AAL Options History — February 2026

In February 2026, AAL traded between $13.00 and $15.25. ATM implied volatility averaged 49.1%, placing in the 22.1% IV rank vs the trailing year. The 30-day expected move averaged 14.3%. IV traded below realized volatility by 6.3% (HV 20d: 55.3%). Max pain ranged from $13.00 to $14.00. Net GEX was positive for 4 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 1.06.

Notable Days

2026-02-19: Highest Volume — 251,362 contracts
2026-02-19: Largest IV spike — 13.4% change
2026-02-19: Highest IV Rank — 34.5%
2026-02-19: Largest Expected Move — 16.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.00	$13.00	$15.25	$13.61	$13.02
Max Pain	$13.47	$13.00	$14.00	$14.00	$14.00
ATM IV	49.1%	42.1%	56.3%	42.1%	53.6%
Expected Move	14.3%	12.4%	16.3%	12.7%	16.2%
HV 20d	55.3%	46.6%	61.4%	46.6%	61.4%
HV 60d	43.6%	40.0%	47.7%	41.8%	47.7%
IV Rank	22.1%	10.1%	34.5%	10.1%	29.9%
IV Percentile	50.5%	13.9%	88.5%	13.9%	74.6%
Term Structure	-0.1%	-3.0%	2.0%	0.2%	-1.5%
VWIV	50.3%	42.2%	58.0%	42.2%	56.9%
Skew 25d	4.1%	2.3%	5.5%	3.1%	3.9%
Skew 10d	8.2%	1.2%	15.8%	7.0%	1.2%
Call IV 25d	47.6%	41.8%	54.6%	41.8%	53.0%
Put IV 25d	51.7%	44.9%	58.4%	44.9%	57.0%
Bid-Ask Spread %	17.02	8.05	41.41	14.39	9.72
Gamma HHI	0.11	0.08	0.46	0.10	0.46
Net GEX	-3.4M	-23.1M	1.5M	-5.0M	-23.1M
Net DEX	-83.0M	-318.4M	76.8M	-20.6M	76.8M
Net VEX	-4.0M	-4.1M	-3.8M	-3.9M	-4.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.06	0.26	1.90	0.26	1.01
Total Volume	89,940.474	28,514	251,362	59,933	133,080
Total OI	2,011,220.842	1,936,290	2,190,828	1,936,290	2,082,148

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
2026-02-02	$13.61	$14.00	42.1%	12.7%	46.6%	10.1%	42.2%	3.1%	0.2%	-5.0M	-20.6M	-3.9M	0.26	14.39	47,490	12,443	609,591	1,326,699
2026-02-03	$13.96	$14.00	44.7%	12.4%	47.1%	14.5%	44.4%	4.3%	0.2%	-2.3M	-89.1M	-3.9M	1.17	36.66	30,981	36,112	631,969	1,329,603
2026-02-04	$14.45	$14.00	45.7%	13.8%	49.3%	16.2%	47.7%	5.1%	0.9%	-816.1K	-166.9M	-4.0M	0.59	41.41	47,421	28,155	639,348	1,348,690
2026-02-05	$14.09	$13.00	46.8%	13.6%	49.0%	18.1%	47.7%	3.2%	0.2%	-1.7M	-100.3M	-4.0M	0.94	15.99	14,853	13,940	654,150	1,359,163
2026-02-06	$15.25	$13.00	44.9%	13.1%	57.4%	14.9%	46.3%	3.9%	0.1%	1.5M	-318.4M	-4.0M	0.67	14.67	65,154	43,729	655,080	1,362,346
2026-02-09	$15.13	$13.00	45.9%	13.1%	57.0%	16.6%	46.6%	3.2%	-1.6%	1.3M	-253.1M	-4.1M	1.34	12.76	17,974	24,026	641,326	1,333,776
2026-02-10	$15.16	$13.00	45.3%	13.2%	56.7%	15.6%	46.4%	2.3%	0.6%	1.2M	-259.5M	-4.0M	0.93	13.72	14,765	13,749	645,738	1,350,853
2026-02-11	$14.27	$13.00	44.9%	13.4%	56.6%	14.9%	46.6%	3.9%	1.6%	-2.1M	-116.9M	-4.0M	1.20	17.90	26,989	32,454	646,732	1,350,400
2026-02-12	$14.02	$13.00	49.0%	14.1%	56.8%	21.9%	48.9%	3.9%	0.1%	-3.4M	-69.6M	-4.0M	0.97	22.31	30,039	29,201	652,623	1,366,439
2026-02-13	$13.93	$13.00	46.8%	13.7%	55.0%	18.0%	48.4%	4.1%	2.0%	-2.6M	-54.6M	-4.0M	1.70	12.27	25,014	42,518	656,012	1,364,158
2026-02-17	$14.50	$13.00	50.8%	14.6%	57.1%	25.1%	51.6%	4.3%	-0.6%	-627.5K	-155.0M	-3.9M	1.04	16.20	34,748	36,196	639,435	1,328,510
2026-02-18	$14.14	$13.00	49.6%	14.2%	56.2%	23.0%	49.0%	4.8%	-0.1%	-1.6M	-94.9M	-3.8M	1.53	19.69	28,235	43,171	652,075	1,348,106
2026-02-19	$13.39	$13.00	56.3%	16.3%	58.2%	34.5%	56.0%	3.8%	-2.4%	-7.2M	33.8M	-4.0M	1.16	13.48	116,275	135,087	664,136	1,377,444
2026-02-20	$13.57	$14.00	52.6%	15.0%	58.6%	28.1%	56.4%	4.6%	0.7%	-5.0M	-14.1M	-4.0M	1.90	14.74	38,306	72,877	748,813	1,442,015
2026-02-23	$13.00	$14.00	55.2%	16.3%	59.7%	32.6%	58.0%	4.3%	-0.8%	-5.0M	73.0M	-4.0M	1.13	14.43	44,192	50,011	658,927	1,283,883
2026-02-24	$13.18	$14.00	54.4%	15.8%	60.1%	31.3%	55.0%	4.8%	-3.0%	-5.0M	52.3M	-4.1M	1.18	11.68	37,010	43,550	678,769	1,315,601
2026-02-25	$13.34	$14.00	52.4%	15.3%	53.1%	27.8%	53.6%	4.5%	-0.3%	-4.4M	23.3M	-4.0M	0.33	8.05	115,286	38,068	697,128	1,327,329
2026-02-26	$13.98	$14.00	51.6%	15.5%	55.6%	26.5%	54.6%	5.5%	1.5%	836.7K	-123.1M	-4.1M	1.12	13.30	68,610	77,160	707,052	1,337,129
2026-02-27	$13.02	$14.00	53.6%	16.2%	61.4%	29.9%	56.9%	3.9%	-1.5%	-23.1M	76.8M	-4.0M	1.01	9.72	66,185	66,895	720,248	1,361,900