AAL Options History — October 2023

In October 2023, AAL traded between $10.91 and $12.86. ATM implied volatility averaged 45.6%, placing in the 45.9% IV rank vs the trailing year. The 30-day expected move averaged 13.2%. IV traded above realized volatility by 9.4% (HV 20d: 36.3%). Max pain ranged from $13.00 to $15.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 6 of 22 days. Put/call ratio averaged 1.47.

Notable Days

2023-10-18: Highest Volume — 246,932 contracts
2023-10-09: Largest IV spike — 11.0% change
2023-10-26: Highest IV Rank — 57.4%
2023-10-04: Largest Expected Move — 14.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.81	$10.91	$12.86	$12.73	$11.11
Max Pain	$14.18	$13.00	$15.00	$14.00	$13.00
ATM IV	45.6%	41.3%	50.3%	46.7%	41.3%
Expected Move	13.2%	12.5%	14.4%	13.8%	12.5%
HV 20d	36.3%	28.2%	41.4%	28.2%	39.8%
HV 60d	28.9%	26.1%	30.6%	26.1%	30.3%
IV Rank	45.9%	36.6%	57.4%	39.7%	49.2%
IV Percentile	65.1%	50.8%	84.5%	67.5%	50.8%
Term Structure	-1.1%	-4.8%	0.8%	-1.6%	0.8%
VWIV	46.1%	40.6%	51.2%	46.0%	42.9%
Skew 25d	6.5%	4.7%	9.4%	5.7%	7.2%
Skew 10d	14.3%	9.3%	16.7%	11.2%	16.2%
Call IV 25d	43.3%	38.3%	47.5%	43.7%	38.3%
Put IV 25d	49.8%	45.6%	53.5%	49.4%	45.6%
Bid-Ask Spread %	2.35	1.47	3.05	1.92	2.72
Gamma HHI	0.15	0.13	0.21	0.14	0.16
Net GEX	-17.1M	-23.0M	-11.3M	-13.6M	-17.7M
Net DEX	699.5M	523.0M	864.8M	559.3M	702.3M
Net VEX	-7.1M	-7.5M	-6.8M	-7.1M	-7.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.47	0.48	4.21	0.93	1.14
Total Volume	113,051.045	54,356	246,932	54,356	60,650
Total OI	3,361,577.227	3,175,837	3,527,215	3,175,837	3,392,119

Daily Data (22 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
2023-10-02	$12.73	$14.00	46.7%	13.8%	28.2%	39.7%	46.0%	5.7%	-1.6%	-13.6M	559.3M	-7.1M	0.93	1.92	28,230	26,126	692,820	2,483,017
2023-10-03	$12.27	$14.00	48.3%	14.3%	29.4%	43.3%	50.1%	6.0%	-1.2%	-14.9M	660.7M	-7.2M	2.37	1.78	37,272	88,304	701,442	2,501,752
2023-10-04	$12.79	$14.00	47.1%	14.4%	34.1%	40.5%	51.2%	6.3%	-1.2%	-12.6M	544.5M	-7.4M	1.33	3.05	58,421	77,551	716,499	2,508,559
2023-10-05	$12.86	$15.00	47.4%	13.1%	33.5%	41.4%	45.0%	5.0%	-1.4%	-11.3M	523.0M	-7.5M	0.64	2.49	39,135	25,212	730,763	2,533,271
2023-10-06	$12.82	$15.00	45.3%	12.5%	33.5%	36.6%	44.8%	5.7%	-0.7%	-12.8M	524.5M	-7.3M	0.48	2.31	39,960	19,053	743,036	2,544,084
2023-10-09	$12.20	$15.00	50.3%	13.8%	36.8%	47.6%	45.8%	7.5%	-2.0%	-15.1M	678.9M	-7.2M	0.61	2.01	96,431	58,432	728,042	2,540,739
2023-10-10	$12.30	$15.00	46.2%	13.2%	37.0%	38.7%	48.1%	6.8%	0.6%	-14.2M	654.0M	-7.3M	1.55	2.42	44,406	68,747	778,304	2,560,113
2023-10-11	$12.46	$15.00	46.7%	13.2%	31.1%	39.6%	46.1%	5.9%	-0.9%	-13.3M	600.6M	-7.3M	0.69	1.47	58,325	40,129	784,686	2,584,189
2023-10-12	$12.05	$15.00	47.3%	13.2%	32.9%	41.0%	50.0%	6.3%	-1.4%	-16.4M	709.4M	-7.2M	1.39	2.40	56,320	78,370	800,109	2,586,172
2023-10-13	$11.71	$15.00	49.1%	13.6%	33.9%	45.5%	50.2%	6.0%	-2.9%	-16.7M	781.7M	-7.1M	2.22	2.03	58,875	130,495	822,086	2,616,852
2023-10-16	$11.93	$15.00	45.2%	12.8%	34.9%	38.8%	44.9%	5.1%	-1.3%	-17.2M	735.1M	-7.2M	0.98	2.30	40,399	39,787	779,707	2,640,985
2023-10-17	$11.91	$14.00	44.8%	12.8%	34.6%	38.9%	47.0%	5.9%	-2.1%	-16.7M	724.0M	-7.1M	1.63	2.13	28,203	45,965	793,958	2,654,291
2023-10-18	$11.34	$14.00	49.7%	14.3%	38.0%	53.5%	47.4%	8.1%	-4.8%	-19.0M	841.3M	-6.9M	1.30	2.40	107,247	139,685	803,072	2,678,171
2023-10-19	$11.45	$14.00	44.4%	12.8%	38.4%	45.3%	43.1%	4.7%	-2.4%	-20.7M	785.5M	-7.0M	1.54	2.76	74,454	114,352	853,179	2,669,655
2023-10-20	$11.09	$14.00	46.6%	13.5%	39.5%	54.5%	50.7%	9.4%	-2.6%	-21.5M	864.8M	-7.0M	2.43	2.42	42,207	102,400	864,094	2,663,121
2023-10-23	$11.32	$14.00	43.1%	12.6%	40.7%	45.4%	45.4%	7.1%	-0.1%	-19.8M	739.8M	-7.0M	1.10	2.46	33,400	36,725	736,348	2,595,832
2023-10-24	$11.16	$14.00	42.8%	12.6%	40.7%	51.4%	44.0%	7.0%	0.5%	-20.6M	761.7M	-6.8M	1.86	2.85	24,891	46,299	749,539	2,591,628
2023-10-25	$11.07	$14.00	43.3%	12.8%	40.7%	53.4%	40.6%	7.3%	-0.1%	-20.3M	780.8M	-7.0M	4.21	2.84	31,495	132,469	761,649	2,612,666
2023-10-26	$11.18	$13.00	43.3%	13.0%	39.0%	57.4%	44.3%	6.8%	0.1%	-20.8M	725.6M	-7.1M	0.92	2.17	29,690	27,429	768,691	2,619,019
2023-10-27	$10.91	$13.00	42.9%	12.7%	39.5%	55.7%	45.2%	6.4%	0.3%	-23.0M	796.4M	-7.0M	2.36	2.58	43,075	101,844	772,128	2,632,386
2023-10-30	$11.21	$13.00	42.3%	12.6%	41.4%	53.3%	42.4%	7.1%	0.0%	-17.8M	695.5M	-7.2M	0.63	2.24	33,556	21,107	749,924	2,616,002
2023-10-31	$11.11	$13.00	41.3%	12.5%	39.8%	49.2%	42.9%	7.2%	0.8%	-17.7M	702.3M	-7.0M	1.14	2.72	28,341	32,309	759,447	2,632,672