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: Mar 19, 2027
Days to expiration: 160
Share price: $42.20
Put/call ratio (OI): 1.36
Put/call ratio (volume): 0.25
ATM implied volatility: 47.5%
Expected move: ±$13.28
Open interest (C / P): 7.14K / 9.73K

AA options summary

The AA options chain for the March 19, 2027 expiration lists 20 call and 15 put contracts, with 160 days until expiration. Open interest stands at 7,143 calls and 9,726 puts, a put/call ratio of 1.36, which is more bearish, with puts outnumbering calls. At-the-money implied volatility near the $40.00 strike is 47.5%, which implies the market expects a move of about ±$13.28 (31.5%) in Alcoa stock by expiration.

The most open interest sits at the $55.00 call (1.74K contracts) and the $35.00 put (2.86K contracts).

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

AA options chain · March 19, 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
52	50	73.1%	18.30	17.40	19.20	25.00	0.15	0.44	0.23	51.5%	1	219
7	1	62.1%	14.40	13.00	14.70	30.00	0.56	0.90	0.70	49.7%	1	382
112	6	51.4%	9.35	9.30	9.85	35.00	1.60	2.08	1.88	48.0%	11	2,864
244	18	50.0%	6.50	6.40	6.75	40.00	3.50	3.85	3.75	45.1%	4	1,449
AA $42.20
208	251	51.4%	4.30	4.15	4.60	45.00	6.20	6.50	6.40	43.4%	76	1,232
1,180	43	50.5%	2.78	2.68	2.98	50.00	9.30	10.10	9.57	43.9%	20	621
1,742	10	49.1%	1.84	1.66	1.82	55.00	12.95	14.15	14.57	43.7%	1	1,194
490	11	49.2%	1.05	1.00	1.16	60.00	17.25	18.70	18.18	45.5%	9	1,540
350	1	52.1%	0.76	0.49	0.90	65.00	22.45	23.45	22.51	47.9%	1	158
1,223	5	50.9%	0.45	0.35	0.53	70.00	26.70	28.15	26.55	46.6%	1	64
884	4	53.7%	0.34	0.07	0.44	75.00	31.40	33.30	26.07	55.2%	1	0
175	100	54.6%	0.25	0.01	0.32	80.00	35.85	39.80	30.61	84.6%	1	0
55	1	50.5%	0.20	0.02	0.24	85.00	20.85	23.35	27.40	—	1	1
52	2	51.5%	0.25	0.00	0.19	90.00	25.10	26.85	31.35	—	1	1
51	1	52.7%	0.10	0.00	0.15	95.00	27.90	31.20	34.76	—	—	1
75	1	54.5%	0.08	0.00	0.13	100.00	—	—	—	—	—	—
15	2	64.0%	0.15	0.00	0.31	105.00	—	—	—	—	—	—
97	1	66.2%	0.20	0.00	0.30	110.00	—	—	—	—	—	—
18	1	68.4%	0.16	0.00	0.29	115.00	—	—	—	—	—	—
113	5	95.8%	0.12	0.00	1.80	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 March 19, 2027 expiration, the AA put/call ratio based on open interest is 1.36 (9,726 puts vs 7,143 calls), and 0.25 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 March 19, 2027 is about 47.5%, 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.