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 21, 2028
Days to expiration: 468
Share price: $42.20
Put/call ratio (OI): 1.56
Put/call ratio (volume): 2.69
ATM implied volatility: 47.5%
Expected move: ±$22.68
Open interest (C / P): 16.70K / 26.12K

AA options summary

The AA options chain for the January 21, 2028 expiration lists 28 call and 25 put contracts, with 468 days until expiration. Open interest stands at 16,696 calls and 26,117 puts, a put/call ratio of 1.56, which is more bearish, with puts outnumbering calls. At-the-money implied volatility near the $42.00 strike is 47.5%, which implies the market expects a move of about ±$22.68 (53.7%) in Alcoa stock by expiration.

The most open interest sits at the $40.00 call (3.39K contracts) and the $38.00 put (10.07K contracts).

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

AA options chain · January 21, 2028

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
280	1	74.2%	26.95	25.50	27.20	17.50	0.07	0.39	0.30	50.0%	10	2,891
423	14	71.0%	23.85	23.50	25.15	20.00	0.47	0.60	0.55	48.0%	1	183
65	1	144.5%	24.60	28.90	30.90	22.50	0.61	0.97	1.12	47.5%	1	147
66	5	63.0%	19.78	19.40	21.05	25.00	0.94	1.62	1.53	48.8%	1	1,060
13	5	60.2%	17.80	17.30	18.75	28.00	1.56	2.11	2.37	45.5%	2	144
235	10	58.8%	17.29	15.90	17.45	30.00	2.33	2.78	2.55	45.8%	1	1,028
22	1	57.1%	14.60	14.15	15.45	33.00	3.25	3.90	3.60	45.6%	2	127
249	1	57.6%	14.48	13.05	14.70	35.00	4.05	4.50	4.20	43.9%	2	1,670
29	4	54.0%	11.80	11.50	12.25	38.00	5.25	5.80	5.40	43.0%	1	10,068
3,386	2	53.0%	11.20	10.55	11.15	40.00	6.30	6.85	6.70	43.0%	6	3,459
1,599	2	52.5%	9.96	9.70	10.20	42.00	7.20	7.90	7.50	42.4%	3	33
AA $42.20
526	1	54.9%	8.67	8.60	10.00	45.00	9.10	9.65	9.35	41.9%	1	505
179	2	52.6%	8.25	7.80	8.65	47.00	10.10	10.90	10.25	41.5%	13	261
430	5	51.3%	7.10	6.85	7.30	50.00	12.00	12.85	12.13	40.7%	101	923
544	6	51.8%	5.92	5.50	6.30	55.00	15.30	16.45	15.81	39.6%	1	249
1,892	2	51.5%	4.90	4.45	5.20	60.00	19.45	20.50	19.50	39.3%	34	1,684
624	4	51.3%	3.85	3.60	4.30	65.00	23.85	24.60	23.81	37.7%	1	1,476
3,255	10	51.0%	3.16	3.05	3.40	70.00	27.30	30.45	27.25	47.4%	1	150
1,018	5	51.0%	2.87	2.41	2.92	75.00	32.25	33.60	33.97	36.0%	1	33
312	1	50.0%	2.05	1.74	2.43	80.00	36.50	38.65	37.50	39.3%	1	23
376	2	51.1%	1.63	1.66	2.05	85.00	41.50	43.40	42.70	38.8%	3	3
96	1	51.2%	1.57	1.39	1.74	90.00	0.00	0.00	29.85	—	80	0
204	3	52.8%	1.44	0.82	1.48	95.00	—	—	—	—	—	—
518	2	50.4%	1.09	0.78	1.28	100.00	40.00	43.50	47.30	—	—	0
34	1	50.4%	2.53	0.63	1.11	105.00	—	—	—	—	—	—
89	2	51.3%	3.24	0.49	0.80	110.00	0.00	0.00	45.20	—	2	0
7	1	50.5%	1.80	0.40	0.85	115.00	—	—	—	—	—	—
225	6	52.5%	0.58	0.16	1.15	120.00	75.00	80.00	68.81	68.9%	—	0

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 21, 2028 expiration, the AA put/call ratio based on open interest is 1.56 (26,117 puts vs 16,696 calls), and 2.69 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 21, 2028 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.