AAL Options History — December 2025

In December 2025, AAL traded between $13.96 and $16.20. ATM implied volatility averaged 42.9%, placing in the 14.7% IV rank vs the trailing year. The 30-day expected move averaged 12.3%. IV traded above realized volatility by 6.8% (HV 20d: 36.1%). Max pain ranged from $12.00 to $13.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 17 of 22 days. Put/call ratio averaged 1.07.

Notable Days

2025-12-05: Highest Volume — 293,072 contracts
2025-12-22: Largest IV spike — 7.9% change
2025-12-31: Highest IV Rank — 22.9%
2025-12-02: Largest Expected Move — 14.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.20	$13.96	$16.20	$13.96	$15.32
Max Pain	$12.68	$12.00	$13.00	$13.00	$13.00
ATM IV	42.9%	39.1%	47.9%	45.2%	47.9%
Expected Move	12.3%	11.3%	14.2%	14.2%	12.4%
HV 20d	36.1%	30.3%	48.3%	48.0%	32.1%
HV 60d	45.0%	44.2%	46.0%	44.7%	45.0%
IV Rank	14.7%	8.3%	22.9%	18.5%	22.9%
IV Percentile	21.1%	9.5%	46.0%	30.2%	46.0%
Term Structure	1.7%	-1.3%	5.9%	-0.4%	-0.8%
VWIV	43.6%	40.0%	50.7%	50.5%	43.7%
Skew 25d	2.7%	-0.2%	5.2%	3.1%	1.4%
Skew 10d	5.2%	-12.4%	23.1%	23.1%	3.7%
Call IV 25d	42.5%	38.2%	49.2%	44.4%	47.6%
Put IV 25d	45.1%	40.8%	49.8%	47.5%	49.0%
Bid-Ask Spread %	14.26	9.05	25.99	16.26	16.26
Gamma HHI	0.12	0.08	0.19	0.10	0.12
Net GEX	4.9M	-898.0K	9.4M	-898.0K	4.1M
Net DEX	-456.6M	-672.0M	-228.5M	-228.5M	-407.0M
Net VEX	-4.4M	-4.7M	-4.0M	-4.7M	-4.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.07	0.41	5.48	1.04	1.73
Total Volume	77,911.591	32,774	293,072	80,643	34,062
Total OI	2,789,059.909	2,402,960	3,017,140	2,867,913	2,453,942

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
2025-12-01	$13.96	$13.00	45.2%	14.2%	48.0%	18.5%	50.5%	3.1%	-0.4%	-898.0K	-228.5M	-4.7M	1.04	16.26	39,448	41,195	863,321	2,004,592
2025-12-02	$14.27	$13.00	43.6%	14.2%	48.3%	15.8%	50.7%	3.5%	0.3%	59.2K	-313.3M	-4.7M	0.72	9.05	58,657	42,306	884,980	2,041,133
2025-12-03	$14.57	$13.00	41.9%	13.1%	44.8%	13.0%	46.7%	1.8%	1.8%	3.4M	-381.5M	-4.6M	1.02	9.21	38,238	38,951	903,115	2,060,662
2025-12-04	$14.36	$12.00	40.7%	12.7%	39.9%	10.9%	43.8%	2.8%	0.9%	3.1M	-342.0M	-4.6M	0.82	13.50	28,392	23,352	903,238	2,065,464
2025-12-05	$14.84	$12.00	39.7%	12.3%	40.1%	9.4%	44.9%	2.6%	2.0%	5.7M	-462.0M	-4.5M	5.48	22.84	45,234	247,838	906,365	2,072,272
2025-12-08	$14.88	$12.00	42.5%	12.7%	39.3%	14.0%	44.7%	1.8%	0.6%	2.6M	-403.6M	-4.7M	0.80	9.89	34,889	28,051	868,501	2,057,434
2025-12-09	$15.14	$12.00	41.1%	12.5%	38.6%	11.7%	44.3%	3.3%	2.7%	4.1M	-457.9M	-4.6M	1.26	17.17	35,970	45,149	882,148	2,066,384
2025-12-10	$15.13	$12.00	41.0%	12.3%	37.2%	11.6%	44.1%	1.9%	2.1%	5.0M	-455.2M	-4.5M	0.93	19.28	30,588	28,355	887,204	2,068,835
2025-12-11	$14.95	$12.00	39.5%	12.1%	36.4%	9.0%	42.6%	3.5%	4.1%	5.0M	-423.4M	-4.6M	0.71	11.55	24,673	17,549	897,063	2,077,135
2025-12-12	$15.05	$12.00	39.1%	11.9%	33.6%	8.3%	41.1%	2.5%	4.0%	7.4M	-457.7M	-4.5M	0.46	12.04	44,866	20,421	894,623	2,083,825
2025-12-15	$15.29	$13.00	41.5%	12.2%	31.5%	12.3%	41.6%	3.5%	3.8%	4.6M	-466.0M	-4.4M	0.51	9.90	55,045	27,900	866,488	2,026,792
2025-12-16	$16.04	$13.00	42.0%	12.1%	30.3%	13.1%	43.1%	3.5%	1.7%	8.7M	-672.0M	-4.3M	0.42	13.54	63,596	26,877	900,775	2,045,589
2025-12-17	$15.59	$13.00	42.6%	12.2%	33.5%	14.2%	43.1%	2.8%	2.0%	8.0M	-585.0M	-4.2M	0.41	12.95	63,233	25,854	906,126	2,051,234
2025-12-18	$15.59	$13.00	42.4%	12.0%	33.4%	13.8%	42.1%	2.8%	3.8%	9.4M	-573.9M	-4.3M	0.53	16.69	21,354	11,420	943,201	2,062,121
2025-12-19	$15.73	$13.00	41.5%	11.3%	32.8%	12.3%	40.8%	2.2%	5.9%	5.6M	-623.1M	-4.1M	0.63	12.81	23,544	14,804	952,065	2,065,075
2025-12-22	$16.20	$13.00	44.8%	11.5%	30.6%	17.8%	40.9%	-0.2%	-0.9%	6.6M	-568.2M	-4.1M	1.58	20.99	68,392	108,231	786,297	1,666,055
2025-12-23	$15.75	$13.00	43.6%	11.8%	33.3%	15.9%	42.3%	4.7%	2.0%	6.4M	-492.8M	-4.1M	1.22	25.99	28,973	35,392	801,331	1,601,629
2025-12-24	$15.66	$13.00	43.4%	11.9%	33.2%	15.5%	41.7%	5.2%	0.2%	6.1M	-486.2M	-4.1M	0.68	11.36	30,231	20,540	813,259	1,616,597
2025-12-26	$15.52	$13.00	44.9%	11.5%	31.4%	18.0%	40.0%	3.1%	-0.2%	4.7M	-456.0M	-4.1M	0.48	9.97	24,054	11,633	832,936	1,631,795
2025-12-29	$15.18	$13.00	47.4%	12.4%	32.9%	22.2%	43.7%	2.1%	2.3%	4.1M	-384.3M	-4.1M	1.35	9.89	23,751	31,987	809,304	1,601,429
2025-12-30	$15.32	$13.00	47.6%	12.2%	32.7%	22.4%	43.5%	0.6%	-1.3%	4.3M	-406.1M	-4.1M	0.77	12.54	27,680	21,380	813,312	1,623,672
2025-12-31	$15.32	$13.00	47.9%	12.4%	32.1%	22.9%	43.7%	1.4%	-0.8%	4.1M	-407.0M	-4.0M	1.73	16.26	12,461	21,601	815,509	1,638,433