American Airlines Group (AAL) Options Chain

NASDAQ: AALConsumer DiscretionaryAir Freight/Delivery ServicesUSD

12.76-0.04 (-0.31%)

At close: Oct 9, 4:00 PM ET · Delayed 15 min

Expiration date

Expiration: Jan 15, 2027
Days to expiration: 96
Share price: $12.76
Put/call ratio (OI): 1.70
Put/call ratio (volume): 0.46
ATM implied volatility: 44.5%
Expected move: ±$2.91
Open interest (C / P): 158.10K / 268.35K

AAL options summary

The AAL options chain for the January 15, 2027 expiration lists 30 call and 23 put contracts, with 96 days until expiration. Open interest stands at 158,105 calls and 268,351 puts, a put/call ratio of 1.70, which is more bearish, with puts outnumbering calls. At-the-money implied volatility near the $13.00 strike is 44.5%, which implies the market expects a move of about ±$2.91 (22.8%) in American Airlines Group stock by expiration.

The most open interest sits at the $17.00 call (29.85K contracts) and the $10.00 put (76.88K contracts).

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

AAL options chain · January 15, 2027

AAL 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
103	3	483.6%	12.65	11.35	13.05	1.00	0.00	0.02	0.01	206.3%	1	2,828
7	2	543.4%	11.16	9.40	12.05	2.00	0.00	0.00	0.01	50.0%	10	0
142	20	232.8%	9.97	9.15	11.10	3.00	0.00	0.24	0.01	175.0%	20	744
87	2	253.1%	12.05	8.70	10.50	4.00	0.00	0.00	0.03	50.0%	4	0
655	10	81.3%	8.00	7.45	8.10	5.00	0.00	0.03	0.01	81.3%	2	59,116
3	7	168.6%	7.44	6.40	8.65	6.00	—	—	—	—	—	—
11	1	105.3%	6.75	5.50	6.70	7.00	0.00	0.06	0.03	60.2%	14	42
1,489	5	104.3%	5.22	4.65	6.00	8.00	0.03	0.08	0.06	54.3%	5	36,130
9	10	50.4%	3.88	3.65	4.10	9.00	0.02	0.11	0.10	49.8%	10	153
10,820	202	52.1%	3.00	2.92	3.20	10.00	0.16	0.21	0.23	45.9%	12	76,876
297	31	56.4%	2.22	2.07	2.78	11.00	0.35	0.41	0.38	43.9%	11	1,444
12,278	524	51.4%	1.60	1.59	1.72	12.00	0.64	0.77	0.70	43.6%	186	47,159
AAL $12.76
841	1,373	47.6%	1.12	1.08	1.14	13.00	1.14	1.22	1.22	41.5%	250	5,199
4,591	447	48.4%	0.67	0.70	0.80	14.00	1.73	2.02	1.89	47.7%	992	1,312
24,835	161	46.8%	0.45	0.44	0.50	15.00	2.27	2.70	2.66	45.0%	9	32,685
1,989	15	45.1%	0.25	0.24	0.29	16.00	2.86	3.60	3.60	48.8%	5	136
29,850	756	45.9%	0.16	0.15	0.19	17.00	3.40	4.65	4.05	58.9%	1	4,162
902	200	47.2%	0.11	0.10	0.13	18.00	—	—	—	—	—	—
314	1	48.2%	0.09	0.06	0.09	19.00	4.65	6.80	6.00	79.9%	6	50
19,846	682	50.4%	0.05	0.04	0.07	20.00	5.50	7.65	7.10	77.4%	543	249
130	1	50.4%	0.07	0.01	0.08	21.00	—	—	—	—	—	—
10,046	8	53.1%	0.04	0.01	0.07	22.00	7.55	9.05	8.25	—	15	66
388	1	79.7%	0.04	0.00	0.47	23.00	9.45	10.65	10.29	92.0%	2	0
44	45	57.4%	0.07	0.00	0.06	24.00	—	—	—	—	—	—
8,663	10	66.0%	0.01	0.01	0.10	25.00	10.95	11.85	11.25	—	2	0
2	1	80.5%	0.04	0.00	0.26	26.00	—	—	—	—	—	—
100	100	93.4%	0.05	0.00	0.45	27.00	—	—	—	—	—	—
1	—	64.8%	0.03	0.00	0.03	29.00	—	—	—	—	—	—
12,887	1	64.1%	0.02	0.00	0.02	30.00	16.15	16.80	16.42	—	10	0
16,775	1	73.4%	0.01	0.00	0.02	35.00	21.20	21.60	18.10	—	2	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 AAL put/call ratio?

For the January 15, 2027 expiration, the AAL put/call ratio based on open interest is 1.70 (268,351 puts vs 158,105 calls), and 0.46 based on today's volume. A ratio above 1 means more puts than calls.

What is AAL's implied volatility?

At-the-money implied volatility for AAL options expiring January 15, 2027 is about 44.5%, an annualized estimate of how much the market expects American Airlines Group stock to move.

How many AAL option expiration dates are there?

AAL has 19 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.