AAL Options History — August 2025

In August 2025, AAL traded between $10.98 and $13.54. ATM implied volatility averaged 43.8%, placing in the 16.1% IV rank vs the trailing year. The 30-day expected move averaged 13.1%. IV traded below realized volatility by 17.2% (HV 20d: 61.0%). Max pain ranged from $12.00 to $12.50. Net GEX was positive for 14 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 0.84.

Notable Days

2025-08-13: Highest Volume — 375,080 contracts
2025-08-11: Largest IV spike — 16.6% change
2025-08-15: Highest IV Rank — 24.3%
2025-08-28: Largest Expected Move — 13.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.57	$10.98	$13.54	$10.98	$13.32
Max Pain	$12.17	$12.00	$12.50	$12.00	$12.50
ATM IV	43.8%	37.8%	48.7%	40.7%	44.5%
Expected Move	13.1%	12.3%	13.9%	12.3%	13.5%
HV 20d	61.0%	46.6%	72.6%	70.8%	56.4%
HV 60d	56.9%	52.3%	59.5%	55.4%	59.3%
IV Rank	16.1%	6.1%	24.3%	11.0%	17.3%
IV Percentile	32.2%	6.0%	57.1%	19.0%	30.6%
Term Structure	1.1%	-2.2%	9.3%	-0.7%	-1.3%
VWIV	46.3%	43.5%	49.6%	43.5%	49.4%
Skew 25d	1.3%	-0.3%	2.6%	1.4%	1.1%
Skew 10d	5.7%	-0.2%	21.7%	-0.2%	3.3%
Call IV 25d	44.1%	35.7%	50.0%	42.1%	45.4%
Put IV 25d	45.4%	37.1%	51.4%	43.5%	46.5%
Bid-Ask Spread %	6.06	2.42	42.60	42.60	3.02
Gamma HHI	0.15	0.12	0.28	0.28	0.13
Net GEX	2.0M	-14.3M	18.1M	-14.3M	7.3M
Net DEX	-118.8M	-367.4M	275.7M	275.7M	-293.2M
Net VEX	-5.3M	-5.5M	-5.0M	-5.0M	-5.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.84	0.16	2.88	2.88	1.40
Total Volume	146,595.048	52,453	375,080	252,768	66,175
Total OI	3,030,210.095	2,885,003	3,165,075	2,914,236	3,150,329

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
2025-08-01	$10.98	$12.00	40.7%	12.3%	70.8%	11.0%	43.5%	1.4%	-0.7%	-14.3M	275.7M	-5.0M	2.88	42.60	65,184	187,584	1,021,241	1,892,995
2025-08-04	$11.27	$12.00	38.2%	13.0%	71.5%	6.9%	45.6%	0.6%	7.4%	-8.8M	202.3M	-5.1M	2.20	5.61	48,252	106,055	985,128	1,899,875
2025-08-05	$11.66	$12.00	39.1%	13.1%	72.6%	8.4%	46.0%	2.0%	8.3%	-5.4M	118.0M	-5.2M	0.53	3.64	53,444	28,452	995,092	1,955,250
2025-08-06	$11.73	$12.00	37.8%	12.7%	72.5%	6.1%	45.2%	1.4%	8.9%	-4.4M	89.5M	-5.2M	0.20	5.12	71,519	14,147	1,004,714	1,974,948
2025-08-07	$11.73	$12.00	38.5%	12.6%	52.7%	7.3%	45.1%	0.7%	9.3%	-3.2M	96.7M	-5.2M	0.75	4.57	37,742	28,263	1,016,394	1,975,196
2025-08-08	$11.64	$12.00	38.5%	12.4%	46.8%	7.4%	43.5%	1.4%	8.7%	-5.5M	113.1M	-5.1M	0.82	4.70	30,466	25,127	1,025,602	1,983,542
2025-08-11	$11.59	$12.00	44.9%	13.1%	46.6%	18.0%	45.6%	1.5%	-1.7%	-6.9M	127.0M	-5.2M	1.09	5.08	55,230	60,135	974,157	1,951,083
2025-08-12	$12.96	$12.00	44.7%	12.7%	61.7%	17.7%	44.1%	2.5%	-0.9%	4.8M	-277.9M	-5.1M	0.48	6.14	243,516	116,463	1,010,766	1,988,840
2025-08-13	$13.20	$12.00	47.6%	13.0%	61.9%	22.4%	46.1%	-0.3%	-2.1%	6.1M	-324.8M	-5.1M	0.79	7.07	209,111	165,969	1,025,752	1,998,514
2025-08-14	$12.82	$12.00	46.6%	13.0%	62.8%	20.8%	46.2%	1.8%	-1.0%	4.0M	-204.6M	-5.3M	0.52	2.42	70,972	37,023	1,090,142	2,034,613
2025-08-15	$13.18	$12.00	48.7%	13.6%	63.5%	24.3%	47.9%	1.5%	-1.8%	5.5M	-337.4M	-5.4M	0.21	3.49	194,319	40,187	1,130,648	2,034,427
2025-08-18	$13.18	$12.00	47.3%	13.4%	63.3%	22.0%	46.9%	0.7%	-0.7%	7.2M	-258.2M	-5.3M	0.21	3.27	127,151	26,748	1,051,275	1,894,557
2025-08-19	$13.25	$12.00	47.5%	13.6%	63.1%	22.4%	47.8%	1.6%	-1.7%	9.3M	-295.0M	-5.3M	0.47	3.38	35,623	16,830	1,100,894	1,906,641
2025-08-20	$12.84	$12.00	45.6%	13.1%	64.1%	19.1%	48.1%	1.6%	-1.3%	4.3M	-163.6M	-5.3M	2.20	3.04	37,501	82,321	1,099,887	1,910,635
2025-08-21	$12.54	$12.50	46.5%	13.4%	52.0%	20.7%	47.7%	1.1%	-1.6%	295.6K	-63.0M	-5.4M	1.30	2.92	26,989	35,043	1,127,501	1,950,496
2025-08-22	$13.54	$12.50	44.8%	13.0%	58.0%	17.9%	45.3%	2.6%	-2.2%	18.1M	-367.4M	-5.3M	0.44	7.67	152,181	66,811	1,129,219	1,956,588
2025-08-25	$12.98	$12.50	43.5%	13.0%	60.7%	15.6%	45.8%	1.4%	-0.4%	4.4M	-178.4M	-5.3M	0.32	3.38	158,690	50,628	1,092,188	1,953,393
2025-08-26	$13.11	$12.50	45.1%	13.4%	60.3%	18.3%	47.3%	0.8%	-1.2%	5.9M	-227.5M	-5.4M	0.16	3.12	131,096	20,748	1,121,215	1,973,625
2025-08-27	$13.16	$12.50	43.5%	13.0%	60.2%	15.7%	45.7%	0.2%	-0.3%	6.4M	-237.9M	-5.4M	0.41	2.98	67,252	27,738	1,130,113	1,982,441
2025-08-28	$13.29	$12.50	45.8%	13.9%	60.2%	19.5%	49.6%	1.6%	-1.5%	7.6M	-287.4M	-5.5M	0.30	4.11	45,900	13,911	1,138,586	1,995,910
2025-08-29	$13.32	$12.50	44.5%	13.5%	56.4%	17.3%	49.4%	1.1%	-1.3%	7.3M	-293.2M	-5.5M	1.40	3.02	27,559	38,616	1,149,746	2,000,583