American Airlines Group (AAL) Options Chain

NASDAQ: AALIndustrialsAirlinesUSD

12.76-0.04 (-0.31%)

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

Expiration date

Expiration: Jan 21, 2028
Days to expiration: 468
Share price: $12.76
Put/call ratio (OI): 1.40
Put/call ratio (volume): 48.48
ATM implied volatility: 52.8%
Expected move: ±$7.64
Open interest (C / P): 43.55K / 60.79K

AAL options summary

The AAL options chain for the January 21, 2028 expiration lists 15 call and 15 put contracts, with 468 days until expiration. Open interest stands at 43,555 calls and 60,794 puts, a put/call ratio of 1.40, which is more bearish, with puts outnumbering calls. At-the-money implied volatility near the $12.00 strike is 52.8%, which implies the market expects a move of about ±$7.64 (59.8%) in American Airlines Group stock by expiration.

The most open interest sits at the $15.00 call (16.07K contracts) and the $12.00 put (19.02K contracts).

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

AAL options chain · January 21, 2028

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
47	7	135.9%	12.60	10.80	12.90	1.00	0.00	0.05	0.04	107.8%	40	61
7	2	82.8%	13.45	10.00	11.60	2.00	0.00	0.00	0.03	50.0%	4	0
15	5	171.1%	14.60	9.95	12.00	3.00	0.00	0.20	0.05	76.8%	46	208
22	20	100.4%	9.45	8.25	10.45	4.00	0.05	0.13	0.10	60.9%	2	447
809	2	86.8%	8.30	8.00	8.85	5.00	0.10	0.36	0.14	62.1%	15	540
846	3	73.3%	5.75	5.65	6.75	8.00	0.45	0.59	0.58	48.2%	110	7,208
1,617	31	59.0%	4.50	3.50	5.60	10.00	1.00	1.17	1.10	45.2%	38	14,953
796	4	63.1%	3.33	3.25	4.45	12.00	1.70	2.00	1.93	42.6%	52	19,018
AAL $12.76
16,070	72	50.9%	2.09	2.00	2.30	15.00	3.30	3.75	3.62	39.8%	35	2,245
4,417	13	51.7%	1.51	1.40	1.70	17.00	4.35	5.20	5.06	38.3%	100	1,754
9,101	76	50.4%	0.94	0.90	1.10	20.00	7.10	8.00	7.39	43.6%	13	723
1,820	13	53.6%	0.75	0.61	1.00	22.00	8.55	9.70	9.05	41.2%	13,582	13,593
5,768	20	49.5%	0.43	0.40	0.55	25.00	10.90	13.50	11.93	65.5%	20	44
1,988	11	51.4%	0.24	0.19	0.35	30.00	16.05	19.40	18.80	55.9%	1	0
232	11	52.9%	0.18	0.12	0.35	35.00	20.85	22.05	17.78	—	—	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 21, 2028 expiration, the AAL put/call ratio based on open interest is 1.40 (60,794 puts vs 43,555 calls), and 48.48 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 21, 2028 is about 52.8%, 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.