AAL wheel: cash-secured put & covered-call yields
American Airlines Group Inc. · Industrials · $13.52 close on Sep 28, 2026
What the Sep 28, 2026 close says about AAL
At 50.0% implied volatility, the options market is pricing a one-standard-deviation move of about $2.00 (14.8%) in AAL by Oct 30, 2026, 32 days out.
Selling the $12.50 put (−0.26Δ) for $0.36 means assignment would leave a cost basis of $12.14, 10.2% below the $13.52 close.
The 81-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.011 vs $0.006).
At 0.30Δ on the Oct 30 expiry the put yields 2.88% on its strike and the call 2.59% on spot: puts pay 1.1× what calls do on AAL this session.
Moving down to the $12 put (−0.18Δ) buys 3.7% more room below spot and keeps 64% of the 0.30Δ premium.
Open interest in the stored window totals 150,809 contracts; the largest single line is the $10 put expiring Dec 18 with 39,230 (26.0% of the window).
By options volume AAL ranks #108 of 441 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on AAL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $12.50 | −0.26 | $0.36 Sep 28 | $36.00 | $1,250 | 2.88% | 32.9% | $12.14 | 620 | 248 |
| 0.20Δ | $12 | −0.18 | $0.23 Sep 28 | $23.00 | $1,200 | 1.92% | 21.9% | $11.77 | 359 | 64 |
Snapshot #45 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $12 | −0.25 | $0.51 Sep 28 | $51.00 | $1,200 | 4.25% | 19.2% | $11.49 | 35,674 | 411 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #45 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on AAL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $15 | 0.29 | $0.35 Sep 28 | $35.00 | 2.59% | 29.5% | 13.54% | 154.4% | 3,850 | 85 |
| 0.20Δ | $15.50 | 0.22 | $0.26 Sep 28 | $26.00 | 1.92% | 21.9% | 16.57% | 189.0% | 871 | 9 |
Snapshot #45 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $16 | 0.27 | $0.47 Sep 28 | $47.00 | 3.48% | 15.7% | 21.82% | 98.3% | 5,803 | 223 |
| 0.20Δ | $17 | 0.19 | $0.30 Sep 28 | $30.00 | 2.22% | 10.0% | 27.96% | 126.0% | 17,298 | 409 |
Snapshot #45 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
AAL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 50.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 150,809 contractssession 2026-09-28
- Largest open-interest line
- $10 put · Dec 18 · 39,230
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #108 of 441 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- No contract near 0.20Δ traded this session
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.