Alcoa (AA) Options Chain

NYSE: AAIndustrialsAluminumUSD

42.20-0.63 (-1.47%)

At close: Oct 9, 4:01 PM ET · Delayed 15 min

Expiration date

Expiration: Oct 16, 2026
Days to expiration: 6
Share price: $42.20
Put/call ratio (OI): 0.54
Put/call ratio (volume): 0.71
ATM implied volatility: 62.5%
Expected move: ±$3.38
Open interest (C / P): 38.65K / 20.70K

AA options summary

The AA options chain for the October 16, 2026 expiration lists 43 call and 39 put contracts, with 6 days until expiration. Open interest stands at 38,650 calls and 20,696 puts, a put/call ratio of 0.54, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $42.00 strike is 62.5%, which implies the market expects a move of about ±$3.38 (8.0%) in Alcoa stock by expiration.

The most open interest sits at the $50.00 call (13.53K contracts) and the $40.00 put (7.79K contracts).

Summary generated from market data by MetaCap's automated system. Methodology

AA options chain · October 16, 2026

AA calls and puts by strike price. Shaded cells are in the money.
Calls							Puts
OI	Vol	IV	Last	Bid	Ask	Strike	Bid	Ask	Last	IV	Vol	OI
6	1	198.4%	12.38	11.80	13.60	30.00	0.00	0.05	0.01	110.9%	5	284
—	—	—	—	—	—	34.00	0.00	0.02	0.01	65.6%	10	13
13	1	131.3%	7.20	6.95	8.55	35.00	0.01	0.02	0.02	60.9%	29	742
1	4	121.1%	6.32	6.00	7.60	36.00	0.01	0.08	0.08	62.9%	3	34
2	2	106.9%	6.90	4.95	6.65	37.00	0.05	0.09	0.09	58.6%	25	212
—	—	—	—	—	—	38.00	0.10	0.27	0.18	62.1%	18	152
—	—	—	—	—	—	39.00	0.28	0.35	0.37	60.4%	64	118
16	2	63.9%	3.20	3.00	3.35	39.50	0.21	0.53	0.41	57.5%	68	88
175	10	62.1%	3.25	2.50	3.05	40.00	0.52	0.61	0.54	61.6%	287	7,792
—	—	—	—	—	—	40.50	0.64	0.78	0.75	61.2%	50	549
27	2	63.9%	2.19	2.00	2.29	41.00	0.79	0.93	0.86	60.0%	265	256
10	5	66.2%	1.84	1.77	2.04	41.50	0.99	1.15	1.08	60.3%	100	96
95	95	64.2%	1.53	1.51	1.68	42.00	1.24	1.40	1.25	60.9%	260	954
AA $42.20
39	42	65.4%	1.39	1.27	1.50	42.50	1.47	1.61	1.54	59.2%	163	128
268	116	63.2%	1.10	1.05	1.19	43.00	1.73	2.06	1.90	62.1%	64	53
275	205	66.6%	0.83	0.85	1.17	43.50	2.05	2.30	2.18	60.5%	54	71
413	141	61.6%	0.72	0.68	0.80	44.00	2.36	2.69	2.51	60.9%	8	57
226	50	58.7%	0.54	0.39	0.70	44.50	2.64	3.25	2.27	63.8%	1	12
1,833	639	64.4%	0.50	0.45	0.62	45.00	3.05	3.45	3.34	59.7%	46	3,949
419	15	61.4%	0.40	0.30	0.47	45.50	3.30	4.05	3.30	60.8%	1	49
610	78	61.1%	0.32	0.25	0.35	46.00	3.85	4.30	4.04	59.4%	3	98
99	3	66.4%	0.42	0.23	0.38	46.50	—	—	—	—	—	—
410	576	64.1%	0.22	0.15	0.28	47.00	4.75	5.25	5.05	62.7%	2	8
257	8	66.2%	0.19	0.09	0.29	47.50	4.35	5.75	5.20	86.0%	2	5
394	4	68.4%	0.13	0.07	0.27	48.00	5.55	6.25	5.77	60.4%	1	8
125	57	64.7%	0.10	0.04	0.17	48.50	—	—	—	—	—	—
275	15	68.4%	0.08	0.05	0.16	49.00	6.10	7.25	6.48	100.0%	2	10
179	2	69.5%	0.16	0.00	0.18	49.50	6.30	7.75	7.62	104.5%	2	7
13,530	24	66.8%	0.07	0.03	0.08	50.00	7.55	8.25	7.25	74.6%	8	4,882
140	14	69.1%	0.04	0.01	0.07	51.00	7.85	9.10	8.52	104.5%	—	5
69	3	107.6%	0.05	0.00	0.51	52.00	8.60	10.25	8.55	125.2%	10	6
29	29	77.3%	0.06	0.00	0.06	53.00	—	—	—	—	—	—
70	3	71.9%	0.02	0.00	0.02	54.00	10.60	12.10	11.49	126.4%	2	0
9,902	8	71.9%	0.02	0.00	0.01	55.00	12.00	13.15	11.65	138.3%	1	40
4,474	7	96.9%	0.01	0.00	0.02	60.00	16.85	18.20	16.23	175.4%	2	3
1,454	1	121.9%	0.02	0.00	0.03	65.00	21.65	23.25	22.00	209.2%	3	14
1,139	1	134.4%	0.02	0.00	0.02	70.00	26.60	28.80	27.00	285.0%	1	0
339	4	140.6%	0.01	0.00	0.01	75.00	31.15	33.75	29.98	306.4%	3	0
677	2	339.1%	0.05	0.00	2.13	80.00	36.65	38.75	36.97	329.5%	18	0
116	8	195.3%	0.01	0.00	0.05	85.00	0.00	0.00	16.00	—	19	0
164	10	204.7%	0.02	0.00	0.04	90.00	39.00	42.75	43.28	—	1	0
0	1	50.0%	0.07	0.00	0.00	95.00	24.75	26.30	31.00	—	1	1
73	4	415.5%	0.01	0.00	2.13	100.00	—	—	—	—	—	—
157	13	300.0%	0.25	0.00	0.27	105.00	—	—	—	—	—	—
119	50	337.1%	0.03	0.00	0.46	110.00	—	—	—	—	—	—
15	1	460.7%	0.02	0.00	2.13	115.00	—	—	—	—	—	—
16	1	275.0%	0.09	0.00	0.05	120.00	—	—	—	—	—	—

In-the-money callsIn-the-money puts. IV = implied volatility, OI = open interest (contracts). Each contract covers 100 shares. Quotes delayed at least 15 minutes.

Frequently asked questions

What is the AA put/call ratio?

For the October 16, 2026 expiration, the AA put/call ratio based on open interest is 0.54 (20,696 puts vs 38,650 calls), and 0.71 based on today's volume. A ratio above 1 means more puts than calls.

What is AA's implied volatility?

At-the-money implied volatility for AA options expiring October 16, 2026 is about 62.5%, an annualized estimate of how much the market expects Alcoa stock to move.

How many AA option expiration dates are there?

AA has 14 listed expiration dates, from Oct 16, 2026 to Jan 19, 2029.

What does "in the money" mean?

A call is in the money when the strike price is below the current share price; a put is in the money when the strike is above it. In-the-money contracts have intrinsic value and are shaded in the table.