AAL Options History — March 2025

In March 2025, AAL traded between $10.64 and $14.07. ATM implied volatility averaged 53.9%, placing in the 83.3% IV rank vs the trailing year. The 30-day expected move averaged 15.9%. IV traded above realized volatility by 4.8% (HV 20d: 49.1%). Max pain ranged from $13.50 to $16.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.30.

Notable Days

  • 2025-03-12: Highest Volume — 479,638 contracts
  • 2025-03-10: Largest IV spike — 18.1% change
  • 2025-03-10: Highest IV Rank — 100.0%
  • 2025-03-10: Largest Expected Move — 20.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$11.80$10.64$14.07$13.79$10.64
Max Pain$14.62$13.50$16.00$16.00$14.00
ATM IV53.9%48.7%61.0%49.5%61.0%
Expected Move15.9%14.0%20.0%15.9%15.9%
HV 20d49.1%31.9%58.3%31.9%56.4%
HV 60d44.3%38.3%51.3%50.3%45.5%
IV Rank83.3%67.6%100.0%70.7%100.0%
IV Percentile94.0%84.1%100.0%88.5%100.0%
Term Structure0.7%-2.0%4.8%1.5%-1.5%
VWIV55.9%48.6%67.6%56.2%58.2%
Skew 25d5.2%-4.4%6.6%4.6%5.6%
Skew 10d11.7%-2.6%27.4%5.7%16.1%
Call IV 25d51.2%46.7%58.3%46.9%57.6%
Put IV 25d56.4%50.8%63.3%51.5%63.3%
Bid-Ask Spread %9.212.6415.248.312.87
Gamma HHI0.190.100.330.110.22
Net GEX-7.7M-11.7M-4.4M-7.1M-7.3M
Net DEX343.3M149.5M545.7M223.0M377.4M
Net VEX-4.9M-5.2M-4.5M-4.8M-5.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.300.572.641.471.34
Total Volume144,666.14368,487479,638100,982181,857
Total OI2,996,8852,764,0453,253,2142,850,7332,820,117

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-03-03$13.79$16.0049.5%15.9%31.9%70.7%56.2%4.6%1.5%-7.1M223.0M-4.8M1.478.3140,80360,179875,6851,975,048
2025-03-04$13.41$16.0050.4%16.6%32.4%74.6%58.3%4.6%2.1%-7.9M277.1M-4.7M1.6912.4651,87487,474889,4411,994,511
2025-03-05$14.07$16.0049.7%16.5%38.4%71.7%56.1%5.3%-0.9%-5.9M149.5M-4.9M1.1612.1260,19669,652908,8822,044,693
2025-03-06$13.29$15.5051.8%17.4%41.5%80.7%60.7%4.2%0.1%-9.4M300.4M-4.7M1.1912.4441,44449,152927,8922,082,139
2025-03-07$12.96$15.0048.7%15.6%41.4%67.6%54.3%5.5%1.3%-10.1M355.2M-4.8M0.7612.3882,02162,276939,4332,079,598
2025-03-10$12.45$15.0057.5%20.0%40.9%100.0%67.6%-4.4%0.9%-8.4M386.6M-4.9M1.737.7092,621160,176882,9062,020,099
2025-03-11$11.57$15.0055.5%17.8%45.3%91.6%62.6%6.1%-1.8%-11.0M508.0M-4.7M1.803.3575,435135,695909,9702,082,634
2025-03-12$10.98$14.0056.1%16.7%46.7%94.1%60.9%6.6%0.5%-11.7M545.7M-4.5M1.257.89213,192266,446941,0312,088,177
2025-03-13$10.68$14.0058.7%17.5%46.8%100.0%64.4%6.5%-1.3%-11.7M520.5M-4.9M1.608.3287,044139,0191,037,4282,119,907
2025-03-14$10.84$13.5053.2%14.3%48.5%79.1%52.0%6.6%1.5%-11.0M462.7M-5.0M0.8912.6765,90258,8101,078,6522,148,833
2025-03-17$11.41$15.0053.0%15.7%54.1%78.4%54.1%6.1%3.6%-7.3M343.3M-5.0M0.773.2063,38648,6821,027,3512,105,009
2025-03-18$11.09$15.0054.1%15.7%53.0%82.6%54.1%6.1%4.4%-8.4M387.2M-4.9M1.9113.0529,12355,6231,049,0962,114,041
2025-03-19$11.48$15.0052.1%15.3%56.1%74.7%50.4%5.4%4.5%-6.1M316.4M-5.0M0.6810.4057,61138,9461,056,7262,132,286
2025-03-20$11.30$14.0051.8%15.0%56.0%73.6%48.6%6.0%4.6%-5.6M337.2M-5.1M1.439.3235,15650,1151,084,2932,151,221
2025-03-21$11.30$14.0051.8%14.8%55.6%73.6%51.2%6.1%4.8%-5.8M350.6M-5.1M0.8910.0636,29532,1921,097,2142,156,000
2025-03-24$11.77$14.0051.7%14.3%58.3%73.1%51.2%6.1%-1.1%-4.4M205.8M-5.1M0.579.6472,84341,653862,8691,901,176
2025-03-25$11.52$14.0054.5%14.0%58.3%84.0%50.6%6.3%-1.9%-4.8M236.9M-5.2M1.159.4044,59051,279885,2261,914,533
2025-03-26$11.46$14.0055.8%14.9%57.5%88.9%56.4%5.5%-2.0%-5.1M254.9M-5.2M2.642.6428,03574,046900,0341,942,904
2025-03-27$11.14$14.0055.9%14.8%56.1%89.3%50.9%5.8%-1.5%-6.0M304.6M-5.1M1.2715.2438,19748,521910,1851,924,807
2025-03-28$10.68$14.0059.4%15.5%57.0%100.0%54.5%4.7%-2.0%-7.2M367.3M-5.0M1.119.8952,30758,121921,6051,950,933
2025-03-31$10.64$14.0061.0%15.9%56.4%100.0%58.2%5.6%-1.5%-7.3M377.4M-5.1M1.342.8777,780104,077897,7441,922,373