AAL Options History — October 2025

In October 2025, AAL traded between $11.29 and $13.75. ATM implied volatility averaged 50.7%, placing in the 27.7% IV rank vs the trailing year. The 30-day expected move averaged 14.2%. IV traded above realized volatility by 12.3% (HV 20d: 38.4%). Max pain ranged from $12.00 to $13.00. Net GEX was positive for 4 of 23 trading days. Term structure was in contango for 5 of 23 days. Put/call ratio averaged 0.77.

Notable Days

2025-10-24: Highest Volume — 261,828 contracts
2025-10-23: Largest IV drop — 13.6% change
2025-10-08: Highest IV Rank — 39.4%
2025-10-16: Largest Expected Move — 15.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.21	$11.29	$13.75	$11.29	$13.09
Max Pain	$12.87	$12.00	$13.00	$12.00	$13.00
ATM IV	50.7%	42.1%	57.7%	54.8%	47.2%
Expected Move	14.2%	12.1%	15.7%	14.5%	14.4%
HV 20d	38.4%	27.7%	54.0%	29.8%	54.0%
HV 60d	47.5%	43.9%	55.6%	55.5%	48.6%
IV Rank	27.7%	13.3%	39.4%	34.5%	21.7%
IV Percentile	61.4%	21.0%	92.1%	81.0%	47.2%
Term Structure	-1.3%	-4.3%	2.5%	-3.1%	0.6%
VWIV	49.7%	42.6%	54.3%	50.2%	50.5%
Skew 25d	1.7%	-0.5%	3.8%	0.7%	1.3%
Skew 10d	1.2%	-19.1%	16.0%	1.9%	-0.4%
Call IV 25d	50.3%	41.3%	57.1%	55.1%	46.4%
Put IV 25d	52.0%	42.0%	59.3%	55.8%	47.6%
Bid-Ask Spread %	12.31	2.73	25.63	3.40	10.93
Gamma HHI	0.13	0.11	0.21	0.12	0.14
Net GEX	-4.9M	-20.4M	5.3M	-10.3M	4.2M
Net DEX	48.5M	-424.3M	294.7M	294.7M	-170.7M
Net VEX	-5.4M	-5.6M	-5.2M	-5.3M	-5.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.77	0.42	1.69	1.39	0.43
Total Volume	127,991.391	68,750	261,828	87,043	111,656
Total OI	3,121,977.217	2,967,987	3,291,115	3,050,241	3,148,103

Daily Data (23 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
2025-10-01	$11.29	$12.00	54.8%	14.5%	29.8%	34.5%	50.2%	0.7%	-3.1%	-10.3M	294.7M	-5.3M	1.39	3.40	36,442	50,601	1,061,156	1,989,085
2025-10-02	$11.48	$12.00	54.5%	14.3%	27.9%	34.0%	50.2%	-0.5%	-2.6%	-10.5M	243.2M	-5.4M	0.64	3.62	51,417	33,153	1,070,503	2,023,153
2025-10-03	$11.57	$12.00	54.3%	14.3%	27.7%	33.6%	50.1%	1.2%	-2.5%	-10.7M	210.5M	-5.4M	1.42	2.73	49,422	70,012	1,081,818	2,029,447
2025-10-06	$11.80	$13.00	53.4%	14.4%	29.1%	32.1%	51.0%	0.6%	-1.1%	-7.6M	152.9M	-5.4M	0.42	4.67	90,839	38,433	1,052,134	2,010,093
2025-10-07	$11.66	$13.00	54.8%	14.7%	29.0%	34.5%	52.7%	0.1%	-1.8%	-8.0M	194.6M	-5.4M	1.19	15.56	51,070	60,675	1,075,454	2,029,789
2025-10-08	$11.89	$13.00	57.7%	15.4%	30.0%	39.4%	53.8%	3.6%	-1.9%	-6.3M	128.6M	-5.6M	0.79	11.01	114,028	89,516	1,094,137	2,062,528
2025-10-09	$11.61	$13.00	52.9%	14.3%	30.4%	31.4%	50.6%	1.6%	-1.6%	-10.7M	214.0M	-5.4M	0.52	11.52	118,596	61,312	1,119,658	2,130,373
2025-10-10	$11.50	$13.00	54.8%	15.0%	30.4%	34.5%	53.8%	-0.3%	-4.3%	-20.4M	239.7M	-5.5M	0.46	25.63	92,275	42,004	1,145,424	2,145,691
2025-10-13	$11.71	$13.00	52.6%	14.4%	29.4%	30.8%	51.4%	0.3%	-1.7%	-8.7M	184.5M	-5.5M	0.62	10.04	42,379	26,371	1,095,063	2,047,402
2025-10-14	$12.16	$13.00	51.5%	14.7%	32.6%	29.0%	51.1%	2.3%	1.1%	-4.5M	40.3M	-5.5M	0.44	13.39	78,709	34,872	1,107,228	2,058,171
2025-10-15	$12.50	$13.00	53.7%	15.0%	33.8%	32.7%	51.6%	3.8%	-1.9%	-203.9K	-61.5M	-5.5M	0.57	16.38	61,569	35,094	1,117,512	2,069,124
2025-10-16	$11.77	$13.00	57.5%	15.7%	39.7%	39.0%	54.3%	2.0%	-2.6%	-6.9M	158.3M	-5.4M	0.43	19.39	103,648	44,783	1,126,308	2,068,533
2025-10-17	$11.88	$13.00	52.5%	14.9%	39.8%	30.6%	51.8%	1.9%	-0.8%	-5.6M	149.3M	-5.4M	0.99	10.82	43,169	42,598	1,135,203	2,086,669
2025-10-20	$12.18	$13.00	49.9%	14.2%	40.9%	26.3%	49.4%	2.8%	-1.3%	-4.6M	54.5M	-5.3M	0.64	15.85	57,535	36,917	987,681	1,980,306
2025-10-21	$12.39	$13.00	50.3%	14.3%	41.2%	27.0%	50.3%	2.1%	-3.0%	-2.7M	1.1M	-5.3M	0.53	5.08	49,035	25,887	1,007,708	1,993,222
2025-10-22	$12.11	$13.00	51.0%	14.6%	41.3%	28.2%	50.5%	2.5%	-4.2%	-4.4M	74.2M	-5.3M	1.69	8.65	82,367	139,048	1,024,169	2,001,971
2025-10-23	$12.71	$13.00	44.1%	12.7%	39.8%	16.6%	43.6%	2.6%	-0.8%	2.3M	-114.9M	-5.3M	0.47	12.26	140,371	65,478	1,054,035	2,096,180
2025-10-24	$13.75	$13.00	42.3%	12.2%	47.1%	13.6%	43.2%	2.7%	-1.1%	5.3M	-424.3M	-5.2M	0.50	16.12	174,584	87,244	1,048,019	2,109,176
2025-10-27	$13.46	$13.00	42.1%	12.1%	48.4%	13.3%	42.6%	0.7%	-0.4%	3.8M	-266.6M	-5.2M	1.51	9.55	52,091	78,791	1,005,765	2,014,478
2025-10-28	$12.66	$13.00	44.5%	13.1%	53.5%	17.3%	46.1%	2.1%	2.2%	-3.1M	-23.6M	-5.3M	1.26	13.38	54,748	68,747	1,017,293	2,060,612
2025-10-29	$12.86	$13.00	45.5%	13.4%	53.6%	18.9%	46.6%	2.9%	2.5%	-1.1M	-91.7M	-5.3M	0.42	23.19	52,509	22,221	1,034,716	2,073,528
2025-10-30	$12.79	$13.00	44.6%	13.5%	53.7%	17.5%	47.2%	1.7%	0.8%	-827.7K	-70.6M	-5.3M	0.49	19.99	54,862	26,724	1,044,329	2,072,529
2025-10-31	$13.09	$13.00	47.2%	14.4%	54.0%	21.7%	50.5%	1.3%	0.6%	4.2M	-170.7M	-5.5M	0.43	10.93	78,099	33,557	1,067,937	2,080,166