AAL Options History — January 2025

In January 2025, AAL traded between $16.86 and $18.54. ATM implied volatility averaged 44.0%, placing in the 47.7% IV rank vs the trailing year. The 30-day expected move averaged 12.1%. IV traded above realized volatility by 4.5% (HV 20d: 39.5%). Max pain ranged from $13.00 to $17.50. Net GEX was positive for 19 of 20 trading days. Term structure was in contango for 5 of 20 days. Put/call ratio averaged 0.86.

Notable Days

2025-01-22: Highest Volume — 369,979 contracts
2025-01-23: Largest IV drop — 22.6% change
2025-01-03: Highest IV Rank — 74.1%
2025-01-22: Largest Expected Move — 14.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.60	$16.86	$18.54	$17.00	$17.02
Max Pain	$15.38	$13.00	$17.50	$14.00	$17.50
ATM IV	44.0%	34.1%	50.3%	50.2%	37.6%
Expected Move	12.1%	10.0%	14.0%	12.8%	10.5%
HV 20d	39.5%	28.0%	66.5%	66.5%	44.9%
HV 60d	48.4%	47.1%	51.0%	47.3%	49.9%
IV Rank	47.7%	6.3%	74.1%	73.8%	20.9%
IV Percentile	60.3%	2.8%	91.7%	91.3%	23.4%
Term Structure	-0.7%	-3.3%	8.8%	0.1%	-1.0%
VWIV	42.5%	34.8%	48.8%	45.9%	37.6%
Skew 25d	1.9%	-1.3%	5.7%	2.3%	1.7%
Skew 10d	3.4%	-18.2%	11.4%	5.9%	3.2%
Call IV 25d	43.3%	34.6%	50.3%	50.1%	37.5%
Put IV 25d	45.3%	35.9%	56.0%	52.4%	39.2%
Bid-Ask Spread %	12.68	4.12	24.00	7.17	8.31
Gamma HHI	0.15	0.10	0.25	0.13	0.11
Net GEX	9.1M	-707.8K	18.6M	7.3M	3.6M
Net DEX	-631.3M	-948.1M	-279.5M	-617.5M	-376.6M
Net VEX	-4.7M	-4.9M	-4.5M	-4.8M	-4.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.86	0.38	3.32	0.57	0.79
Total Volume	126,817.35	36,810	369,979	90,296	93,300
Total OI	3,011,714.9	2,592,409	3,415,449	3,126,015	2,843,330

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
2025-01-02	$17.00	$14.00	50.2%	12.8%	66.5%	73.8%	45.9%	2.3%	0.1%	7.3M	-617.5M	-4.8M	0.57	7.17	57,382	32,914	927,294	2,198,721
2025-01-03	$16.96	$15.00	50.3%	12.4%	66.3%	74.1%	44.2%	5.7%	-3.0%	7.3M	-619.1M	-4.9M	0.44	8.84	53,407	23,733	945,874	2,217,347
2025-01-06	$17.62	$13.00	48.7%	12.9%	28.6%	67.4%	45.8%	2.6%	-1.3%	10.0M	-760.0M	-4.8M	0.64	15.48	57,415	36,807	931,456	2,191,462
2025-01-07	$17.57	$14.00	48.4%	12.7%	28.3%	66.4%	45.0%	2.0%	-1.7%	10.8M	-765.3M	-4.8M	0.76	16.26	20,926	15,884	955,325	2,212,134
2025-01-08	$17.66	$14.00	49.1%	13.0%	28.0%	69.2%	46.6%	3.1%	-2.5%	11.0M	-771.5M	-4.9M	0.76	4.26	32,555	24,900	960,577	2,216,969
2025-01-10	$18.32	$14.00	48.0%	13.2%	30.3%	64.4%	46.0%	1.9%	-1.7%	18.6M	-948.1M	-4.7M	0.48	4.28	100,389	48,483	970,046	2,227,453
2025-01-13	$17.62	$14.00	49.4%	13.4%	33.6%	70.5%	47.5%	-1.3%	-2.2%	10.3M	-752.2M	-4.7M	3.32	4.90	43,895	145,691	963,429	2,207,584
2025-01-14	$18.14	$14.00	48.6%	13.3%	34.7%	67.0%	46.3%	0.7%	-2.0%	13.7M	-890.7M	-4.6M	0.60	4.18	48,465	29,007	976,535	2,266,066
2025-01-15	$18.05	$14.00	45.4%	12.4%	33.5%	53.8%	43.1%	2.0%	-2.4%	15.1M	-863.4M	-4.7M	0.45	4.12	45,158	20,139	986,403	2,348,100
2025-01-16	$18.27	$14.00	46.4%	13.0%	32.1%	58.0%	45.3%	2.2%	-1.2%	16.7M	-912.6M	-4.6M	0.42	10.46	122,620	51,364	995,005	2,358,069
2025-01-17	$18.19	$15.00	46.6%	13.1%	32.2%	58.5%	45.7%	1.8%	-1.1%	10.1M	-922.4M	-4.8M	0.92	15.95	50,943	46,996	1,037,338	2,378,111
2025-01-21	$18.51	$15.00	47.0%	13.4%	30.9%	60.5%	46.5%	3.3%	-0.9%	9.9M	-664.1M	-4.7M	0.56	12.71	50,589	28,382	772,987	1,819,422
2025-01-22	$18.54	$15.00	48.8%	14.0%	30.3%	67.9%	48.8%	2.6%	-3.3%	10.4M	-690.9M	-4.6M	0.78	16.45	208,430	161,549	794,942	1,837,778
2025-01-23	$16.96	$17.50	37.8%	10.8%	44.8%	21.6%	37.7%	0.8%	0.6%	-707.8K	-279.5M	-4.5M	0.71	18.55	200,599	141,768	878,845	1,962,162
2025-01-24	$16.96	$17.50	35.5%	10.1%	44.6%	12.3%	36.1%	1.2%	0.6%	10.2M	-307.7M	-4.6M	1.00	24.00	79,062	79,329	922,557	1,956,664
2025-01-27	$17.30	$17.50	34.8%	10.0%	45.2%	9.2%	35.0%	1.9%	0.4%	6.6M	-402.0M	-4.7M	0.38	20.51	66,772	25,509	829,684	1,881,505
2025-01-28	$17.16	$17.50	35.4%	10.1%	45.1%	11.5%	34.8%	1.9%	-0.0%	4.7M	-370.9M	-4.7M	0.61	20.05	32,518	19,909	845,276	1,891,691
2025-01-29	$17.23	$17.50	34.1%	10.0%	45.1%	6.3%	34.8%	1.2%	8.8%	5.5M	-401.3M	-4.6M	0.58	20.50	28,270	16,382	858,604	1,897,684
2025-01-30	$16.86	$17.50	37.3%	10.6%	45.0%	19.7%	37.6%	1.1%	-0.1%	2.0M	-310.0M	-4.8M	2.47	16.68	56,181	138,725	867,264	1,902,605
2025-01-31	$17.02	$17.50	37.6%	10.5%	44.9%	20.9%	37.6%	1.7%	-1.0%	3.6M	-376.6M	-4.6M	0.79	8.31	52,253	41,047	886,697	1,956,633