AAL Options History — April 2025

In April 2025, AAL traded between $8.96 and $10.96. ATM implied volatility averaged 68.7%, placing in the 66.6% IV rank vs the trailing year. The 30-day expected move averaged 19.1%. IV traded below realized volatility by 23.7% (HV 20d: 92.4%). Max pain ranged from $11.00 to $14.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 1.03.

Notable Days

2025-04-23: Highest Volume — 276,346 contracts
2025-04-09: Largest IV drop — 27.7% change
2025-04-01: Highest IV Rank — 100.0%
2025-04-08: Largest Expected Move — 25.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$9.70	$8.96	$10.96	$10.36	$9.93
Max Pain	$12.10	$11.00	$14.00	$14.00	$11.00
ATM IV	68.7%	55.9%	94.2%	63.4%	58.7%
Expected Move	19.1%	15.6%	25.3%	17.4%	16.1%
HV 20d	92.4%	53.4%	108.2%	56.3%	105.6%
HV 60d	64.2%	45.5%	71.7%	45.5%	70.8%
IV Rank	66.6%	37.9%	100.0%	100.0%	42.5%
IV Percentile	96.8%	90.9%	100.0%	100.0%	92.9%
Term Structure	-0.6%	-8.2%	30.4%	-3.2%	-1.8%
VWIV	65.4%	53.7%	85.2%	56.9%	57.2%
Skew 25d	14.0%	6.5%	36.9%	8.2%	8.0%
Skew 10d	21.6%	1.9%	40.5%	17.3%	16.4%
Call IV 25d	62.0%	40.8%	84.1%	59.9%	56.2%
Put IV 25d	75.9%	59.1%	112.7%	68.2%	64.2%
Bid-Ask Spread %	18.06	9.76	27.92	10.12	17.94
Gamma HHI	0.18	0.13	0.22	0.21	0.13
Net GEX	-7.0M	-9.3M	-3.8M	-7.9M	-5.3M
Net DEX	414.0M	239.6M	513.6M	406.7M	312.6M
Net VEX	-5.3M	-5.9M	-5.1M	-5.1M	-5.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.03	0.36	1.78	1.72	0.47
Total Volume	160,361.571	65,659	276,346	244,328	139,247
Total OI	3,143,086.333	2,896,084	3,311,882	2,896,084	3,260,830

Daily Data (21 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
2025-04-01	$10.36	$14.00	63.4%	17.4%	56.3%	100.0%	56.9%	8.2%	-3.2%	-7.9M	406.7M	-5.1M	1.72	10.12	89,864	154,464	910,361	1,985,723
2025-04-02	$10.61	$14.00	62.3%	16.4%	53.4%	96.6%	56.5%	8.4%	2.2%	-6.0M	363.7M	-5.4M	0.62	10.13	40,412	25,247	955,341	2,100,781
2025-04-03	$9.50	$13.00	69.8%	19.1%	61.8%	100.0%	63.6%	7.8%	-2.8%	-8.7M	513.6M	-5.3M	1.21	9.76	89,615	108,429	958,757	2,112,005
2025-04-04	$9.57	$13.00	81.4%	21.3%	62.3%	100.0%	74.5%	15.0%	-8.2%	-9.3M	472.1M	-5.5M	1.23	13.62	93,543	115,333	1,000,563	2,123,856
2025-04-07	$9.54	$13.00	89.2%	23.4%	61.7%	100.0%	78.1%	20.1%	-6.3%	-6.5M	440.5M	-5.5M	0.66	16.25	82,195	53,904	978,720	2,023,930
2025-04-08	$8.96	$12.00	94.2%	25.3%	60.5%	100.0%	81.1%	18.7%	-5.5%	-6.7M	508.2M	-5.3M	0.75	15.70	91,879	68,560	1,005,230	2,059,214
2025-04-09	$10.96	$12.00	68.1%	18.3%	95.5%	57.6%	65.3%	32.8%	-3.4%	-3.8M	239.6M	-5.9M	0.36	16.97	148,969	54,247	1,051,800	2,099,666
2025-04-10	$9.48	$12.00	82.4%	24.7%	108.2%	80.9%	68.3%	36.9%	30.4%	-6.2M	446.2M	-5.5M	0.97	24.53	110,018	106,338	1,075,091	2,115,120
2025-04-11	$9.60	$12.00	77.8%	21.3%	108.1%	73.4%	85.2%	20.0%	-5.6%	-8.5M	455.0M	-5.5M	1.71	21.25	91,355	156,045	1,124,872	2,153,202
2025-04-14	$9.61	$12.00	66.6%	18.7%	106.1%	55.2%	64.9%	13.7%	-1.5%	-7.8M	458.4M	-5.3M	0.57	15.45	62,811	35,604	1,073,596	2,079,986
2025-04-15	$9.82	$12.00	63.9%	18.3%	106.3%	50.9%	67.7%	13.3%	-1.1%	-7.1M	404.3M	-5.3M	1.14	22.35	64,935	74,187	1,107,984	2,080,329
2025-04-16	$9.39	$12.00	68.7%	19.7%	106.0%	58.6%	63.6%	11.6%	-4.2%	-9.2M	493.7M	-5.3M	1.20	27.92	65,008	77,816	1,117,097	2,127,234
2025-04-17	$9.46	$12.00	66.2%	19.1%	106.2%	54.6%	62.5%	12.2%	-3.5%	-8.8M	463.6M	-5.2M	1.78	15.55	38,218	68,039	1,140,105	2,118,082
2025-04-21	$9.13	$12.00	71.1%	20.7%	106.5%	62.6%	72.4%	12.1%	-0.8%	-7.3M	459.9M	-5.1M	1.00	24.13	54,842	55,084	982,392	2,021,188
2025-04-22	$9.32	$12.00	65.6%	19.1%	105.5%	53.7%	66.3%	12.7%	-1.2%	-7.4M	441.0M	-5.2M	0.55	21.21	51,742	28,473	1,014,711	2,057,560
2025-04-23	$9.34	$12.00	67.3%	19.8%	105.5%	56.3%	68.5%	12.1%	1.8%	-7.1M	413.7M	-5.2M	1.24	21.07	123,295	153,051	1,036,316	2,072,034
2025-04-24	$9.64	$11.00	55.9%	15.9%	106.6%	37.9%	54.9%	8.2%	2.4%	-6.5M	381.0M	-5.2M	1.08	18.22	96,766	104,157	1,096,107	2,134,918
2025-04-25	$9.66	$11.00	56.4%	15.8%	106.4%	38.6%	54.3%	6.5%	1.2%	-6.3M	358.3M	-5.3M	1.12	22.09	70,051	78,274	1,126,388	2,185,494
2025-04-28	$9.84	$11.00	56.7%	15.6%	105.9%	39.1%	53.7%	7.5%	-0.5%	-5.1M	341.9M	-5.3M	0.46	17.23	96,867	44,338	1,082,430	2,057,118
2025-04-29	$9.88	$11.00	57.6%	16.0%	105.9%	40.6%	57.7%	7.2%	-0.7%	-4.9M	319.2M	-5.5M	1.73	17.70	38,259	66,112	1,117,091	2,081,591
2025-04-30	$9.93	$11.00	58.7%	16.1%	105.6%	42.5%	57.2%	8.0%	-1.8%	-5.3M	312.6M	-5.5M	0.47	17.94	94,490	44,757	1,132,920	2,127,910