AAL Options History — December 2024

In December 2024, AAL traded between $14.48 and $17.67. ATM implied volatility averaged 42.3%, placing in the 40.6% IV rank vs the trailing year. The 30-day expected move averaged 12.0%. IV traded below realized volatility by 18.8% (HV 20d: 61.1%). Max pain ranged from $13.00 to $14.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.96.

Notable Days

  • 2024-12-05: Highest Volume — 533,306 contracts
  • 2024-12-05: Largest IV spike — 18.1% change
  • 2024-12-30: Highest IV Rank — 75.8%
  • 2024-12-05: Largest Expected Move — 13.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$16.80$14.48$17.67$14.68$17.41
Max Pain$13.52$13.00$14.00$13.00$14.00
ATM IV42.3%36.6%50.7%38.0%48.8%
Expected Move12.0%11.3%13.2%11.9%12.4%
HV 20d61.1%32.3%67.5%35.1%65.9%
HV 60d48.3%38.3%51.7%38.9%46.9%
IV Rank40.6%16.8%75.8%22.8%67.9%
IV Percentile55.3%21.0%92.1%29.8%89.7%
Term Structure1.2%-5.5%7.9%2.1%-0.8%
VWIV43.0%39.6%47.2%41.6%45.5%
Skew 25d1.2%-0.2%2.9%1.2%2.0%
Skew 10d2.0%-20.7%8.3%2.7%6.2%
Call IV 25d42.3%36.2%48.8%37.8%48.8%
Put IV 25d43.5%37.5%50.7%38.9%50.7%
Bid-Ask Spread %8.472.6429.8429.847.65
Gamma HHI0.150.100.310.170.15
Net GEX11.0M5.7M20.4M6.9M10.3M
Net DEX-706.0M-974.7M-315.2M-357.5M-716.7M
Net VEX-4.8M-5.3M-4.5M-5.0M-4.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.960.194.671.230.52
Total Volume104,116.09547,258533,30663,36847,258
Total OI3,259,995.7143,064,4363,406,7673,246,4493,113,220

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2024-12-02$14.68$13.0038.0%11.9%35.1%22.8%41.6%1.2%2.1%6.9M-357.5M-5.0M1.2329.8428,42634,942882,7172,363,732
2024-12-03$14.48$13.0037.9%11.8%32.3%22.2%41.8%0.6%1.3%5.7M-315.2M-5.1M0.2726.7651,13813,778889,7912,384,786
2024-12-04$14.82$13.0036.6%11.4%32.9%16.8%40.1%2.0%1.6%9.5M-416.8M-5.3M0.3721.5241,94615,445947,6262,390,958
2024-12-05$17.59$13.0043.2%13.2%64.9%44.5%46.5%-0.1%1.3%7.0M-974.7M-4.8M0.263.64422,910110,396915,0232,399,446
2024-12-06$17.38$13.0038.9%11.9%64.3%26.3%42.9%0.7%2.9%12.2M-889.8M-4.8M0.342.97121,90142,037941,5112,431,444
2024-12-09$17.19$13.0039.6%11.9%64.8%29.4%42.2%-0.1%1.3%10.7M-809.4M-4.7M4.676.9736,796171,711920,9502,407,201
2024-12-10$17.48$13.0040.5%11.9%64.6%33.0%42.0%-0.2%0.5%11.0M-874.6M-4.7M0.472.9085,36540,129931,6102,323,516
2024-12-11$17.54$13.0038.8%11.5%63.9%25.8%40.9%-0.1%1.6%12.6M-909.1M-4.6M0.712.6635,16725,088967,9562,323,328
2024-12-12$17.30$13.0037.6%11.3%64.5%21.1%39.6%0.9%2.0%12.1M-840.7M-4.7M0.623.5031,02319,132972,0772,335,688
2024-12-13$16.91$13.0037.3%11.3%65.5%19.6%40.1%0.3%3.6%10.9M-759.3M-4.7M0.732.6454,48340,020976,4352,348,663
2024-12-16$16.51$14.0041.1%11.9%66.6%35.5%42.0%0.4%1.4%9.6M-646.5M-4.8M1.292.9329,90738,483966,0032,343,395
2024-12-17$16.68$14.0041.8%12.0%66.5%38.7%42.1%0.6%1.8%9.6M-681.0M-4.9M0.763.1130,11822,791976,2552,368,239
2024-12-18$16.32$14.0042.9%12.3%67.3%43.1%44.2%0.7%7.9%8.1M-604.4M-4.8M0.526.4942,75322,086990,4502,369,437
2024-12-19$16.71$14.0044.2%12.6%67.5%48.6%47.2%2.8%1.9%10.2M-677.7M-5.0M2.043.1121,62944,203994,9912,380,947
2024-12-20$16.98$14.0043.3%12.1%67.1%45.0%42.7%2.7%2.9%20.4M-744.4M-4.9M1.023.9336,55237,437992,2562,414,511
2024-12-23$17.18$14.0046.5%12.3%67.1%58.2%43.1%1.5%-1.9%13.8M-684.5M-4.9M1.5911.0320,70232,948902,5482,161,888
2024-12-24$17.20$14.0045.5%11.9%66.2%53.9%42.5%1.3%0.3%15.3M-709.9M-4.5M1.4511.9520,20729,199910,4762,187,355
2024-12-26$17.37$14.0047.0%12.1%65.3%60.5%44.7%2.9%-1.1%15.6M-739.5M-4.6M0.197.2799,52719,326914,4602,201,993
2024-12-27$17.30$14.0047.9%12.4%65.4%64.1%45.4%2.4%-0.7%8.6M-704.1M-4.9M0.243.3267,80616,562927,1152,213,831
2024-12-30$17.67$14.0050.7%12.8%65.4%75.8%46.5%2.1%-5.5%10.6M-769.5M-4.8M0.9113.7444,65740,454912,8262,163,256
2024-12-31$17.41$14.0048.8%12.4%65.9%67.9%45.5%2.0%-0.8%10.3M-716.7M-4.8M0.527.6531,00516,253923,8552,189,365