AAL Options History — January 2026

In January 2026, AAL traded between $13.27 and $16.20. ATM implied volatility averaged 48.3%, placing in the 23.6% IV rank vs the trailing year. The 30-day expected move averaged 13.4%. IV traded above realized volatility by 11.6% (HV 20d: 36.7%). Max pain ranged from $13.00 to $14.00. Net GEX was positive for 9 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 1.35.

Notable Days

2026-01-26: Highest Volume — 171,652 contracts
2026-01-27: Largest IV drop — 12.1% change
2026-01-12: Highest IV Rank — 30.4%
2026-01-20: Largest Expected Move — 14.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.01	$13.27	$16.20	$15.50	$13.27
Max Pain	$13.95	$13.00	$14.00	$13.00	$14.00
ATM IV	48.3%	41.5%	52.4%	48.9%	41.5%
Expected Move	13.4%	11.9%	14.5%	13.0%	11.9%
HV 20d	36.7%	29.7%	46.1%	31.6%	45.6%
HV 60d	43.6%	39.4%	45.0%	44.8%	42.6%
IV Rank	23.6%	12.4%	30.4%	24.6%	12.4%
IV Percentile	49.5%	11.9%	70.2%	54.8%	11.9%
Term Structure	-0.9%	-3.2%	1.1%	-1.8%	0.7%
VWIV	47.5%	40.7%	52.3%	45.6%	42.1%
Skew 25d	2.5%	-0.7%	4.4%	2.3%	3.1%
Skew 10d	4.1%	-14.6%	20.9%	-7.3%	5.6%
Call IV 25d	47.5%	40.0%	51.3%	48.3%	40.0%
Put IV 25d	50.1%	43.1%	53.5%	50.6%	43.1%
Bid-Ask Spread %	21.89	8.85	53.87	11.35	11.80
Gamma HHI	0.13	0.08	0.28	0.16	0.11
Net GEX	647.0K	-7.3M	12.8M	10.3M	-6.0M
Net DEX	-286.9M	-571.0M	54.7M	-442.0M	54.3M
Net VEX	-4.0M	-4.1M	-3.9M	-4.1M	-4.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.35	0.39	4.24	0.82	0.78
Total Volume	80,495.45	44,516	171,652	44,516	45,730
Total OI	2,238,890.25	1,840,130	2,542,840	2,461,376	2,049,600

Daily Data (20 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
2026-01-02	$15.50	$13.00	48.9%	13.0%	31.6%	24.6%	45.6%	2.3%	-1.8%	10.3M	-442.0M	-4.1M	0.82	11.35	24,392	20,124	819,856	1,641,520
2026-01-05	$15.79	$14.00	48.3%	13.3%	31.3%	23.7%	48.5%	3.4%	-1.2%	5.6M	-490.4M	-4.1M	1.05	14.38	33,801	35,603	806,859	1,622,500
2026-01-06	$15.68	$14.00	49.3%	13.1%	29.7%	25.3%	46.2%	-0.7%	-0.4%	5.1M	-481.4M	-4.0M	0.93	18.19	28,250	26,175	815,146	1,634,732
2026-01-07	$15.98	$14.00	50.1%	13.3%	30.3%	26.7%	46.8%	0.9%	-0.3%	6.8M	-546.4M	-3.9M	0.39	33.40	45,708	17,682	825,383	1,640,836
2026-01-08	$15.71	$14.00	48.9%	13.1%	30.6%	24.7%	46.4%	2.3%	-0.9%	5.1M	-475.5M	-4.0M	1.91	17.28	24,470	46,854	825,541	1,657,253
2026-01-09	$15.99	$14.00	50.0%	13.4%	31.1%	26.5%	48.4%	2.9%	-2.4%	12.8M	-538.6M	-4.0M	0.76	23.33	69,846	52,817	834,133	1,675,654
2026-01-12	$16.20	$14.00	52.4%	14.1%	30.8%	30.4%	50.5%	2.9%	-2.1%	6.5M	-571.0M	-4.0M	1.84	20.92	36,944	68,004	819,123	1,640,273
2026-01-13	$15.23	$14.00	51.3%	14.0%	38.6%	28.7%	48.6%	0.6%	-1.9%	1.1M	-376.7M	-4.0M	1.34	17.69	34,710	46,379	830,549	1,677,066
2026-01-14	$15.16	$14.00	51.1%	14.2%	38.2%	28.3%	51.1%	1.8%	-2.1%	-1.2M	-338.7M	-4.0M	1.64	49.87	32,595	53,487	840,145	1,667,026
2026-01-15	$15.68	$14.00	49.8%	13.5%	36.1%	26.1%	48.7%	2.1%	-3.2%	6.1M	-460.0M	-4.0M	1.40	16.34	29,363	41,091	850,278	1,692,462
2026-01-16	$15.36	$14.00	48.8%	13.5%	35.4%	24.4%	47.5%	2.7%	-2.4%	-6.2M	-384.0M	-4.0M	0.90	18.16	28,834	25,989	847,902	1,694,938
2026-01-20	$14.79	$14.00	50.8%	14.5%	37.8%	27.8%	51.0%	3.6%	-1.5%	-2.5M	-143.8M	-3.9M	0.56	38.19	40,919	22,710	558,719	1,281,411
2026-01-21	$15.14	$14.00	50.1%	14.4%	38.7%	26.7%	50.6%	4.4%	0.5%	-177.2K	-199.7M	-4.0M	1.24	20.54	25,888	32,097	576,679	1,291,982
2026-01-22	$15.11	$14.00	49.2%	14.2%	36.9%	25.2%	49.6%	3.4%	-1.2%	-396.1K	-196.5M	-4.0M	4.24	18.38	17,696	75,062	584,326	1,312,015
2026-01-23	$14.71	$14.00	48.8%	14.2%	36.8%	24.5%	50.6%	4.4%	-1.5%	-6.4M	-138.8M	-3.9M	2.12	8.85	23,202	49,251	589,394	1,357,828
2026-01-26	$14.57	$14.00	48.9%	14.3%	36.9%	24.7%	52.3%	2.8%	1.0%	-1.8M	-128.4M	-3.9M	2.10	9.37	55,332	116,320	571,813	1,291,565
2026-01-27	$13.43	$14.00	43.0%	12.3%	46.1%	14.8%	42.9%	2.3%	0.1%	-7.3M	54.7M	-3.9M	0.73	20.92	84,403	61,866	598,904	1,341,327
2026-01-28	$13.41	$14.00	42.3%	12.0%	45.8%	13.7%	40.7%	2.3%	1.1%	-7.2M	34.0M	-3.9M	1.05	53.87	24,775	26,039	636,753	1,360,685
2026-01-29	$13.46	$14.00	42.2%	11.9%	45.6%	13.5%	42.8%	2.8%	1.1%	-7.2M	29.9M	-3.9M	1.29	14.94	37,348	48,153	645,431	1,370,198
2026-01-30	$13.27	$14.00	41.5%	11.9%	45.6%	12.4%	42.1%	3.1%	0.7%	-6.0M	54.3M	-4.0M	0.78	11.80	25,743	19,987	657,025	1,392,575