AAL Options History — February 2024

In February 2024, AAL traded between $14.25 and $15.66. ATM implied volatility averaged 38.9%, placing in the 40.0% IV rank vs the trailing year. The 30-day expected move averaged 11.5%. IV traded below realized volatility by 7.9% (HV 20d: 46.8%). Max pain ranged from $14.00 to $14.00. Net GEX was positive for 12 of 20 trading days. Term structure was in contango for 5 of 20 days. Put/call ratio averaged 0.84.

Notable Days

2024-02-01: Highest Volume — 170,565 contracts
2024-02-05: Largest IV spike — 6.4% change
2024-02-13: Highest IV Rank — 53.3%
2024-02-29: Largest Expected Move — 12.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.93	$14.25	$15.66	$14.36	$15.66
Max Pain	$14.00	$14.00	$14.00	$14.00	$14.00
ATM IV	38.9%	35.9%	42.3%	35.9%	38.7%
Expected Move	11.5%	10.8%	12.2%	11.2%	12.2%
HV 20d	46.8%	25.5%	63.5%	63.4%	25.5%
HV 60d	43.9%	42.9%	44.7%	44.3%	42.9%
IV Rank	40.0%	28.0%	53.3%	28.0%	39.0%
IV Percentile	54.0%	31.3%	73.4%	31.3%	52.8%
Term Structure	-0.4%	-1.7%	2.4%	2.4%	-1.2%
VWIV	40.6%	38.7%	43.1%	38.8%	42.6%
Skew 25d	2.0%	1.1%	3.3%	2.4%	1.8%
Skew 10d	3.4%	1.9%	5.9%	3.1%	3.0%
Call IV 25d	38.5%	35.1%	41.5%	35.1%	38.4%
Put IV 25d	40.5%	37.1%	44.8%	37.5%	40.2%
Bid-Ask Spread %	4.86	2.00	29.25	29.25	15.22
Gamma HHI	0.11	0.09	0.13	0.09	0.11
Net GEX	1.1M	-5.2M	7.6M	-1.7M	7.6M
Net DEX	-109.7M	-258.6M	69.4M	13.7M	-258.6M
Net VEX	-5.9M	-6.4M	-5.3M	-6.1M	-5.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.84	0.31	1.68	1.21	0.64
Total Volume	80,852.35	41,033	170,565	170,565	55,338
Total OI	3,202,331.2	3,013,871	3,363,713	3,271,647	3,092,894

Daily Data (20 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
2024-02-01	$14.36	$14.00	35.9%	11.2%	63.4%	28.0%	38.8%	2.4%	2.4%	-1.7M	13.7M	-6.1M	1.21	29.25	77,040	93,525	708,954	2,562,693
2024-02-02	$14.59	$14.00	36.4%	10.8%	63.5%	30.4%	38.7%	1.7%	1.3%	474.9K	-62.6M	-6.3M	0.42	2.44	88,130	36,660	731,663	2,544,846
2024-02-05	$14.25	$14.00	38.8%	11.4%	63.0%	39.5%	40.1%	1.3%	-0.4%	-5.2M	69.4M	-6.4M	1.02	3.08	25,690	26,183	684,982	2,548,411
2024-02-06	$14.89	$14.00	38.6%	11.2%	60.0%	38.6%	39.7%	2.1%	0.3%	-120.6K	-97.9M	-6.2M	0.49	2.03	64,663	31,827	693,898	2,559,722
2024-02-07	$14.86	$14.00	38.8%	11.1%	59.9%	39.6%	38.9%	1.8%	-0.1%	871.3K	-89.2M	-6.2M	0.93	2.27	59,310	55,023	715,014	2,571,569
2024-02-08	$14.96	$14.00	38.7%	11.3%	59.8%	39.1%	40.0%	1.9%	0.9%	193.8K	-129.7M	-6.2M	0.42	5.46	28,885	12,148	741,215	2,609,818
2024-02-09	$14.86	$14.00	39.1%	11.2%	59.7%	40.6%	39.8%	2.0%	0.4%	-617.5K	-96.9M	-6.2M	1.33	3.04	40,930	54,509	746,866	2,613,530
2024-02-12	$14.98	$14.00	40.7%	11.7%	48.2%	47.2%	40.7%	2.5%	-1.4%	562.3K	-130.0M	-6.1M	0.31	2.21	65,602	20,376	725,267	2,569,694
2024-02-13	$14.64	$14.00	42.3%	12.1%	48.9%	53.3%	43.1%	3.3%	-1.1%	-1.3M	-42.2M	-6.1M	0.98	2.19	47,417	46,598	742,807	2,570,402
2024-02-14	$14.86	$14.00	40.2%	11.5%	48.7%	44.9%	41.0%	2.1%	-0.9%	706.9K	-112.8M	-5.8M	1.15	3.36	34,879	39,979	753,362	2,551,206
2024-02-15	$14.86	$14.00	40.1%	11.5%	44.4%	44.5%	40.4%	2.3%	-0.0%	623.4K	-128.3M	-5.8M	0.52	2.90	57,312	29,790	759,983	2,563,970
2024-02-16	$14.70	$14.00	40.2%	11.6%	44.6%	44.8%	41.9%	2.4%	-0.4%	-2.5M	-73.3M	-5.9M	1.53	2.66	33,652	51,651	785,328	2,578,385
2024-02-20	$14.66	$14.00	40.8%	11.9%	44.6%	47.3%	41.6%	1.7%	-1.7%	-2.9M	-25.2M	-5.7M	0.32	3.24	40,701	12,949	672,747	2,341,124
2024-02-21	$14.79	$14.00	39.9%	12.1%	43.9%	43.7%	43.0%	2.5%	-1.1%	-1.5M	-40.6M	-5.7M	0.68	3.64	36,594	24,891	685,307	2,345,816
2024-02-22	$15.23	$14.00	39.1%	11.8%	44.9%	40.8%	40.9%	2.1%	-1.1%	5.0M	-173.0M	-5.7M	0.94	3.30	47,701	45,010	705,960	2,360,471
2024-02-23	$15.16	$14.00	37.5%	11.1%	28.9%	34.4%	39.2%	1.6%	-0.7%	4.1M	-182.8M	-5.5M	0.88	2.99	27,666	24,425	713,751	2,357,628
2024-02-26	$15.27	$14.00	36.8%	11.4%	28.2%	31.7%	40.4%	1.1%	-0.6%	4.9M	-176.7M	-5.5M	0.90	2.00	28,221	25,356	688,644	2,339,154
2024-02-27	$15.54	$14.00	37.8%	11.5%	28.7%	35.5%	40.3%	1.9%	-0.9%	6.2M	-227.2M	-5.5M	0.52	2.61	40,900	21,197	695,144	2,349,897
2024-02-28	$15.45	$14.00	38.1%	11.9%	26.5%	36.9%	41.3%	1.4%	-1.0%	6.6M	-230.2M	-5.3M	1.68	3.25	23,996	40,323	710,003	2,354,499
2024-02-29	$15.66	$14.00	38.7%	12.2%	25.5%	39.0%	42.6%	1.8%	-1.2%	7.6M	-258.6M	-5.6M	0.64	15.22	33,757	21,581	720,841	2,372,053