AAL Options History — February 2025

In February 2025, AAL traded between $14.34 and $17.24. ATM implied volatility averaged 43.1%, placing in the 43.8% IV rank vs the trailing year. The 30-day expected move averaged 12.6%. IV traded above realized volatility by 6.5% (HV 20d: 36.6%). Max pain ranged from $15.00 to $17.50. Net GEX was positive for 6 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 1.41.

Notable Days

2025-02-21: Highest Volume — 233,172 contracts
2025-02-27: Largest IV spike — 15.0% change
2025-02-21: Highest IV Rank — 76.5%
2025-02-27: Largest Expected Move — 15.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.97	$14.34	$17.24	$16.76	$14.34
Max Pain	$16.18	$15.00	$17.50	$17.50	$16.00
ATM IV	43.1%	36.7%	50.8%	38.3%	49.7%
Expected Move	12.6%	10.4%	15.4%	10.9%	14.9%
HV 20d	36.6%	25.9%	44.5%	44.5%	30.8%
HV 60d	48.5%	47.5%	49.7%	49.3%	49.7%
IV Rank	43.8%	17.3%	76.5%	23.8%	71.6%
IV Percentile	55.2%	17.9%	92.9%	29.0%	88.9%
Term Structure	0.5%	-2.1%	5.5%	4.0%	-1.0%
VWIV	44.5%	36.5%	53.2%	40.1%	52.6%
Skew 25d	2.6%	0.6%	6.0%	4.4%	5.4%
Skew 10d	4.9%	-17.7%	16.3%	6.3%	9.9%
Call IV 25d	42.5%	36.5%	49.1%	36.8%	47.0%
Put IV 25d	45.1%	37.5%	55.1%	41.2%	52.4%
Bid-Ask Spread %	15.50	3.87	24.62	3.87	12.08
Gamma HHI	0.11	0.09	0.14	0.09	0.10
Net GEX	-2.2M	-10.8M	3.2M	1.1M	-5.1M
Net DEX	-151.6M	-410.3M	138.9M	-284.8M	138.9M
Net VEX	-4.8M	-5.0M	-4.6M	-4.7M	-4.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.41	0.24	4.27	0.39	0.80
Total Volume	116,150.368	62,391	233,172	151,338	69,856
Total OI	2,863,095.211	2,737,152	3,009,217	2,737,152	2,890,496

Daily Data (19 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
2025-02-03	$16.76	$17.50	38.3%	10.9%	44.5%	23.8%	40.1%	4.4%	4.0%	1.1M	-284.8M	-4.7M	0.39	3.87	108,853	42,485	830,990	1,906,162
2025-02-04	$16.84	$17.50	37.7%	10.6%	44.5%	21.4%	37.6%	1.8%	2.8%	2.5M	-321.8M	-4.8M	0.79	8.17	53,668	42,552	838,076	1,924,086
2025-02-05	$16.95	$17.50	36.7%	10.4%	42.2%	17.3%	36.5%	1.1%	2.8%	3.0M	-362.1M	-4.6M	1.75	20.21	39,261	68,752	858,094	1,947,793
2025-02-06	$16.98	$15.00	37.3%	11.4%	42.2%	19.5%	40.1%	1.0%	3.1%	2.6M	-346.7M	-4.9M	4.27	14.61	19,412	82,836	855,624	1,988,366
2025-02-07	$17.24	$16.00	38.8%	11.6%	42.6%	26.0%	40.3%	1.0%	4.3%	3.2M	-410.3M	-4.8M	1.59	14.90	33,285	53,011	856,762	2,021,447
2025-02-10	$16.66	$16.00	40.3%	11.6%	41.7%	32.4%	40.6%	0.6%	-0.6%	133.0K	-273.0M	-4.8M	0.68	24.62	59,469	40,687	841,185	1,946,502
2025-02-11	$16.52	$16.00	40.0%	11.4%	39.7%	31.1%	41.2%	1.3%	-1.0%	-2.3M	-227.5M	-4.7M	1.07	24.62	30,091	32,300	861,221	1,973,766
2025-02-12	$16.16	$16.00	41.8%	11.7%	38.3%	38.6%	40.7%	1.7%	-0.4%	-3.8M	-157.3M	-4.6M	3.91	14.09	23,815	93,052	866,411	1,978,674
2025-02-13	$15.82	$16.00	42.4%	12.1%	38.7%	41.2%	42.4%	1.5%	-0.5%	-10.8M	-48.6M	-4.7M	0.78	19.89	120,515	93,736	874,438	2,040,838
2025-02-14	$15.86	$16.00	45.9%	13.0%	38.2%	55.8%	45.2%	2.1%	-0.4%	-5.9M	-83.8M	-4.9M	0.30	19.51	94,586	28,261	898,922	2,056,167
2025-02-18	$16.09	$16.00	43.5%	12.4%	39.0%	45.8%	43.8%	1.6%	-1.0%	-2.5M	-185.3M	-4.7M	0.52	15.51	42,488	21,919	921,074	2,007,592
2025-02-19	$16.00	$16.00	44.4%	12.7%	38.0%	49.4%	44.9%	0.7%	-1.3%	-3.5M	-144.4M	-4.8M	0.31	15.60	60,553	18,506	925,662	2,014,703
2025-02-20	$15.84	$16.00	44.6%	12.9%	37.8%	50.5%	45.5%	2.4%	-2.0%	-3.4M	-109.1M	-4.9M	2.85	16.18	27,807	79,352	959,322	2,024,507
2025-02-21	$15.21	$16.00	50.8%	14.7%	26.1%	76.5%	53.1%	6.0%	-2.0%	-4.8M	664.3K	-5.0M	3.07	15.78	57,325	175,847	967,323	2,041,894
2025-02-24	$15.41	$16.00	44.5%	13.2%	26.9%	50.0%	46.3%	3.7%	-0.9%	-3.3M	-63.9M	-4.8M	0.24	15.11	119,560	28,298	818,897	1,941,380
2025-02-25	$15.07	$16.00	47.4%	14.4%	25.9%	62.2%	50.7%	3.6%	-0.7%	-2.6M	-30.0M	-4.8M	1.14	7.86	56,539	64,603	857,317	1,941,275
2025-02-26	$15.27	$16.00	43.6%	14.8%	26.9%	46.0%	51.4%	5.8%	5.5%	-1.2M	-74.8M	-5.0M	0.71	16.70	40,198	28,518	878,099	1,969,296
2025-02-27	$14.50	$16.00	50.1%	15.4%	31.1%	73.3%	53.2%	4.2%	-2.1%	-5.2M	103.9M	-4.9M	1.70	15.30	57,375	97,486	892,085	1,982,363
2025-02-28	$14.34	$16.00	49.7%	14.9%	30.8%	71.6%	52.6%	5.4%	-1.0%	-5.1M	138.9M	-4.9M	0.80	12.08	38,806	31,050	897,676	1,992,820