AAL Options History — April 2024

In April 2024, AAL traded between $12.91 and $15.41. ATM implied volatility averaged 43.3%, placing in the 67.7% IV rank vs the trailing year. The 30-day expected move averaged 12.3%. IV traded above realized volatility by 2.1% (HV 20d: 41.2%). Max pain ranged from $14.00 to $14.50. Net GEX was positive for 1 of 22 trading days. Term structure was in contango for 0 of 22 days. Put/call ratio averaged 1.24.

Notable Days

2024-04-12: Highest Volume — 171,002 contracts
2024-04-25: Largest IV drop — 15.4% change
2024-04-19: Highest IV Rank — 87.1%
2024-04-19: Largest Expected Move — 13.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$13.90	$12.91	$15.41	$15.41	$13.55
Max Pain	$14.07	$14.00	$14.50	$14.50	$14.00
ATM IV	43.3%	36.4%	47.5%	39.8%	37.0%
Expected Move	12.3%	10.4%	13.8%	10.4%	10.7%
HV 20d	41.2%	34.6%	46.6%	34.6%	40.2%
HV 60d	40.2%	36.0%	46.0%	43.7%	36.4%
IV Rank	67.7%	35.7%	87.1%	51.4%	38.7%
IV Percentile	80.6%	37.3%	98.4%	66.3%	43.3%
Term Structure	-1.2%	-4.0%	-0.2%	-1.1%	-0.2%
VWIV	43.2%	36.5%	48.0%	36.7%	37.7%
Skew 25d	2.9%	1.6%	4.4%	1.6%	2.6%
Skew 10d	5.1%	3.5%	7.4%	3.5%	3.5%
Call IV 25d	42.3%	35.0%	47.4%	39.2%	35.8%
Put IV 25d	45.2%	38.2%	49.7%	40.8%	38.4%
Bid-Ask Spread %	35.84	18.79	47.89	26.77	39.48
Gamma HHI	0.12	0.10	0.15	0.10	0.15
Net GEX	-10.2M	-18.5M	612.4K	612.4K	-11.8M
Net DEX	202.6M	-113.8M	443.1M	-113.8M	250.3M
Net VEX	-5.5M	-5.8M	-4.9M	-4.9M	-5.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.24	0.54	3.43	1.40	0.99
Total Volume	93,979.909	46,669	171,002	55,287	46,669
Total OI	3,009,173	2,786,387	3,165,041	2,786,387	3,106,794

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
2024-04-01	$15.41	$14.50	39.8%	10.4%	34.6%	51.4%	36.7%	1.6%	-1.1%	612.4K	-113.8M	-4.9M	1.40	26.77	23,051	32,236	601,776	2,184,611
2024-04-02	$14.39	$14.50	42.0%	11.7%	38.3%	61.8%	40.4%	2.2%	-0.9%	-6.3M	108.6M	-5.3M	1.30	18.79	50,559	65,938	608,322	2,197,319
2024-04-03	$14.18	$14.50	41.8%	12.2%	38.2%	60.8%	41.7%	4.2%	-1.0%	-8.5M	151.2M	-5.3M	1.11	19.30	44,833	49,918	620,569	2,211,565
2024-04-04	$13.84	$14.00	46.2%	13.1%	38.5%	80.9%	45.3%	4.0%	-0.2%	-10.1M	219.0M	-5.6M	2.35	28.22	28,470	66,928	634,831	2,232,765
2024-04-05	$13.73	$14.00	45.6%	12.5%	38.3%	78.4%	44.5%	2.8%	-0.8%	-11.3M	262.3M	-5.4M	1.46	38.20	41,547	60,815	641,463	2,278,044
2024-04-08	$13.91	$14.00	44.5%	12.3%	38.5%	73.0%	43.0%	2.9%	-1.1%	-10.4M	216.1M	-5.5M	1.62	37.52	34,281	55,490	631,435	2,295,203
2024-04-09	$13.95	$14.00	44.3%	12.4%	38.5%	72.5%	43.3%	2.6%	-1.3%	-10.3M	213.2M	-5.7M	1.07	36.88	23,888	25,612	648,602	2,325,589
2024-04-10	$13.39	$14.00	45.1%	12.8%	36.9%	76.1%	44.8%	3.7%	-0.4%	-14.3M	324.4M	-5.4M	1.34	42.14	43,919	58,935	661,327	2,328,765
2024-04-11	$13.64	$14.00	43.4%	12.0%	37.6%	68.3%	42.3%	2.4%	-1.6%	-14.4M	291.0M	-5.6M	1.00	44.62	28,854	28,856	667,210	2,345,606
2024-04-12	$13.11	$14.00	47.0%	13.3%	40.0%	84.8%	46.2%	4.4%	-0.9%	-16.2M	401.0M	-5.5M	3.43	42.65	38,631	132,371	676,137	2,360,798
2024-04-15	$12.91	$14.00	46.1%	13.1%	40.2%	80.5%	45.7%	3.4%	-1.6%	-18.1M	443.1M	-5.8M	1.14	42.09	34,011	38,911	645,734	2,384,872
2024-04-16	$13.05	$14.00	44.7%	12.7%	40.1%	74.1%	45.3%	3.8%	-0.7%	-18.5M	404.6M	-5.5M	1.58	42.91	28,732	45,300	654,311	2,396,313
2024-04-17	$13.91	$14.00	45.7%	13.1%	46.6%	78.6%	46.5%	3.1%	-4.0%	-12.0M	181.8M	-5.4M	1.12	47.89	78,536	88,001	665,312	2,421,130
2024-04-18	$14.07	$14.00	46.9%	13.5%	44.2%	84.4%	47.1%	2.6%	-0.7%	-9.4M	147.0M	-5.7M	0.69	36.78	57,987	40,119	690,963	2,455,180
2024-04-19	$14.07	$14.00	47.5%	13.8%	43.6%	87.1%	48.0%	2.2%	-1.1%	-6.0M	129.5M	-5.7M	0.54	39.93	34,228	18,416	697,656	2,465,621
2024-04-22	$14.48	$14.00	45.5%	13.5%	45.0%	78.0%	47.1%	3.3%	-1.6%	-6.3M	71.6M	-5.6M	0.98	24.46	47,352	46,256	626,711	2,370,983
2024-04-23	$14.36	$14.00	44.9%	13.0%	45.0%	74.8%	46.1%	3.0%	-2.0%	-7.1M	111.1M	-5.7M	0.72	31.14	39,278	28,132	642,174	2,392,503
2024-04-24	$13.96	$14.00	44.2%	13.2%	45.9%	71.8%	46.8%	1.9%	-1.9%	-8.9M	163.5M	-5.4M	0.85	38.72	71,335	60,362	656,169	2,400,102
2024-04-25	$14.09	$14.00	37.4%	10.8%	45.1%	40.3%	38.4%	1.9%	-1.5%	-6.3M	112.2M	-5.2M	0.79	39.06	85,475	67,695	697,585	2,431,916
2024-04-26	$13.84	$14.00	36.8%	10.6%	45.3%	37.7%	37.8%	2.1%	-0.8%	-9.8M	206.9M	-5.5M	1.05	33.26	52,443	54,964	716,308	2,448,733
2024-04-29	$13.98	$14.00	36.4%	10.8%	45.5%	35.7%	36.5%	3.6%	-1.1%	-8.7M	162.1M	-5.4M	0.76	37.67	38,702	29,522	660,378	2,422,421
2024-04-30	$13.55	$14.00	37.0%	10.7%	40.2%	38.7%	37.7%	2.6%	-0.2%	-11.8M	250.3M	-5.3M	0.99	39.48	23,506	23,163	671,995	2,434,799