23.0%47.4%6.7%-0.6%-10.3M289.0M-6.4M1.692.6919,50532,938798,0282,140,207
2023-04-11$14.38$14.0045.3%13.4%34.8%19.0%47.9%6.0%1.8%-8.9M224.5M-6.3M2.381.8129,37569,856808,9692,152,730
2023-04-12$13.00$14.0048.2%13.7%49.2%25.7%48.7%6.7%-0.3%-13.4M528.5M-6.1M0.962.70144,250138,325823,5002,181,770
2023-04-13$12.96$14.0045.6%12.8%45.5%19.7%43.9%6.3%-1.0%-12.7M526.6M-6.2M0.502.5898,95549,080873,4152,215,414
2023-04-14$12.80$14.0044.2%12.5%44.8%16.4%43.5%6.8%-1.0%-11.2M567.4M-6.1M0.842.9555,50846,459908,0102,235,434
2023-04-17$13.05$14.0043.3%12.3%45.6%14.5%42.7%5.2%-1.1%-10.1M466.9M-6.1M1.332.2346,73262,207876,2312,199,382
2023-04-18$13.27$14.0042.3%12.1%46.1%12.1%40.7%5.6%-1.5%-8.9M423.1M-6.3M0.612.4655,84334,225887,3602,214,291
2023-04-19$13.61$14.0039.8%11.4%45.7%6.6%41.3%5.8%0.9%-5.1M353.1M-6.3M0.292.02113,00233,115907,9362,230,645
2023-04-20$13.34$14.0041.3%11.9%45.2%9.9%40.2%4.3%-1.8%-7.8M409.5M-6.3M1.362.4938,88153,048916,2112,247,559
2023-04-21$13.34$14.0040.9%11.9%44.2%9.1%41.0%5.9%-1.9%-9.7M433.2M-6.4M1.112.3235,79839,778926,0962,277,366
2023-04-24$13.32$14.0038.1%11.1%44.2%2.8%38.0%6.4%-0.9%-10.2M384.5M-6.3M1.502.2933,71350,512763,6582,192,779
2023-04-25$12.86$14.0043.3%12.7%45.1%14.4%43.5%5.5%-1.8%-12.3M478.4M-6.2M1.412.4758,96383,014776,8322,231,803
2023-04-26$12.66$14.0045.9%13.3%45.3%20.4%46.2%5.6%-1.5%-13.0M547.7M-6.5M0.542.48100,34854,051812,6602,289,788
2023-04-27$12.89$14.0038.0%10.9%44.7%2.5%38.1%4.7%-1.0%-11.3M501.4M-6.4M0.402.52109,96543,506862,1662,321,678
2023-04-28$13.64$14.0036.7%10.5%49.5%0.0%37.0%4.2%-0.7%-8.6M288.8M-6.6M0.492.57117,53157,999875,5362,326,120