AAL Options History — May 2025

In May 2025, AAL traded between $10.11 and $12.36. ATM implied volatility averaged 49.2%, placing in the 27.0% IV rank vs the trailing year. The 30-day expected move averaged 14.1%. IV traded below realized volatility by 8.6% (HV 20d: 57.9%). Max pain ranged from $11.00 to $12.00. Net GEX was positive for 12 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 0.76.

Notable Days

2025-05-13: Highest Volume — 266,185 contracts
2025-05-08: Largest IV spike — 30.0% change
2025-05-01: Highest IV Rank — 38.9%
2025-05-06: Largest Expected Move — 15.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.31	$10.11	$12.36	$10.11	$11.46
Max Pain	$11.90	$11.00	$12.00	$11.00	$12.00
ATM IV	49.2%	41.8%	56.5%	56.5%	44.4%
Expected Move	14.1%	12.5%	15.9%	15.9%	12.5%
HV 20d	57.9%	36.8%	105.4%	105.4%	47.3%
HV 60d	73.5%	70.9%	74.8%	70.9%	73.5%
IV Rank	27.0%	14.9%	38.9%	38.9%	19.2%
IV Percentile	65.5%	36.9%	90.9%	90.9%	40.9%
Term Structure	-1.1%	-6.8%	0.8%	-0.9%	-0.4%
VWIV	49.5%	44.9%	54.4%	54.1%	44.9%
Skew 25d	3.9%	2.3%	7.0%	7.0%	3.5%
Skew 10d	8.0%	-9.1%	19.2%	13.4%	7.6%
Call IV 25d	48.9%	43.7%	55.4%	54.2%	43.7%
Put IV 25d	52.7%	47.2%	61.1%	61.1%	47.2%
Bid-Ask Spread %	20.78	2.84	32.90	17.83	28.48
Gamma HHI	0.14	0.12	0.24	0.12	0.12
Net GEX	979.3K	-2.9M	9.2M	-2.9M	1.8M
Net DEX	19.6M	-275.3M	258.6M	258.6M	53.2M
Net VEX	-5.7M	-6.0M	-5.5M	-5.6M	-5.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.76	0.21	1.48	1.32	0.86
Total Volume	110,342.286	40,776	266,185	151,709	83,718
Total OI	3,325,217.667	3,189,426	3,528,919	3,313,444	3,274,408

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
2025-05-01	$10.11	$11.00	56.5%	15.9%	105.4%	38.9%	54.1%	7.0%	-0.9%	-2.9M	258.6M	-5.6M	1.32	17.83	65,396	86,313	1,181,665	2,131,779
2025-05-02	$10.54	$11.00	53.8%	15.0%	98.3%	34.4%	53.3%	6.2%	0.8%	3.8M	145.5M	-5.7M	0.31	24.08	136,562	42,050	1,195,304	2,158,867
2025-05-05	$10.79	$12.00	55.5%	15.4%	98.6%	37.2%	53.5%	4.8%	-0.5%	-1.8M	109.3M	-5.9M	0.54	21.73	79,166	42,722	1,182,860	2,108,948
2025-05-06	$10.50	$12.00	55.6%	15.9%	99.2%	37.4%	54.4%	5.5%	0.1%	-2.6M	185.3M	-5.7M	0.77	21.46	57,306	44,330	1,206,983	2,111,285
2025-05-07	$10.59	$12.00	41.8%	14.9%	96.0%	14.9%	52.5%	5.2%	-6.8%	-2.3M	159.7M	-5.8M	1.20	24.45	24,892	29,985	1,221,471	2,135,080
2025-05-08	$11.11	$12.00	54.3%	15.2%	65.7%	35.2%	53.4%	3.7%	-0.9%	299.0K	21.8M	-5.7M	0.59	3.17	132,535	77,817	1,224,559	2,139,380
2025-05-09	$11.11	$12.00	51.9%	14.5%	36.8%	31.4%	49.8%	5.1%	-0.8%	-195.2K	27.2M	-5.8M	0.38	2.84	57,400	21,894	1,276,593	2,174,837
2025-05-12	$11.66	$12.00	47.5%	13.0%	39.5%	24.2%	45.3%	3.0%	-2.1%	3.1M	-77.3M	-5.7M	0.41	22.51	117,647	48,340	1,244,114	2,114,614
2025-05-13	$12.36	$12.00	47.4%	13.6%	42.9%	24.0%	48.8%	3.2%	0.3%	5.1M	-275.3M	-5.7M	0.25	21.38	212,430	53,755	1,268,299	2,132,378
2025-05-14	$11.86	$12.00	50.1%	14.0%	46.8%	28.4%	51.2%	3.0%	-1.4%	4.3M	-130.9M	-6.0M	1.11	22.85	59,808	66,648	1,301,834	2,154,880
2025-05-15	$11.73	$12.00	49.2%	13.6%	43.0%	27.0%	48.9%	2.7%	-2.2%	3.6M	-83.6M	-5.8M	1.48	16.80	32,996	48,717	1,311,524	2,191,849
2025-05-16	$11.89	$12.00	47.7%	13.5%	43.0%	24.6%	47.6%	2.3%	-0.6%	9.2M	-127.8M	-5.8M	0.55	22.26	53,509	29,615	1,316,118	2,212,801
2025-05-19	$11.82	$12.00	47.2%	13.4%	39.9%	23.7%	48.8%	2.3%	0.4%	1.9M	-83.6M	-5.8M	0.73	23.44	31,843	23,099	1,145,209	2,044,217
2025-05-20	$11.66	$12.00	47.5%	13.6%	40.8%	24.2%	47.2%	3.1%	-0.2%	1.2M	-29.3M	-5.8M	0.39	7.49	76,760	29,740	1,157,602	2,053,712
2025-05-21	$11.27	$12.00	49.5%	14.2%	43.8%	27.5%	50.1%	4.2%	-1.7%	-1.3M	62.9M	-5.7M	0.89	23.98	31,580	28,017	1,149,003	2,067,909
2025-05-22	$11.46	$12.00	47.3%	13.6%	43.1%	23.9%	48.3%	2.8%	-0.5%	-736.3K	16.7M	-5.7M	1.35	32.90	47,178	63,748	1,155,106	2,080,601
2025-05-23	$11.18	$12.00	48.6%	14.0%	44.7%	26.0%	48.5%	3.3%	-0.9%	-2.4M	100.7M	-5.7M	1.46	32.56	24,961	36,434	1,165,469	2,108,425
2025-05-27	$11.66	$12.00	46.7%	13.5%	46.2%	22.8%	47.0%	4.6%	-5.1%	478.8K	-15.1M	-5.7M	0.21	12.44	96,072	19,967	1,133,098	2,078,811
2025-05-28	$11.46	$12.00	45.8%	13.2%	47.1%	21.5%	46.6%	2.9%	-0.0%	680.5K	29.4M	-5.7M	0.53	24.68	40,095	21,367	1,166,981	2,087,462
2025-05-29	$11.36	$12.00	45.7%	13.1%	47.4%	21.3%	46.5%	2.8%	-0.3%	-609.6K	64.3M	-5.6M	0.70	28.94	23,956	16,820	1,165,646	2,097,890
2025-05-30	$11.46	$12.00	44.4%	12.5%	47.3%	19.2%	44.9%	3.5%	-0.4%	1.8M	53.2M	-5.5M	0.86	28.48	44,888	38,830	1,169,282	2,105,126