AAL Options History — June 2025

In June 2025, AAL traded between $10.32 and $11.91. ATM implied volatility averaged 50.5%, placing in the 28.4% IV rank vs the trailing year. The 30-day expected move averaged 14.3%. IV traded above realized volatility by 4.3% (HV 20d: 46.2%). Max pain ranged from $11.00 to $12.00. Net GEX was positive for 2 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 1.14.

Notable Days

2025-06-17: Highest Volume — 261,623 contracts
2025-06-17: Largest IV spike — 13.8% change
2025-06-17: Highest IV Rank — 37.9%
2025-06-17: Largest Expected Move — 16.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.14	$10.32	$11.91	$11.34	$11.27
Max Pain	$11.15	$11.00	$12.00	$12.00	$11.00
ATM IV	50.5%	43.1%	56.4%	43.1%	54.3%
Expected Move	14.3%	12.3%	16.0%	12.3%	14.7%
HV 20d	46.2%	39.9%	50.5%	45.7%	49.7%
HV 60d	71.4%	69.9%	72.6%	72.6%	71.6%
IV Rank	28.4%	17.1%	37.9%	17.1%	33.7%
IV Percentile	67.6%	34.5%	90.1%	34.5%	82.1%
Term Structure	1.2%	-5.6%	6.3%	3.0%	-0.8%
VWIV	50.8%	43.3%	60.1%	43.9%	52.6%
Skew 25d	4.5%	1.3%	7.7%	3.4%	4.4%
Skew 10d	8.9%	4.0%	21.5%	7.6%	8.9%
Call IV 25d	49.1%	42.2%	55.6%	42.2%	53.0%
Put IV 25d	53.7%	43.5%	63.2%	45.6%	57.4%
Bid-Ask Spread %	21.93	2.48	33.27	25.55	8.13
Gamma HHI	0.14	0.11	0.22	0.13	0.13
Net GEX	-4.7M	-11.6M	3.3M	-2.3M	-4.1M
Net DEX	153.6M	-77.6M	418.1M	93.7M	122.3M
Net VEX	-5.4M	-5.6M	-5.1M	-5.5M	-5.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.14	0.31	3.18	1.37	0.51
Total Volume	119,670.5	49,000	261,623	62,453	111,099
Total OI	3,274,592.65	2,933,651	3,611,510	3,231,911	3,001,505

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
2025-06-02	$11.34	$12.00	43.1%	12.3%	45.7%	17.1%	43.9%	3.4%	3.0%	-2.3M	93.7M	-5.5M	1.37	25.55	26,321	36,132	1,131,756	2,100,155
2025-06-03	$11.50	$12.00	43.4%	12.3%	45.3%	17.5%	43.4%	2.5%	2.8%	-1.3M	43.7M	-5.4M	0.31	26.15	45,212	14,076	1,142,140	2,116,630
2025-06-04	$11.45	$12.00	44.1%	12.3%	43.9%	18.7%	43.3%	2.5%	3.8%	-788.4K	60.4M	-5.5M	0.75	32.79	27,995	21,005	1,160,440	2,123,838
2025-06-05	$11.30	$11.00	45.4%	14.2%	44.3%	20.7%	49.3%	2.7%	4.7%	-2.3M	95.6M	-5.5M	1.07	31.69	33,418	35,852	1,173,629	2,136,351
2025-06-06	$11.75	$11.00	44.8%	13.6%	43.2%	19.9%	47.5%	1.3%	3.8%	-116.5K	-35.2M	-5.5M	0.43	3.82	69,539	29,649	1,172,000	2,139,753
2025-06-09	$11.80	$11.00	46.1%	13.8%	43.2%	21.9%	48.4%	3.8%	1.2%	1.6M	-48.4M	-5.4M	0.57	31.32	52,226	29,681	1,154,584	2,132,096
2025-06-10	$11.91	$11.00	46.5%	13.8%	39.9%	22.5%	48.4%	3.1%	1.4%	3.3M	-77.6M	-5.5M	1.32	9.24	32,452	42,755	1,171,862	2,141,128
2025-06-11	$11.04	$11.00	51.7%	15.1%	42.7%	31.0%	53.3%	6.3%	0.5%	-5.9M	180.1M	-5.3M	1.30	15.77	75,792	98,484	1,173,712	2,165,600
2025-06-12	$10.80	$11.00	49.4%	14.4%	41.1%	27.3%	51.2%	4.7%	1.1%	-10.1M	278.8M	-5.2M	1.35	2.48	58,398	79,092	1,178,363	2,223,938
2025-06-13	$10.32	$11.00	52.6%	15.6%	43.5%	32.6%	54.7%	5.5%	3.3%	-10.7M	418.1M	-5.1M	1.21	27.50	89,271	107,712	1,188,057	2,254,505
2025-06-16	$10.86	$11.00	49.1%	14.2%	47.6%	26.8%	50.2%	5.8%	2.5%	-8.9M	256.6M	-5.3M	0.81	9.48	74,935	60,838	1,186,879	2,255,212
2025-06-17	$10.52	$11.00	55.9%	16.0%	48.6%	37.9%	60.1%	7.7%	4.1%	-10.5M	344.7M	-5.3M	3.18	31.64	62,592	199,031	1,195,995	2,271,335
2025-06-18	$10.61	$11.00	52.1%	14.9%	48.8%	30.0%	54.3%	6.6%	6.3%	-11.6M	337.1M	-5.4M	1.64	26.93	35,416	58,185	1,220,544	2,368,244
2025-06-20	$10.59	$11.00	53.9%	14.9%	47.5%	33.0%	55.1%	6.4%	3.5%	-8.5M	337.0M	-5.3M	2.10	31.36	51,980	109,384	1,230,431	2,381,079
2025-06-23	$10.91	$11.00	55.3%	15.0%	48.5%	35.4%	55.7%	6.1%	-4.6%	-6.4M	203.8M	-5.4M	0.99	26.55	99,019	98,519	971,806	1,961,845
2025-06-24	$11.41	$11.00	55.7%	14.7%	50.5%	36.0%	51.5%	6.2%	-2.6%	-2.1M	53.0M	-5.6M	0.55	33.27	125,716	68,950	1,013,834	1,976,124
2025-06-25	$11.00	$11.00	56.4%	14.3%	49.7%	37.2%	49.7%	4.1%	-2.7%	-4.9M	163.1M	-5.5M	1.50	30.47	37,241	55,746	1,043,278	2,015,303
2025-06-26	$11.18	$11.00	54.1%	13.9%	49.9%	33.2%	48.9%	3.2%	-2.7%	-5.0M	126.7M	-5.5M	0.56	8.41	35,013	19,479	1,053,704	2,053,332
2025-06-27	$11.23	$11.00	55.9%	15.0%	49.8%	36.3%	53.6%	4.2%	-5.6%	-4.2M	119.0M	-5.5M	1.20	26.04	38,739	46,466	1,048,020	2,062,846
2025-06-30	$11.27	$11.00	54.3%	14.7%	49.7%	33.7%	52.6%	4.4%	-0.8%	-4.1M	122.3M	-5.3M	0.51	8.13	73,751	37,348	1,010,354	1,991,151