AAL wheel: cash-secured put & covered-call yields
American Airlines Group Inc. · Industrials · $14.10 close on Nov 11, 2026
What the Nov 11, 2026 close says about AAL
At 43.8% implied volatility, the options market is pricing a one-standard-deviation move of about $1.77 (12.5%) in AAL by Dec 11, 2026, 30 days out.
Selling the $13.50 put (−0.34Δ) for $0.42 means assignment would leave a cost basis of $13.08, 7.2% below the $14.10 close.
The 65-day 0.30Δ put pays 1.3× the premium of the 30-day one for 2.2× the time — more premium per day on the 30-day contract ($0.014 vs $0.008).
At 0.30Δ on the Dec 11 expiry the put yields 3.11% on its strike and the call 2.70% on spot: puts pay 1.2× what calls do on AAL this session.
Moving down to the $13 put (−0.23Δ) buys 3.5% more room below spot and keeps 64% of the 0.30Δ premium.
Open interest in the stored window totals 119,012 contracts; the largest single line is the $12 put expiring Jan 15 with 44,132 (37.1% of the window).
By options volume AAL ranks #79 of 679 names in our universe.
Near-the-money options volume (3.6k) is 558% above its 5-session average.
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 | $13.50 | −0.34 | $0.42 Nov 11 | $42.00 | $1,350 | 3.11% | 37.9% | $13.08 | 35 | 6 |
| 0.20Δ | $13 | −0.23 | $0.27 Nov 11 | $27.00 | $1,300 | 2.08% | 25.3% | $12.73 | 245 | 213 |
Snapshot #9002 · session 2026-11-11 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $13 | −0.29 | $0.54 Nov 11 | $54.00 | $1,300 | 4.15% | 23.3% | $12.46 | 7,307 | 68 |
| 0.20Δ | $12 | −0.18 | $0.29 Nov 11 | $29.00 | $1,200 | 2.42% | 13.6% | $11.71 | 44,132 | 35 |
Snapshot #9002 · session 2026-11-11 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
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 | 0.34 | $0.38 Nov 11 | $38.00 | 2.70% | 32.8% | 9.08% | 110.4% | 263 | 16 |
| 0.20Δ | $15.50 | 0.25 | $0.24 Nov 11 | $24.00 | 1.70% | 20.7% | 11.63% | 141.5% | 197 | 10 |
Snapshot #9002 · session 2026-11-11 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $16 | 0.29 | $0.41 Nov 11 | $41.00 | 2.91% | 16.3% | 16.38% | 92.0% | 4,436 | 1,312 |
| 0.20Δ | $17 | 0.19 | $0.25 Nov 11 | $25.00 | 1.77% | 10.0% | 22.34% | 125.5% | 26,751 | 368 |
Snapshot #9002 · session 2026-11-11 · captured 22:00 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
AAL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 43.8%session 2026-11-11
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 119,012 contractssession 2026-11-11
- Largest open-interest line
- $12 put · Jan 15 · 44,132
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #79 of 679 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.
- We are building our own daily implied-volatility history (34 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.