AAL Options History — August 2023

In August 2023, AAL traded between $14.61 and $16.23. ATM implied volatility averaged 33.2%, placing in the 5.0% IV rank vs the trailing year. The 30-day expected move averaged 9.4%. IV traded above realized volatility by 7.0% (HV 20d: 26.2%). Max pain ranged from $15.00 to $18.00. Net GEX was positive for 1 of 23 trading days. Term structure was in contango for 13 of 23 days. Put/call ratio averaged 1.28.

Notable Days

  • 2023-08-01: Highest Volume — 114,672 contracts
  • 2023-08-16: Largest IV spike — 5.4% change
  • 2023-08-16: Highest IV Rank — 10.0%
  • 2023-08-16: Largest Expected Move — 10.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$15.37$14.61$16.23$16.23$14.79
Max Pain$15.26$15.00$18.00$18.00$15.00
ATM IV33.2%28.7%35.5%34.1%28.7%
Expected Move9.4%7.8%10.2%9.6%7.8%
HV 20d26.2%19.5%33.9%33.9%19.5%
HV 60d30.1%28.4%32.3%32.3%28.4%
IV Rank5.0%0.0%10.0%6.7%0.0%
IV Percentile5.8%0.0%13.9%7.1%0.0%
Term Structure0.0%-0.9%0.9%-0.6%0.6%
VWIV33.2%28.8%36.0%34.8%28.8%
Skew 25d3.3%2.4%4.4%3.3%3.9%
Skew 10d8.0%5.1%10.7%8.6%9.7%
Call IV 25d32.3%28.1%34.4%33.0%28.1%
Put IV 25d35.6%32.1%37.9%36.4%32.1%
Bid-Ask Spread %1.951.354.722.172.05
Gamma HHI0.110.080.240.080.15
Net GEX-9.5M-16.5M1.1M-6.4M-16.5M
Net DEX199.9M77.4M281.9M98.9M269.2M
Net VEX-5.6M-5.8M-5.4M-5.5M-5.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.280.582.211.431.66
Total Volume60,922.69631,131114,672114,67246,487
Total OI2,750,561.9572,590,2902,853,5592,737,1642,727,500

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-08-01$16.23$18.0034.1%9.6%33.9%6.7%34.8%3.3%-0.6%-6.4M98.9M-5.5M1.432.1747,17367,499652,0352,085,129
2023-08-02$15.98$18.0034.9%10.0%33.3%8.4%35.1%2.8%-0.3%-7.1M135.8M-5.4M1.432.1030,96744,161660,5132,099,503
2023-08-03$15.98$15.0034.6%10.0%32.6%7.8%34.3%3.6%-0.6%-7.5M140.9M-5.5M0.941.6843,59840,856665,3892,109,235
2023-08-04$15.79$15.0034.0%9.8%30.4%6.4%34.4%2.9%-0.3%-7.7M192.8M-5.8M0.591.6733,36519,559674,0242,141,230
2023-08-07$15.98$15.0032.8%9.5%30.5%3.6%33.9%2.9%0.1%-6.5M121.7M-5.4M0.721.6925,52618,506646,1562,132,121
2023-08-08$16.20$15.0034.3%9.9%30.6%7.1%36.0%2.7%0.3%-5.4M77.4M-5.4M1.281.7827,66735,467654,7942,140,695
2023-08-09$15.82$15.0034.3%9.9%31.1%7.0%35.3%2.4%0.3%-7.0M159.0M-5.6M1.251.5319,04923,789657,7562,155,962
2023-08-10$15.73$15.0034.1%9.6%31.1%6.5%34.3%2.9%-0.7%-6.7M150.6M-5.5M2.211.8914,17531,297663,7102,147,863
2023-08-11$15.64$15.0033.3%9.4%31.0%4.8%33.6%3.2%-0.8%-7.4M182.7M-5.6M1.291.6631,88941,086665,5982,162,278
2023-08-14$15.82$15.0032.6%9.4%31.6%3.1%33.5%2.8%0.4%-6.1M143.3M-5.7M0.721.6241,78630,110652,2302,161,230
2023-08-15$15.52$15.0033.7%9.6%29.3%5.7%34.8%3.1%0.8%-6.3M171.7M-5.6M1.301.6325,46032,988672,2692,153,898
2023-08-16$15.43$15.0035.5%10.2%29.2%10.0%34.6%3.1%-0.9%-7.1M204.5M-5.8M1.121.4925,65828,795676,4802,160,315
2023-08-17$15.07$15.0035.2%10.1%22.0%9.1%34.7%3.7%0.5%-8.0M249.8M-5.7M1.981.3526,82553,162679,7102,150,295
2023-08-18$15.05$15.0034.3%9.8%22.1%7.1%34.0%3.6%0.0%1.1M248.6M-5.6M1.711.9119,68133,652686,0262,167,533
2023-08-21$15.16$15.0033.7%9.6%21.2%5.6%33.3%4.4%0.4%-11.9M204.3M-5.6M0.581.9530,04717,470548,9982,041,292
2023-08-22$14.84$15.0033.6%9.6%21.7%5.3%33.6%3.4%-0.1%-13.2M269.8M-5.8M1.851.9023,65243,718564,2372,046,762
2023-08-23$14.82$15.0032.3%9.2%21.5%2.4%31.9%3.7%-0.1%-13.1M252.2M-5.7M1.241.9932,47740,313572,3812,071,585
2023-08-24$14.64$15.0033.7%9.5%21.2%5.7%33.0%3.9%0.0%-13.9M275.1M-5.6M1.502.0516,73425,081587,8732,084,105
2023-08-25$14.61$15.0032.0%9.0%19.5%1.7%30.6%4.0%0.3%-14.6M281.9M-5.7M1.221.7329,81136,445591,2222,093,020
2023-08-28$14.70$15.0030.6%8.5%20.1%0.0%29.3%3.4%0.9%-15.1M280.6M-5.7M0.802.3421,42817,234561,5922,101,208
2023-08-29$14.91$15.0030.6%8.6%19.9%0.1%30.2%3.8%0.2%-15.0M227.6M-5.7M1.601.8628,99146,457570,3992,105,827
2023-08-30$14.79$15.0030.0%8.3%19.5%0.0%29.0%3.2%-0.1%-16.2M259.0M-5.7M0.974.7215,79315,338582,8632,138,084
2023-08-31$14.79$15.0028.7%7.8%19.5%0.0%28.8%3.9%0.6%-16.5M269.2M-5.7M1.662.0517,47629,011588,8852,138,615