AAL Options History — November 2024

In November 2024, AAL traded between $13.07 and $14.96. ATM implied volatility averaged 41.5%, placing in the 37.3% IV rank vs the trailing year. The 30-day expected move averaged 12.1%. IV traded above realized volatility by 2.6% (HV 20d: 39.0%). Max pain ranged from $12.00 to $13.00. Net GEX was positive for 18 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 1.08.

Notable Days

2024-11-05: Highest Volume — 146,276 contracts
2024-11-21: Largest IV drop — 7.8% change
2024-11-04: Highest IV Rank — 57.1%
2024-11-01: Largest Expected Move — 14.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.11	$13.07	$14.96	$13.57	$14.57
Max Pain	$12.40	$12.00	$13.00	$12.00	$13.00
ATM IV	41.5%	37.9%	46.2%	44.9%	39.0%
Expected Move	12.1%	11.2%	14.0%	14.0%	12.1%
HV 20d	39.0%	34.9%	44.2%	34.9%	35.2%
HV 60d	38.0%	35.8%	38.9%	35.8%	38.9%
IV Rank	37.3%	22.1%	57.1%	51.6%	26.8%
IV Percentile	55.0%	30.2%	80.2%	75.0%	34.5%
Term Structure	-0.3%	-3.3%	0.9%	-0.2%	-0.3%
VWIV	42.9%	39.6%	49.6%	49.6%	41.5%
Skew 25d	2.1%	0.7%	3.8%	2.9%	1.0%
Skew 10d	5.1%	1.0%	16.7%	6.8%	2.2%
Call IV 25d	40.8%	37.4%	46.0%	44.1%	39.2%
Put IV 25d	42.9%	38.6%	47.0%	47.0%	40.2%
Bid-Ask Spread %	25.00	3.06	37.71	3.06	29.72
Gamma HHI	0.14	0.12	0.18	0.12	0.13
Net GEX	3.3M	-2.2M	6.9M	2.8M	6.9M
Net DEX	-303.1M	-432.7M	-61.6M	-211.7M	-365.1M
Net VEX	-5.4M	-6.0M	-5.0M	-6.0M	-5.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.08	0.21	5.48	0.57	0.40
Total Volume	72,521.65	32,172	146,276	49,467	32,172
Total OI	3,383,023.9	3,150,015	3,582,416	3,582,416	3,304,773

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
2024-11-01	$13.57	$12.00	44.9%	14.0%	34.9%	51.6%	49.6%	2.9%	-0.2%	2.8M	-211.7M	-6.0M	0.57	3.06	31,543	17,924	952,871	2,629,545
2024-11-04	$13.07	$12.00	46.2%	13.1%	38.5%	57.1%	46.8%	0.9%	-0.6%	-2.2M	-61.6M	-5.9M	1.91	23.17	22,762	43,563	922,307	2,571,247
2024-11-05	$13.14	$12.00	45.1%	13.0%	37.4%	52.4%	45.7%	3.1%	0.1%	-2.2M	-77.5M	-5.7M	5.48	23.47	22,590	123,686	925,829	2,594,454
2024-11-06	$13.98	$12.00	41.8%	12.1%	42.4%	38.6%	42.3%	2.3%	0.4%	3.0M	-310.1M	-5.4M	0.43	16.95	52,507	22,484	926,652	2,572,638
2024-11-07	$13.66	$12.00	41.3%	11.5%	43.1%	36.5%	40.8%	2.2%	-0.4%	2.0M	-241.4M	-5.3M	1.79	23.78	18,777	33,677	932,901	2,578,227
2024-11-08	$13.75	$12.00	40.0%	11.4%	43.0%	30.8%	41.2%	2.1%	0.8%	2.2M	-263.1M	-5.4M	1.40	23.86	34,976	49,017	934,976	2,590,045
2024-11-11	$14.09	$12.00	40.2%	11.8%	43.4%	31.7%	41.3%	2.8%	0.8%	4.1M	-351.8M	-5.2M	0.35	17.51	43,491	15,266	918,836	2,556,362
2024-11-12	$13.86	$12.00	40.2%	11.6%	44.2%	31.7%	41.3%	2.5%	0.1%	4.2M	-300.9M	-5.2M	1.23	23.69	18,361	22,639	936,837	2,562,473
2024-11-13	$14.05	$12.00	40.4%	11.8%	38.4%	32.7%	41.7%	0.9%	0.9%	4.4M	-351.6M	-5.4M	0.29	24.16	79,052	23,075	939,341	2,577,520
2024-11-14	$14.25	$12.00	41.8%	12.1%	38.5%	38.7%	42.5%	0.7%	0.1%	4.8M	-431.6M	-5.2M	0.52	23.63	45,459	23,584	946,292	2,586,117
2024-11-15	$14.32	$12.00	42.3%	12.2%	38.2%	40.5%	42.5%	2.1%	0.7%	2.4M	-432.7M	-5.4M	0.67	24.61	50,291	33,760	944,021	2,591,713
2024-11-18	$14.29	$12.00	41.6%	11.9%	38.2%	37.9%	42.6%	2.7%	-1.4%	2.7M	-293.6M	-5.4M	1.41	24.37	34,053	48,002	817,622	2,332,393
2024-11-19	$14.32	$13.00	42.1%	12.1%	37.9%	40.0%	42.6%	2.3%	-1.4%	2.7M	-302.6M	-5.4M	1.04	37.71	19,965	20,763	834,992	2,365,439
2024-11-20	$14.39	$13.00	44.4%	12.7%	37.6%	49.4%	46.0%	3.8%	-3.3%	4.0M	-340.4M	-5.2M	1.13	35.14	19,009	21,415	840,431	2,376,043
2024-11-21	$14.20	$13.00	40.9%	11.8%	38.0%	34.8%	41.4%	1.8%	0.2%	3.4M	-270.0M	-5.5M	1.31	28.93	15,824	20,691	841,182	2,380,548
2024-11-22	$14.38	$13.00	39.1%	11.3%	37.2%	27.1%	41.3%	3.5%	-0.7%	5.8M	-313.5M	-5.3M	0.21	29.99	115,525	23,789	840,001	2,392,178
2024-11-25	$14.96	$13.00	37.9%	11.2%	37.0%	22.1%	39.6%	1.1%	-0.2%	4.2M	-409.7M	-5.1M	0.56	30.01	40,228	22,460	815,035	2,356,457
2024-11-26	$14.64	$13.00	40.6%	12.2%	38.0%	33.6%	43.2%	1.3%	0.1%	4.2M	-366.2M	-5.0M	0.26	29.72	104,019	27,342	826,713	2,361,462
2024-11-27	$14.64	$13.00	40.4%	12.3%	38.0%	32.7%	43.2%	1.7%	-1.6%	6.6M	-367.5M	-5.3M	0.74	26.43	32,501	24,191	905,944	2,378,061
2024-11-29	$14.57	$13.00	39.0%	12.1%	35.2%	26.8%	41.5%	1.0%	-0.3%	6.9M	-365.1M	-5.1M	0.40	29.72	23,047	9,125	917,991	2,386,782