Delta Air Lines (DAL) Options Chain

NYSE: DALConsumer DiscretionaryAir Freight/Delivery ServicesUSD

82.17+0.03 (+0.04%)

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

Expiration date

Expiration: Jan 21, 2028
Days to expiration: 468
Share price: $82.17
Put/call ratio (OI): 2.26
Put/call ratio (volume): 1.62
ATM implied volatility: 41.4%
Expected move: ±$38.53
Open interest (C / P): 8.66K / 19.53K

DAL options summary

The DAL options chain for the January 21, 2028 expiration lists 33 call and 32 put contracts, with 468 days until expiration. Open interest stands at 8,658 calls and 19,532 puts, a put/call ratio of 2.26, which is more bearish, with puts outnumbering calls. At-the-money implied volatility near the $82.50 strike is 41.4%, which implies the market expects a move of about ±$38.53 (46.9%) in Delta Air Lines stock by expiration.

The most open interest sits at the $110.00 call (734 contracts) and the $50.00 put (3.75K contracts).

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

DAL options chain · January 21, 2028

DAL 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
264	1	67.4%	55.99	51.50	56.00	30.00	0.35	0.67	0.47	52.1%	1	1,260
37	1	58.5%	48.45	47.00	50.55	35.00	0.45	1.02	0.77	52.1%	4	1,370
70	2	52.5%	47.62	42.50	45.50	40.00	0.80	1.45	0.95	49.3%	1	1,706
80	1	53.8%	38.40	38.50	42.00	45.00	1.29	1.70	1.56	44.5%	3	1,998
274	1	51.5%	35.50	34.60	37.75	50.00	2.01	2.31	2.16	42.1%	2	3,754
53	1	57.3%	31.86	32.50	35.70	52.50	2.34	3.10	2.55	43.3%	5	204
143	4	56.1%	32.64	30.70	33.85	55.00	2.60	3.50	3.14	42.0%	5	758
94	2	50.8%	32.35	28.50	33.50	57.50	3.00	4.90	3.50	44.9%	3	570
238	1	51.5%	30.80	27.00	29.65	60.00	4.00	4.35	4.40	39.3%	46	1,371
436	1	50.7%	27.00	26.55	27.95	62.50	4.15	5.40	5.15	40.1%	31	375
606	20	49.3%	25.20	24.75	26.15	65.00	4.60	6.05	5.86	39.1%	1	946
148	3	51.1%	26.35	22.00	25.35	67.50	6.15	7.10	6.55	39.3%	12	470
309	1	48.4%	21.64	21.15	23.20	70.00	7.00	7.55	7.45	37.3%	9	1,018
66	2	49.7%	22.85	19.55	22.40	72.50	7.20	8.85	8.40	37.9%	8	225
520	2	49.4%	19.23	18.50	21.15	75.00	7.95	9.65	9.35	36.7%	14	881
48	26	48.4%	17.45	17.15	19.70	77.50	9.05	10.90	10.55	36.6%	6	637
619	14	48.0%	16.30	15.75	18.50	80.00	11.10	12.25	11.40	36.6%	6	444
DAL $82.17
132	11	45.9%	15.05	14.85	16.75	82.50	11.40	13.80	12.50	36.9%	2	246
292	13	46.4%	13.80	13.90	15.95	85.00	12.75	15.25	14.15	36.8%	15	100
123	37	47.3%	14.40	12.25	15.40	87.50	14.10	16.70	17.25	36.5%	4	58
425	10	46.3%	12.65	12.00	14.15	90.00	15.55	18.00	17.40	35.5%	3	612
112	4	46.0%	11.90	10.25	13.25	92.50	16.95	19.70	18.50	35.6%	2	41
377	37	45.1%	10.98	9.70	12.15	95.00	0.00	0.00	17.55	—	1	0
82	20	45.9%	10.40	8.95	11.75	97.50	20.25	22.85	20.57	34.4%	1	177
454	12	45.0%	9.40	8.70	10.75	100.00	22.20	24.65	22.10	34.2%	250	257
277	10	43.9%	8.00	7.65	9.10	105.00	0.00	0.00	24.10	—	1	0
734	6	44.4%	6.47	6.25	8.20	110.00	29.50	32.50	31.00	34.0%	6	21
59	10	44.2%	5.40	5.30	7.20	115.00	33.65	35.90	29.40	31.1%	1	1
638	11	41.4%	5.20	4.35	5.45	120.00	37.90	40.60	41.87	32.2%	1	1
104	3	41.6%	4.30	3.65	4.80	125.00	42.55	46.00	42.66	35.9%	2	29
130	4	44.2%	3.49	3.00	4.95	130.00	46.15	49.60	40.50	31.8%	—	2
258	1	44.8%	2.94	2.55	4.55	135.00	54.35	56.45	44.80	41.5%	—	0
456	3	40.7%	2.78	2.45	3.00	140.00	—	—	—	—	—	—

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 DAL put/call ratio?

For the January 21, 2028 expiration, the DAL put/call ratio based on open interest is 2.26 (19,532 puts vs 8,658 calls), and 1.62 based on today's volume. A ratio above 1 means more puts than calls.

What is DAL's implied volatility?

At-the-money implied volatility for DAL options expiring January 21, 2028 is about 41.4%, an annualized estimate of how much the market expects Delta Air Lines stock to move.

How many DAL option expiration dates are there?

DAL has 13 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.