AAL Options History — July 2025

In July 2025, AAL traded between $11.41 and $13.13. ATM implied volatility averaged 48.3%, placing in the 23.6% IV rank vs the trailing year. The 30-day expected move averaged 13.7%. IV traded below realized volatility by 12.6% (HV 20d: 60.9%). Max pain ranged from $11.00 to $12.00. Net GEX was positive for 4 of 22 trading days. Term structure was in contango for 5 of 22 days. Put/call ratio averaged 1.00.

Notable Days

2025-07-23: Highest Volume — 422,064 contracts
2025-07-24: Largest IV drop — 25.8% change
2025-07-01: Highest IV Rank — 38.5%
2025-07-23: Largest Expected Move — 15.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.96	$11.41	$13.13	$11.54	$11.54
Max Pain	$11.91	$11.00	$12.00	$11.00	$12.00
ATM IV	48.3%	36.3%	57.2%	57.2%	39.5%
Expected Move	13.7%	10.3%	15.7%	15.6%	11.3%
HV 20d	60.9%	48.1%	69.1%	50.3%	68.7%
HV 60d	55.1%	42.7%	67.9%	67.9%	54.7%
IV Rank	23.6%	3.7%	38.5%	38.5%	9.0%
IV Percentile	53.0%	1.6%	91.3%	91.3%	13.1%
Term Structure	-1.1%	-3.4%	2.6%	-3.4%	2.6%
VWIV	48.5%	35.5%	56.6%	55.9%	40.1%
Skew 25d	1.6%	-0.2%	3.1%	3.1%	1.2%
Skew 10d	4.0%	-1.3%	20.3%	6.3%	0.3%
Call IV 25d	48.3%	36.6%	58.1%	56.5%	39.4%
Put IV 25d	49.9%	37.1%	59.6%	59.6%	40.7%
Bid-Ask Spread %	20.73	2.76	45.97	24.53	3.36
Gamma HHI	0.13	0.10	0.20	0.11	0.16
Net GEX	-3.2M	-13.3M	7.0M	-2.4M	-5.5M
Net DEX	-2.9M	-396.9M	246.1M	53.1M	121.5M
Net VEX	-5.1M	-5.5M	-4.7M	-5.4M	-5.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.00	0.35	2.34	0.78	0.82
Total Volume	158,377.5	53,231	422,064	134,349	63,233
Total OI	2,979,293.591	2,588,830	3,271,576	3,035,084	2,894,682

Daily Data (22 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
2025-07-01	$11.54	$11.00	57.2%	15.6%	50.3%	38.5%	55.9%	3.1%	-3.4%	-2.4M	53.1M	-5.4M	0.78	24.53	75,573	58,776	1,023,925	2,011,159
2025-07-02	$11.59	$11.00	56.2%	15.6%	50.1%	36.9%	56.6%	1.0%	1.7%	-1.4M	29.6M	-5.5M	2.34	34.64	41,278	96,548	1,044,230	2,024,902
2025-07-03	$11.68	$12.00	55.5%	14.8%	50.1%	35.7%	52.3%	2.6%	-2.1%	-2.7M	9.8M	-5.4M	0.70	32.27	31,360	21,871	1,046,497	2,059,189
2025-07-07	$11.55	$12.00	55.6%	15.1%	50.1%	35.7%	56.0%	3.1%	-2.3%	-3.8M	70.8M	-5.3M	1.17	28.35	53,949	63,150	1,024,879	2,020,637
2025-07-08	$11.61	$12.00	55.0%	15.0%	48.1%	34.8%	53.1%	2.6%	-2.0%	-3.7M	47.6M	-5.2M	1.00	29.19	43,274	43,121	1,036,576	2,067,543
2025-07-09	$11.48	$12.00	53.8%	15.0%	48.2%	32.9%	51.6%	2.6%	-1.5%	-5.7M	90.9M	-5.2M	1.35	28.90	71,522	96,732	1,042,627	2,087,005
2025-07-10	$13.13	$12.00	53.1%	14.7%	68.1%	31.6%	51.7%	2.3%	-1.8%	7.0M	-396.9M	-5.2M	0.43	15.27	283,064	120,955	1,070,216	2,151,033
2025-07-11	$12.23	$12.00	52.1%	14.5%	67.4%	29.9%	52.2%	0.9%	-2.2%	-618.5K	-114.5M	-5.2M	0.72	24.14	114,132	82,654	1,079,542	2,192,034
2025-07-14	$12.32	$12.00	52.2%	14.8%	66.6%	30.2%	52.0%	1.6%	-1.3%	215.2K	-129.4M	-5.1M	0.83	24.26	41,984	34,975	1,031,698	2,037,243
2025-07-15	$12.18	$12.00	52.5%	15.0%	64.1%	30.6%	53.1%	1.3%	-1.7%	-762.0K	-97.4M	-5.1M	1.07	28.42	53,345	57,135	1,050,063	2,056,690
2025-07-16	$12.29	$12.00	52.4%	15.0%	62.1%	30.4%	52.8%	1.3%	-2.3%	-324.7K	-118.2M	-5.2M	1.90	2.76	48,951	93,129	1,069,557	2,085,410
2025-07-17	$12.50	$12.00	48.7%	14.0%	60.6%	24.3%	49.2%	1.5%	-1.8%	2.2M	-193.6M	-5.0M	0.71	3.11	87,537	61,733	1,080,802	2,087,011
2025-07-18	$12.48	$12.00	48.0%	14.0%	60.7%	23.1%	49.3%	1.6%	-1.8%	2.8M	-164.9M	-5.1M	0.95	2.96	40,814	38,646	1,081,133	2,110,668
2025-07-21	$12.34	$12.00	47.0%	13.7%	61.0%	21.5%	48.9%	1.6%	-1.3%	-4.5M	1.4M	-5.0M	0.83	3.30	51,195	42,588	803,554	1,785,276
2025-07-22	$12.54	$12.00	45.2%	13.3%	60.5%	18.5%	47.7%	1.6%	-0.8%	-2.6M	-54.1M	-4.8M	1.52	4.46	44,171	67,268	831,877	1,807,040
2025-07-23	$12.71	$12.00	51.3%	15.7%	58.9%	28.6%	55.6%	1.5%	-2.6%	-1.4M	-96.6M	-5.0M	0.42	31.69	296,418	125,646	835,253	1,799,097
2025-07-24	$11.46	$12.00	38.1%	11.1%	69.1%	6.6%	39.8%	0.1%	0.9%	-12.6M	246.1M	-4.7M	0.65	20.19	208,088	135,310	997,910	1,868,835
2025-07-25	$11.50	$12.00	36.5%	10.4%	68.9%	4.1%	36.6%	-0.2%	0.3%	-13.3M	190.0M	-4.8M	1.00	25.68	81,354	81,434	1,072,846	1,860,829
2025-07-28	$11.59	$12.00	36.3%	10.3%	69.0%	3.7%	35.5%	1.1%	-0.0%	-5.8M	120.2M	-4.8M	0.86	11.85	87,615	75,094	930,142	1,781,212
2025-07-29	$11.45	$12.00	37.8%	10.8%	69.1%	6.1%	37.9%	2.2%	0.1%	-7.4M	160.5M	-4.9M	0.35	30.68	130,978	45,796	942,682	1,835,470
2025-07-30	$11.41	$12.00	38.4%	11.2%	68.6%	7.2%	39.5%	0.8%	-0.2%	-7.2M	160.3M	-5.0M	1.56	45.97	35,858	56,051	968,533	1,856,952
2025-07-31	$11.54	$12.00	39.5%	11.3%	68.7%	9.0%	40.1%	1.2%	2.6%	-5.5M	121.5M	-5.1M	0.82	3.36	34,667	28,566	1,013,622	1,881,060