Options Skew Analytics
Sign in

AA options analytics

AA · Stock

Data as of 25 September 2026 (end of day)

AA options are pricing a 30-day at-the-money volatility of 47.8%, a move of about ±13.7% over the next month. Its history here is 8 sessions, short of the 180 a percentile needs, so this reading is not yet ranked against its own past.

Its 25-delta puts carry 0.51 volatility points more than the calls.

Its next earnings report is 2026-10-15, after the close.

Current readings

30-day ATM implied volatilityⓘ
47.84%

Prices a move of about ±13.7% over 30 days, or ±3.0% on a typical day.

25-delta risk reversalⓘ
+0.51

Puts carry 0.51 volatility points more than calls the same distance from the money.

25-delta butterflyⓘ
+0.92

The wings carry 0.92 volatility points more than at-the-money.

Term structure slopeⓘ
0.992

90-day and 30-day options carry about the same volatility.

Where 30-day implied volatility sits

Against 8 prior sessions (one-year window)

Not enough history in this window to place the current reading.

IV percentile, 1 year
—
IV rank, 1 year
—
IV percentile, 2 years
—
IV rank, 2 years
—

Rank is the position between the lowest and highest readings in the window, so a single past extreme pins everything after it near one end. Percentile is the share of sessions below the current reading and is unaffected by how far that extreme reached. Both are withheld when the window holds fewer than 180 sessions.

Session detail

Underlying close
$42.85
30-day implied forward
$42.99
60-day ATM IV
47.52%
90-day ATM IV
47.46%
180-day ATM IV
48.53%
Expirations used
10
Total open interest
148,292
Put / call open interest
1.10

The forward is derived from put-call parity on the strikes nearest the money, not taken from the underlying close. It is what every moneyness and delta on this page is measured against.

30-day at-the-money implied volatility

Last 8 sessions

46%48%50%52%54%2026-09-16 — 30-day ATM IV 49%2026-09-17 — 30-day ATM IV 52%2026-09-18 — 30-day ATM IV 49%2026-09-21 — 30-day ATM IV 51%2026-09-22 — 30-day ATM IV 53%2026-09-23 — 30-day ATM IV 51%2026-09-24 — 30-day ATM IV 51%2026-09-25 — 30-day ATM IV 48%16 Sep18 Sep22 Sep23 Sep25 Sep
Show the underlying numbers (most recent 8)
Session30-day ATM IV25-delta RRTerm slopeClose
2026-09-2547.84%+0.510.992$42.85
2026-09-2451.18%-0.600.961$42.68
2026-09-2350.91%+0.370.955$44.02
2026-09-2252.62%-0.510.922$44.71
2026-09-2151.07%-1.010.942$44.64
2026-09-1848.54%-0.231.024$44.43
2026-09-1752.12%+0.260.977$46.97
2026-09-1649.32%-0.041.039$46.26

The chart covers every session in the archive, 8 in total. The table lists the most recent 8.

25-delta risk reversal

Last 8 sessions

-1.5-1.0-0.50.00.51.02026-09-16 — 25-delta RR (volatility points) -0.02026-09-17 — 25-delta RR (volatility points) 0.32026-09-18 — 25-delta RR (volatility points) -0.22026-09-21 — 25-delta RR (volatility points) -1.02026-09-22 — 25-delta RR (volatility points) -0.52026-09-23 — 25-delta RR (volatility points) 0.42026-09-24 — 25-delta RR (volatility points) -0.62026-09-25 — 25-delta RR (volatility points) 0.516 Sep18 Sep22 Sep23 Sep25 Sep

The dashed line marks zero, where the 25-delta put and call carry the same implied volatility.

Skew curve

Implied volatility by delta, front expirations

Implied volatility by delta

7d (2026-10-02) · 14d (2026-10-09) · 21d (2026-10-16)

35%40%45%50%55%2026-10-02 (7d) — 10Δ C — IV 41.33%2026-10-02 (7d) — 15Δ C — IV 42.18%2026-10-02 (7d) — 20Δ C — IV 40.62%2026-10-02 (7d) — 25Δ C — IV 41.57%2026-10-02 (7d) — 30Δ C — IV 41.13%2026-10-02 (7d) — 35Δ C — IV 40.21%2026-10-02 (7d) — 40Δ C — IV 40.55%2026-10-02 (7d) — 45Δ C — IV 40.47%2026-10-02 (7d) — ATM — IV 40.35%2026-10-02 (7d) — 45Δ P — IV 40.43%2026-10-02 (7d) — 40Δ P — IV 40.64%2026-10-02 (7d) — 35Δ P — IV 41.04%2026-10-02 (7d) — 30Δ P — IV 40.84%2026-10-02 (7d) — 25Δ P — IV 40.97%2026-10-02 (7d) — 20Δ P — IV 42.06%2026-10-02 (7d) — 15Δ P — IV 42.29%2026-10-02 (7d) — 10Δ P — IV 42.47%7d2026-10-09 (14d) — 5Δ C — IV 44.35%2026-10-09 (14d) — 10Δ C — IV 44.17%2026-10-09 (14d) — 15Δ C — IV 43.82%2026-10-09 (14d) — 20Δ C — IV 42.25%2026-10-09 (14d) — 25Δ C — IV 42.00%2026-10-09 (14d) — 30Δ C — IV 41.58%2026-10-09 (14d) — 35Δ C — IV 41.60%2026-10-09 (14d) — 40Δ C — IV 41.67%2026-10-09 (14d) — 45Δ C — IV 43.32%2026-10-09 (14d) — ATM — IV 42.20%2026-10-09 (14d) — 45Δ P — IV 42.44%2026-10-09 (14d) — 40Δ P — IV 43.87%2026-10-09 (14d) — 35Δ P — IV 44.23%2026-10-09 (14d) — 30Δ P — IV 43.83%2026-10-09 (14d) — 25Δ P — IV 44.74%2026-10-09 (14d) — 20Δ P — IV 43.60%2026-10-09 (14d) — 15Δ P — IV 43.54%14d2026-10-16 (21d) — 5Δ C — IV 50.36%2026-10-16 (21d) — 10Δ C — IV 50.56%2026-10-16 (21d) — 15Δ C — IV 50.88%2026-10-16 (21d) — 20Δ C — IV 50.17%2026-10-16 (21d) — 25Δ C — IV 49.45%2026-10-16 (21d) — 30Δ C — IV 48.28%2026-10-16 (21d) — 35Δ C — IV 49.50%2026-10-16 (21d) — 40Δ C — IV 48.52%2026-10-16 (21d) — 45Δ C — IV 48.82%2026-10-16 (21d) — ATM — IV 48.19%2026-10-16 (21d) — 45Δ P — IV 48.51%2026-10-16 (21d) — 40Δ P — IV 48.85%2026-10-16 (21d) — 35Δ P — IV 49.28%2026-10-16 (21d) — 30Δ P — IV 49.58%2026-10-16 (21d) — 25Δ P — IV 48.72%2026-10-16 (21d) — 20Δ P — IV 49.79%2026-10-16 (21d) — 15Δ P — IV 48.75%2026-10-16 (21d) — 10Δ P — IV 48.84%2026-10-16 (21d) — 5Δ P — IV 49.99%21d10Δ C25Δ CATM25Δ P10Δ Pout-of-the-money calls ← delta → out-of-the-money puts

The axis is call delta. Readings to the right of the dashed centre line are taken from the out-of-the-money put at that strike, which is the contract whose quote the volatility was solved from. Points are only plotted where surviving quotes bracket the delta on both sides; nothing is extrapolated past the last traded strike.

Show the underlying numbers
Delta7d14d21d
5Δ call—44.35%50.36%
10Δ call41.33%44.17%50.56%
15Δ call42.18%43.82%50.88%
20Δ call40.62%42.25%50.17%
25Δ call41.57%42.00%49.45%
30Δ call41.13%41.58%48.28%
35Δ call40.21%41.60%49.50%
40Δ call40.55%41.67%48.52%
45Δ call40.47%43.32%48.82%
ATM40.35%42.20%48.19%
45Δ put40.43%42.44%48.51%
40Δ put40.64%43.87%48.85%
35Δ put41.04%44.23%49.28%
30Δ put40.84%43.83%49.58%
25Δ put40.97%44.74%48.72%
20Δ put42.06%43.60%49.79%
15Δ put42.29%43.54%48.75%
10Δ put42.47%—48.84%
5Δ put——49.99%

Wing readings by expiration

ExpirationDaysForwardATM IV25Δ put25Δ callRRButterflyQuotes
2026-10-027$42.8940.35%40.97%41.57%-0.60+0.9114
2026-10-0914$42.9542.20%44.74%42.00%+2.75+1.1715
2026-10-1621$42.9848.19%48.72%49.45%-0.73+0.8927
2026-10-2328$42.9747.92%49.44%48.40%+1.04+1.0113
2026-10-3035$43.0347.69%48.16%48.72%-0.57+0.7513
2026-12-1884$43.2447.46%47.76%47.54%+0.22+0.1913
2027-01-15112$43.3747.46%47.08%47.73%-0.65-0.0511
2027-03-19175$43.6548.44%48.16%48.26%-0.10-0.2310
2027-06-17265$44.0549.46%49.47%49.00%+0.47-0.2312
2027-09-17357$44.6150.18%50.24%49.63%+0.61-0.2510

Each curve above is one expiration. The vertical position is implied volatility; the horizontal position is the delta of the contract it was read from. For US equities the curve normally slopes upward to the right, meaning out-of-the-money puts carry higher implied volatility than equidistant calls.

The 25-delta risk reversal summarises that slope as a single number: the 25-delta put volatility minus the 25-delta call volatility. The butterfly summarises the curvature: the average of the two wings minus the at-the-money reading.

Term structure

At-the-money implied volatility by expiration

At-the-money implied volatility by expiration

10 listed expirations produced a usable reading

35%40%45%50%55%2026-10-02 — 7 days — at-the-money IV 40.35%2026-10-09 — 14 days — at-the-money IV 42.20%2026-10-16 — 21 days — at-the-money IV 48.19%2026-10-23 — 28 days — at-the-money IV 47.92%2026-10-30 — 35 days — at-the-money IV 47.69%2026-12-18 — 84 days — at-the-money IV 47.46%2027-01-15 — 112 days — at-the-money IV 47.46%2027-03-19 — 175 days — at-the-money IV 48.44%2027-06-17 — 265 days — at-the-money IV 49.46%2027-09-17 — 357 days — at-the-money IV 50.18%7306090180days to expiration

The horizontal axis is the square root of days to expiration, which is the scale volatility lives on. A curve that is flat in variance terms plots as a straight line here rather than bending sharply through the front week.

Show the underlying numbers
ExpirationDaysForwardATM IVATM strikeQuotes used
2026-10-027 days$42.8940.35%$42.9614
2026-10-0914 days$42.9542.20%$43.1015
2026-10-1621 days$42.9848.19%$43.2727
2026-10-2328 days$42.9747.92%$43.3513
2026-10-3035 days$43.0347.69%$43.5013
2026-12-1884 days$43.2447.46%$44.3713
2027-01-15112 days$43.3747.46%$44.8911
2027-03-19175 days$43.6548.44%$46.1710
2027-06-17265 days$44.0549.46%$48.1412
2027-09-17357 days$44.6150.18%$50.4510

Constant maturities

Interpolated between the bracketing listed expirations, in total variance

30 days
47.84%
60 days
47.52%
90 days
47.46%
180 days
48.53%

Interpolation is linear in total variance, not in volatility. Interpolating volatility directly implies a forward variance that can be negative between two expirations. A tenor beyond the longest listed expiration is reported as unavailable rather than extrapolated.

Term structure slope

Last 8 sessions

0.900.951.001.052026-09-16 — 90-day over 30-day 1.042026-09-17 — 90-day over 30-day 0.982026-09-18 — 90-day over 30-day 1.022026-09-21 — 90-day over 30-day 0.942026-09-22 — 90-day over 30-day 0.922026-09-23 — 90-day over 30-day 0.962026-09-24 — 90-day over 30-day 0.962026-09-25 — 90-day over 30-day 0.9916 Sep18 Sep22 Sep23 Sep25 Sep

The dashed line marks 1.00, where the 90-day and 30-day at-the-money volatilities are equal. Above it the longer tenor carries the higher volatility.

The term structure is the at-the-money implied volatility of each listed expiration, plotted against how far away that expiration is. Its usual shape for a calm underlying slopes gently upward, because a longer horizon admits more uncertainty.

It inverts when the market prices a dated event: an expiration that captures a scheduled announcement carries the variance of that event on top of ordinary trading, so a shorter contract can print a higher volatility than a longer one.

Earnings

What the options priced in before each report, and what happened

Next report

2026-10-15After the closeAnnounced

Reports

Newest first. The implied move is one standard deviation, priced from the session before the release.

ReportSessionImplied ±RealisedRealised / implied
2026-07-16After the close———
2026-04-16After the close———
2026-01-22After the close———
2025-10-22After the close———
2025-07-16After the close———
2025-04-16After the close———
2025-01-22After the close———
2024-10-16After the close———
2024-07-17After the close———
2024-07-10After the close———
2024-04-17After the close———
2024-01-17After the close———
2023-10-18After the close———

The implied move is read from the at-the-money straddle on the first expiration strictly after the report date, converted to a one-standard-deviation move and divided by the forward. Realised moves are the close-to-close return across the event, measured from the session before the release to the session after it.

Report dates that have already happened come from the company’s own 8-K filing and are exact. A date still in the future is either one the company has announced, or an estimate from its reporting cadence.