American Airlines Group I... (AAL)
NASDAQ: AAL
· Real-Time Price · USD
13.18
0.36 (2.81%)
At close: Aug 15, 2025, 3:59 PM
13.16
-0.11%
After-hours: Aug 15, 2025, 06:46 PM EDT
AAL Delta Exposure By Expiry
The total Delta Exposure (DEX) for AAL across all expirations shows 1,383,697.97 net shares that market makers must hedge, with 5,142,590.81 from calls and 3,758,892.84 from puts. The put-call delta ratio of 0.73 suggests neutral market maker positioning. The largest delta concentration at Sep 19, 25 with 603,229.77 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Aug 22, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.
AAL DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Aug 22, 25 | 188,611.62 | -39,272.23 | 149,339.39 | 0.21 |
| Aug 29, 25 | 122,473.31 | -32,535.06 | 89,938.25 | 0.27 |
| Sep 5, 25 | 62,811.36 | -20,848.28 | 41,963.08 | 0.33 |
| Sep 12, 25 | 48,492.33 | -46,177.36 | 2,314.97 | 0.95 |
| Sep 19, 25 | 1,113,909.33 | -510,679.56 | 603,229.77 | 0.46 |
| Sep 26, 25 | 156,295.62 | -2,349.16 | 153,946.46 | 0.02 |
| Oct 17, 25 | 308,435.45 | -101,159.83 | 207,275.62 | 0.33 |
| Nov 21, 25 | 188,087.06 | -323,371.79 | -135,284.73 | 1.72 |
| Dec 19, 25 | 436,585.2 | -423,203.1 | 13,382.1 | 0.97 |
| Jan 16, 26 | 757,816.82 | -805,197.25 | -47,380.43 | 1.06 |
| Feb 20, 26 | 25,817.75 | -91,359.46 | -65,541.71 | 3.54 |
| Mar 20, 26 | 341,426.34 | -324,734.89 | 16,691.45 | 0.95 |
| Jun 18, 26 | 612,458.42 | -376,051.57 | 236,406.85 | 0.61 |
| Sep 18, 26 | 49,248.99 | -35,778.6 | 13,470.39 | 0.73 |
| Dec 18, 26 | 273,064.39 | -152,086.97 | 120,977.42 | 0.56 |
| Jan 15, 27 | 310,701.74 | -299,996.99 | 10,704.75 | 0.97 |
| Dec 17, 27 | 146,355.08 | -174,090.74 | -27,735.66 | 1.19 |