AAL Options History — September 2025

In September 2025, AAL traded between $11.21 and $13.50. ATM implied volatility averaged 48.9%, placing in the 24.6% IV rank vs the trailing year. The 30-day expected move averaged 13.7%. IV traded above realized volatility by 7.1% (HV 20d: 41.8%). Max pain ranged from $12.00 to $12.50. Net GEX was positive for 5 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 1.19.

Notable Days

  • 2025-09-22: Highest Volume — 323,567 contracts
  • 2025-09-15: Largest IV spike — 10.0% change
  • 2025-09-30: Highest IV Rank — 34.8%
  • 2025-09-30: Largest Expected Move — 14.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$12.45$11.21$13.50$13.36$11.21
Max Pain$12.05$12.00$12.50$12.50$12.00
ATM IV48.9%43.5%55.0%45.1%55.0%
Expected Move13.7%12.9%14.5%14.4%14.5%
HV 20d41.8%24.9%58.7%56.1%30.0%
HV 60d56.2%54.3%59.6%59.3%55.5%
IV Rank24.6%15.7%34.8%18.3%34.8%
IV Percentile54.4%25.0%81.7%35.7%81.7%
Term Structure1.3%-2.3%6.2%1.1%-2.3%
VWIV48.6%46.1%51.1%51.1%50.9%
Skew 25d1.2%-0.3%2.4%2.4%1.0%
Skew 10d3.7%-7.4%15.0%5.1%2.1%
Call IV 25d48.8%42.6%56.4%44.3%54.9%
Put IV 25d50.0%43.5%56.4%46.7%55.9%
Bid-Ask Spread %6.372.2649.232.312.99
Gamma HHI0.130.110.180.130.12
Net GEX-2.8M-12.5M10.4M8.3M-10.4M
Net DEX-1.7M-337.4M317.9M-287.6M317.9M
Net VEX-5.3M-5.5M-5.1M-5.4M-5.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.190.373.510.371.08
Total Volume130,995.76257,541323,567120,610125,205
Total OI3,088,156.8572,812,0273,309,1213,085,3022,985,093

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$13.36$12.5045.1%14.4%56.1%18.3%51.1%2.4%1.1%8.3M-287.6M-5.4M0.372.3187,74132,8691,116,8981,968,404
2025-09-03$13.50$12.5045.0%14.5%55.3%18.1%51.0%1.8%0.3%10.4M-337.4M-5.4M0.528.0360,97331,7681,134,0821,980,368
2025-09-04$12.91$12.0045.6%13.6%58.3%19.2%50.1%1.7%0.5%1.7M-138.2M-5.3M1.373.2643,13559,0611,131,5631,990,984
2025-09-05$13.04$12.0045.7%13.6%58.3%19.3%47.7%1.0%0.4%-949.2K-169.0M-5.4M1.272.8743,40555,2541,149,0372,026,341
2025-09-08$12.91$12.0045.4%13.5%58.4%18.8%48.0%1.9%1.7%1.7M-125.0M-5.4M1.752.3136,49263,8001,090,8241,988,642
2025-09-09$12.73$12.0045.8%13.3%58.7%19.5%47.2%2.4%0.6%-1.1M-68.5M-5.3M1.113.1333,20936,8371,099,2952,044,827
2025-09-10$12.82$12.0046.4%13.6%43.1%20.5%47.7%1.8%1.0%-948.4K-83.0M-5.3M1.7915.7521,38538,3051,110,4192,067,021
2025-09-11$12.95$12.0043.5%13.1%42.7%15.7%47.1%1.0%2.9%737.1K-125.7M-5.3M0.573.04128,72173,1041,115,9602,091,969
2025-09-12$12.93$12.0043.8%13.0%41.3%16.1%46.2%0.9%2.4%-1.2M-125.1M-5.3M0.843.2154,96646,2211,169,9382,114,286
2025-09-15$12.48$12.0048.1%14.0%41.9%23.4%48.5%2.2%4.8%-2.7M1.7M-5.2M1.192.7786,639102,8991,131,2682,011,168
2025-09-16$12.34$12.0049.3%14.2%42.0%25.3%49.6%2.0%4.4%-3.9M48.9M-5.3M1.222.8149,22760,0101,177,8822,044,172
2025-09-17$12.50$12.0049.0%14.0%42.3%24.8%49.8%2.2%4.2%-2.8M-56.1K-5.3M2.1449.2362,609134,1151,197,0752,069,305
2025-09-18$12.61$12.0048.1%13.5%41.1%23.3%47.2%1.3%5.5%-1.9M-21.5M-5.5M3.512.2636,343127,7061,193,5022,083,890
2025-09-19$12.43$12.0048.7%13.4%40.5%24.4%48.0%0.5%6.2%-12.5M39.5M-5.4M0.672.3060,64140,4681,205,5982,103,523
2025-09-22$12.36$12.0053.1%13.8%28.5%31.7%49.3%0.7%-1.2%-4.5M47.5M-5.4M0.872.95173,211150,356951,4511,860,576
2025-09-23$12.25$12.0053.6%13.8%24.9%32.4%48.1%0.2%-1.0%-4.5M47.4M-5.3M0.5512.0237,19320,348975,5011,837,983
2025-09-24$11.98$12.0054.5%13.8%25.3%34.0%48.9%-0.3%-0.9%-6.6M120.1M-5.2M1.002.9858,68158,686984,9491,846,871
2025-09-25$11.38$12.0054.9%14.1%30.0%34.6%49.7%-0.1%-1.2%-8.7M271.3M-5.1M0.993.0392,51891,3361,017,1371,875,186
2025-09-26$11.29$12.0052.8%12.9%29.3%31.1%46.1%0.0%-0.2%-8.8M294.8M-5.2M1.542.9548,72775,2851,051,8711,918,195
2025-09-29$11.43$12.0053.4%13.9%30.0%32.1%48.9%0.9%-1.9%-9.9M255.3M-5.2M0.733.4664,41847,0441,013,6451,924,595
2025-09-30$11.21$12.0055.0%14.5%30.0%34.8%50.9%1.0%-2.3%-10.4M317.9M-5.2M1.082.9960,18065,0251,036,3841,948,709