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: Jan 15, 2027
Days to expiration: 97
Share price: $42.20
Put/call ratio (OI): 1.68
Put/call ratio (volume): 0.92
ATM implied volatility: 47.8%
Expected move: ±$10.40
Open interest (C / P): 23.41K / 39.26K

AA options summary

The AA options chain for the January 15, 2027 expiration lists 30 call and 26 put contracts, with 97 days until expiration. Open interest stands at 23,408 calls and 39,258 puts, a put/call ratio of 1.68, which is more bearish, with puts outnumbering calls. At-the-money implied volatility near the $42.00 strike is 47.8%, which implies the market expects a move of about ±$10.40 (24.6%) in Alcoa stock by expiration.

The most open interest sits at the $65.00 call (4.23K contracts) and the $30.00 put (5.95K contracts).

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

AA options chain · January 15, 2027

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
230	1	143.8%	30.50	28.35	31.75	12.50	0.00	0.05	0.03	95.3%	20	1,494
22	1	102.2%	34.83	25.40	29.25	15.00	0.00	0.05	0.04	82.0%	1	372
0	30	—	33.51	0.00	0.00	17.50	0.00	0.45	0.10	97.8%	241	4,114
1,374	2	138.7%	26.54	20.45	23.75	20.00	0.00	0.05	0.03	60.2%	7	1,195
0	12	—	49.86	0.00	0.00	22.50	0.02	0.12	0.03	59.4%	4	3,985
0	2	—	24.90	0.00	0.00	25.00	0.05	0.29	0.07	58.7%	12	2,546
0	10	—	27.08	0.00	0.00	28.00	0.01	0.37	0.14	56.7%	1	88
704	5	65.2%	13.02	12.40	13.95	30.00	0.04	0.54	0.46	54.2%	1	5,950
92	2	60.3%	10.41	9.90	11.35	33.00	0.49	0.90	0.58	50.4%	6	327
568	1	57.4%	8.25	8.35	9.70	35.00	0.78	1.16	1.09	46.6%	24	3,483
257	28	53.7%	7.00	6.30	7.40	38.00	1.67	2.08	1.98	46.2%	25	835
1,324	2	50.3%	5.30	5.15	5.75	40.00	2.40	2.88	2.83	45.8%	3	4,033
151	10	50.7%	4.30	4.15	4.50	42.00	3.55	3.80	3.78	44.9%	3	2,147
AA $42.20
1,523	4	51.4%	3.00	2.83	3.35	45.00	5.25	5.60	4.67	45.0%	5	3,392
523	12	51.7%	2.37	2.09	2.73	47.00	6.40	6.90	6.40	44.1%	4	729
2,097	4	51.0%	1.85	1.35	1.90	50.00	8.85	9.15	8.68	43.6%	20	807
1,291	51	51.3%	0.81	0.71	1.07	55.00	12.60	13.60	11.99	46.6%	2	2,021
2,807	22	49.2%	0.45	0.36	0.49	60.00	16.90	18.40	17.62	51.9%	1	873
4,229	220	53.0%	0.29	0.22	0.49	65.00	21.65	23.15	22.68	52.9%	9	326
1,512	1	51.2%	0.14	0.08	0.23	70.00	26.45	29.05	23.12	81.1%	5	0
1,085	1	52.9%	0.10	0.03	0.17	75.00	30.85	34.70	30.23	99.7%	1	11
757	20	54.3%	0.04	0.00	0.13	80.00	29.05	30.45	36.26	—	1	527
337	1	53.5%	0.03	0.00	0.06	85.00	0.00	0.00	16.40	—	30	0
942	4	59.8%	0.10	0.00	0.09	90.00	45.85	49.70	41.61	118.2%	1	0
330	2	63.3%	0.03	0.00	0.09	95.00	0.00	0.00	23.20	—	1	0
789	10	76.8%	0.01	0.00	0.27	100.00	31.05	32.20	39.95	—	—	3
32	1	79.7%	0.17	0.00	0.26	105.00	—	—	—	—	—	—
332	1	72.7%	0.02	0.00	0.09	110.00	—	—	—	—	—	—
0	1	50.0%	0.17	0.00	0.00	115.00	—	—	—	—	—	—
100	3	70.3%	0.09	0.00	0.03	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 January 15, 2027 expiration, the AA put/call ratio based on open interest is 1.68 (39,258 puts vs 23,408 calls), and 0.92 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 January 15, 2027 is about 47.8%, 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.