AAL Options History — May 2023

In May 2023, AAL traded between $13.50 and $15.04. ATM implied volatility averaged 39.1%, placing in the 6.7% IV rank vs the trailing year. The 30-day expected move averaged 11.6%. IV traded below realized volatility by 2.2% (HV 20d: 41.4%). Max pain ranged from $14.00 to $15.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 1.07.

Notable Days

  • 2023-05-08: Highest Volume — 141,709 contracts
  • 2023-05-05: Largest IV drop — 10.1% change
  • 2023-05-04: Highest IV Rank — 13.0%
  • 2023-05-04: Largest Expected Move — 12.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$14.26$13.50$15.04$13.91$14.80
Max Pain$14.86$14.00$15.00$14.00$15.00
ATM IV39.1%36.1%41.9%36.1%37.8%
Expected Move11.6%10.4%12.7%10.4%11.3%
HV 20d41.4%35.4%52.0%49.8%35.4%
HV 60d40.2%38.9%41.5%38.9%41.5%
IV Rank6.7%0.0%13.0%0.0%3.7%
IV Percentile9.0%0.0%17.5%0.0%4.8%
Term Structure0.5%-1.4%3.1%0.9%-0.5%
VWIV41.1%36.9%45.2%39.3%42.3%
Skew 25d5.5%4.0%7.1%4.0%6.3%
Skew 10d11.8%8.4%17.4%10.0%13.4%
Call IV 25d37.5%35.1%39.7%35.1%36.5%
Put IV 25d43.0%39.1%46.9%39.1%42.9%
Bid-Ask Spread %2.091.622.872.351.98
Gamma HHI0.110.090.250.110.10
Net GEX-8.4M-18.7M-4.0M-8.3M-6.1M
Net DEX194.5M-54.2M365.2M263.0M105.8M
Net VEX-6.5M-6.8M-6.3M-6.6M-6.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.070.501.911.450.60
Total Volume83,590.27340,952141,709129,731112,843
Total OI3,122,935.6822,875,3923,261,9883,117,0532,997,004

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-05-01$13.91$14.0036.1%10.4%49.8%0.0%39.3%4.0%0.9%-8.3M263.0M-6.6M1.452.3552,96976,762818,8482,298,205
2023-05-02$13.77$14.0038.6%11.2%49.5%5.6%41.0%6.1%0.1%-8.2M298.7M-6.6M1.232.2219,78224,400829,5862,316,327
2023-05-03$13.80$14.0039.1%11.5%49.1%6.6%41.3%5.5%0.3%-7.9M289.7M-6.7M1.392.8725,51735,383834,5512,325,298
2023-05-04$13.50$15.0041.9%12.7%49.4%13.0%45.2%7.1%1.0%-10.2M365.2M-6.6M1.702.4636,66462,191837,3552,338,628
2023-05-05$13.86$15.0037.7%11.6%50.3%3.6%42.9%5.3%1.0%-9.4M264.2M-6.5M1.362.1249,77667,796845,1642,370,536
2023-05-08$14.39$15.0039.2%12.1%52.0%7.0%41.1%4.8%2.7%-7.1M144.8M-6.6M0.622.2487,54154,168829,7722,313,323
2023-05-09$14.48$15.0039.2%12.2%51.7%6.9%40.8%5.4%3.1%-6.4M127.6M-6.6M0.871.9051,70845,150847,8562,315,123
2023-05-10$14.34$15.0038.7%11.9%35.7%5.7%40.9%4.5%2.8%-7.8M177.8M-6.8M0.881.6241,09736,324863,8902,346,758
2023-05-11$14.07$15.0040.2%12.0%36.6%9.2%41.9%4.7%1.8%-10.7M259.2M-6.8M1.291.7632,73342,375871,0232,361,427
2023-05-12$14.00$15.0040.4%12.1%36.2%9.7%42.3%5.7%2.4%-18.7M289.8M-6.8M0.691.8632,83222,806876,2132,385,775
2023-05-15$14.23$15.0040.3%11.7%36.1%9.3%40.8%5.5%-0.6%-8.5M213.4M-6.6M1.471.8422,68333,431858,3762,349,705
2023-05-16$14.21$15.0041.5%12.0%35.8%12.1%41.2%5.6%-1.4%-8.6M209.3M-6.5M0.552.2226,38114,571866,2482,358,165
2023-05-17$14.91$15.0039.1%11.2%38.5%6.7%40.9%4.6%-0.7%-6.0M2.8M-6.6M0.621.9571,33844,239870,4072,362,801
2023-05-18$15.04$15.0037.7%10.8%37.4%3.6%37.7%5.0%-0.3%-8.5M-54.2M-6.4M0.501.9345,00522,442876,0332,362,379
2023-05-19$14.80$15.0037.3%10.6%38.2%2.7%40.2%5.6%0.5%-4.0M34.2M-6.3M0.582.6037,25421,585882,1822,362,214
2023-05-22$14.38$15.0037.1%10.7%40.0%2.1%36.9%5.1%0.3%-5.9M169.9M-6.4M1.421.7739,18355,500718,6652,156,727
2023-05-23$14.13$15.0039.2%11.5%38.1%7.0%40.2%5.3%-1.0%-8.0M248.0M-6.3M1.552.1625,77040,061730,9172,193,876
2023-05-24$13.82$15.0041.1%12.1%38.7%11.3%41.8%7.0%-1.0%-9.3M324.5M-6.4M1.912.1043,43583,130740,8782,204,374
2023-05-25$14.36$15.0040.1%12.0%40.3%8.9%43.2%6.5%-0.3%-7.7M197.2M-6.4M1.262.1640,16350,667752,8252,248,022
2023-05-26$14.34$15.0038.6%11.3%35.5%5.7%41.2%6.3%-0.2%-8.9M204.6M-6.3M0.662.1033,65022,254751,3802,261,865
2023-05-30$14.66$15.0039.3%11.6%35.6%7.1%41.3%5.7%-0.5%-7.8M142.6M-6.3M0.901.8529,13326,294724,9102,248,974
2023-05-31$14.80$15.0037.8%11.3%35.4%3.7%42.3%6.3%-0.5%-6.1M105.8M-6.3M0.601.9870,36442,479735,1232,261,881