AAL Options History — November 2025

In November 2025, AAL traded between $12.27 and $14.05. ATM implied volatility averaged 48.3%, placing in the 23.7% IV rank vs the trailing year. The 30-day expected move averaged 14.1%. IV traded below realized volatility by 8.1% (HV 20d: 56.4%). Max pain ranged from $13.00 to $13.00. Net GEX was positive for 10 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 1.07.

Notable Days

2025-11-07: Highest Volume — 176,689 contracts
2025-11-06: Largest IV spike — 8.3% change
2025-11-19: Highest IV Rank — 30.3%
2025-11-04: Largest Expected Move — 15.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$13.10	$12.27	$14.05	$13.27	$14.05
Max Pain	$13.00	$13.00	$13.00	$13.00	$13.00
ATM IV	48.3%	42.7%	52.3%	47.2%	42.7%
Expected Move	14.1%	13.1%	15.1%	13.9%	13.1%
HV 20d	56.4%	46.9%	61.1%	53.9%	48.4%
HV 60d	45.6%	43.4%	49.6%	48.6%	44.7%
IV Rank	23.7%	14.3%	30.3%	21.8%	14.3%
IV Percentile	51.4%	18.3%	70.2%	47.6%	18.3%
Term Structure	-0.7%	-4.2%	2.9%	-1.5%	-0.1%
VWIV	49.7%	46.2%	57.5%	48.3%	46.2%
Skew 25d	2.8%	-0.2%	6.7%	-0.2%	2.4%
Skew 10d	5.1%	0.3%	11.9%	1.1%	5.7%
Call IV 25d	47.5%	42.2%	52.0%	46.3%	42.2%
Put IV 25d	50.3%	44.6%	55.7%	46.1%	44.6%
Bid-Ask Spread %	16.38	8.73	38.60	12.92	8.73
Gamma HHI	0.17	0.12	0.30	0.15	0.30
Net GEX	1.2M	-11.7M	11.7M	5.2M	11.2M
Net DEX	-106.1M	-344.9M	174.4M	-226.4M	-291.9M
Net VEX	-5.1M	-5.5M	-4.7M	-5.3M	-4.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.07	0.28	5.51	0.31	0.71
Total Volume	107,330.211	30,107	176,689	110,919	30,107
Total OI	3,156,909.474	2,805,693	3,329,971	3,089,742	2,947,975

Daily Data (19 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
2025-11-03	$13.27	$13.00	47.2%	13.9%	53.9%	21.8%	48.3%	-0.2%	-1.5%	5.2M	-226.4M	-5.3M	0.31	12.92	84,798	26,121	1,054,854	2,034,888
2025-11-04	$12.66	$13.00	48.1%	15.1%	56.8%	23.3%	51.5%	3.6%	0.5%	-425.0K	-25.6M	-5.4M	0.34	27.93	98,381	33,891	1,067,574	2,048,084
2025-11-05	$13.50	$13.00	45.2%	13.7%	60.5%	18.4%	48.0%	2.5%	2.0%	9.6M	-303.6M	-5.4M	1.60	18.63	56,694	90,953	1,118,064	2,059,984
2025-11-06	$13.21	$13.00	48.9%	14.0%	60.3%	24.6%	49.1%	2.0%	1.3%	5.8M	-219.5M	-5.5M	0.57	14.53	69,286	39,466	1,118,868	2,126,546
2025-11-07	$13.57	$13.00	47.9%	13.8%	60.5%	23.0%	49.1%	1.9%	2.9%	11.7M	-344.9M	-5.4M	0.79	38.60	98,787	77,902	1,146,976	2,134,740
2025-11-10	$13.33	$13.00	48.8%	13.9%	61.0%	24.4%	48.6%	1.5%	-1.4%	10.0M	-249.4M	-5.3M	0.30	20.28	117,779	35,643	1,131,936	2,117,038
2025-11-11	$13.04	$13.00	48.4%	13.9%	60.6%	23.8%	49.1%	1.7%	0.8%	5.0M	-113.9M	-5.2M	0.39	14.46	67,427	26,131	1,132,118	2,122,216
2025-11-12	$13.50	$13.00	48.7%	13.8%	61.1%	24.2%	49.8%	0.4%	-0.7%	10.6M	-260.4M	-5.2M	0.54	12.90	43,780	23,779	1,125,354	2,132,944
2025-11-13	$13.07	$13.00	48.9%	13.9%	57.9%	24.6%	49.1%	1.5%	-0.7%	4.3M	-123.9M	-5.2M	1.39	16.23	35,771	49,887	1,133,422	2,137,257
2025-11-14	$12.75	$13.00	47.7%	13.6%	58.9%	22.7%	47.3%	3.9%	-0.7%	-2.4M	11.1M	-5.1M	0.75	11.31	48,686	36,602	1,145,651	2,157,353
2025-11-17	$12.34	$13.00	50.6%	14.5%	59.6%	27.4%	50.5%	3.0%	-2.1%	-8.6M	133.5M	-5.0M	1.24	15.02	38,445	47,776	1,063,438	2,104,676
2025-11-18	$12.36	$13.00	51.0%	14.6%	59.3%	28.2%	51.0%	2.4%	-2.5%	-8.7M	119.0M	-5.1M	5.51	18.12	21,513	118,580	1,076,465	2,119,022
2025-11-19	$12.34	$13.00	52.3%	15.0%	58.7%	30.3%	57.5%	3.4%	-4.2%	-10.2M	143.8M	-5.0M	0.96	17.50	35,077	33,719	1,081,424	2,186,338
2025-11-20	$12.27	$13.00	52.2%	15.0%	56.0%	30.2%	52.7%	3.1%	0.4%	-11.7M	174.4M	-5.0M	1.72	15.57	36,617	63,107	1,091,257	2,201,206
2025-11-21	$12.89	$13.00	49.6%	14.4%	51.2%	25.8%	49.9%	6.7%	-1.7%	-4.9M	586.7K	-5.0M	0.79	12.76	61,894	48,977	1,097,610	2,232,361
2025-11-24	$13.18	$13.00	48.5%	14.3%	51.5%	24.1%	49.5%	4.9%	-2.5%	-4.3M	-48.0M	-4.9M	1.10	11.02	41,791	45,779	824,522	1,981,171
2025-11-25	$13.50	$13.00	46.8%	13.9%	46.9%	21.2%	49.6%	5.2%	-0.9%	-1.6M	-139.6M	-4.9M	0.95	14.82	62,856	59,745	837,273	2,014,392
2025-11-26	$14.04	$13.00	45.0%	13.4%	48.5%	18.1%	46.7%	3.8%	-1.5%	1.4M	-251.6M	-4.8M	0.28	9.98	102,937	28,590	844,557	2,031,726
2025-11-28	$14.05	$13.00	42.7%	13.1%	48.4%	14.3%	46.2%	2.4%	-0.1%	11.2M	-291.9M	-4.7M	0.71	8.73	17,643	12,464	893,912	2,054,063