LUV Options History — December 2021

In December 2021, LUV traded between $39.30 and $45.48. ATM implied volatility averaged 40.5%, placing in the 51.2% IV rank vs the trailing year. The 30-day expected move averaged 11.6%. IV traded above realized volatility by 0.5% (HV 20d: 40.0%). Max pain ranged from $42.50 to $50.00. Net GEX was positive for 14 of 22 trading days. Term structure was in contango for 8 of 22 days. Put/call ratio averaged 0.62.

Notable Days

2021-12-10: Highest Volume — 63,377 contracts
2021-12-07: Largest IV drop — 15.3% change
2021-12-03: Highest IV Rank — 100.0%
2021-12-03: Largest Expected Move — 17.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$42.24	$39.30	$45.48	$42.81	$42.93
Max Pain	$44.89	$42.50	$50.00	$50.00	$42.50
ATM IV	40.5%	32.4%	53.4%	50.4%	35.2%
Expected Move	11.6%	9.1%	17.3%	16.5%	9.1%
HV 20d	40.0%	33.9%	43.5%	36.7%	33.9%
HV 60d	35.0%	32.1%	36.3%	32.1%	34.3%
IV Rank	51.2%	20.3%	100.0%	89.1%	30.8%
IV Percentile	72.1%	29.0%	100.0%	99.6%	54.8%
Term Structure	-0.3%	-2.6%	1.9%	-0.5%	0.2%
VWIV	41.1%	32.7%	59.9%	57.8%	32.8%
Skew 25d	4.2%	0.3%	7.4%	6.3%	0.3%
Skew 10d	7.8%	-2.9%	14.4%	10.7%	-2.9%
Call IV 25d	39.7%	34.1%	51.1%	49.5%	35.1%
Put IV 25d	43.8%	35.4%	58.5%	55.7%	35.4%
Bid-Ask Spread %	5.89	2.47	14.98	11.81	2.74
Gamma HHI	0.10	0.07	0.25	0.08	0.25
Net GEX	1.9M	-3.9M	14.1M	1.1M	14.1M
Net DEX	134.0M	-42.6M	313.5M	155.6M	-42.6M
Net VEX	-3.1M	-3.4M	-2.6M	-3.1M	-3.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.62	0.35	1.37	1.37	0.35
Total Volume	36,569.682	23,761	63,377	47,762	28,304
Total OI	557,314.864	503,797	614,872	503,797	581,925

Daily Data (22 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2021-12-01	$42.81	$50.00	50.4%	16.5%	36.7%	89.1%	57.8%	6.3%	-0.5%	1.1M	155.6M	-3.1M	1.37	11.81	20,181	27,581	313,995	189,802
2021-12-02	$45.34	$50.00	48.0%	15.4%	42.8%	80.2%	51.5%	5.7%	-1.2%	3.1M	31.4M	-3.4M	0.40	4.87	33,929	13,647	319,847	204,185
2021-12-03	$44.12	$50.00	53.4%	17.3%	43.5%	100.0%	59.9%	7.4%	-2.6%	1.4M	108.0M	-3.4M	0.81	10.01	14,662	11,827	326,039	207,524
2021-12-06	$45.48	$47.50	47.8%	12.8%	37.2%	78.9%	44.8%	7.3%	-0.4%	3.1M	13.3M	-3.4M	0.39	6.36	28,263	10,898	319,131	200,403
2021-12-07	$45.03	$45.00	40.5%	11.5%	36.9%	51.1%	40.4%	2.9%	-1.4%	2.0M	61.0M	-3.2M	0.48	8.37	26,286	12,489	327,997	203,843
2021-12-08	$45.45	$45.00	39.4%	11.2%	37.2%	46.9%	39.9%	7.0%	-1.0%	2.6M	33.9M	-3.3M	0.70	14.98	16,600	11,541	340,653	208,901
2021-12-09	$43.81	$45.00	39.0%	10.8%	38.7%	45.3%	39.4%	2.7%	-0.0%	-2.1M	160.1M	-3.0M	0.49	7.71	25,279	12,479	345,738	209,213
2021-12-10	$42.06	$45.00	37.1%	10.8%	40.6%	38.2%	38.7%	2.4%	-0.7%	-3.9M	276.2M	-2.8M	0.52	9.36	41,672	21,705	355,708	211,585
2021-12-13	$40.60	$45.00	39.1%	11.5%	41.6%	45.9%	41.1%	3.5%	1.7%	-2.4M	298.1M	-2.6M	0.67	8.07	29,746	19,872	353,717	205,764
2021-12-14	$40.20	$45.00	40.1%	11.7%	40.7%	49.5%	41.3%	2.9%	1.2%	-1.6M	298.0M	-2.8M	0.38	2.95	28,512	10,850	364,082	211,003
2021-12-15	$40.09	$45.00	41.2%	11.7%	40.1%	53.8%	40.1%	5.1%	-0.5%	-1.6M	309.8M	-2.8M	0.58	9.56	21,809	12,720	376,906	214,344
2021-12-16	$39.51	$45.00	41.6%	11.6%	40.1%	55.2%	42.0%	2.8%	-0.7%	-1.9M	313.5M	-2.8M	1.24	3.53	14,161	17,531	389,414	217,228
2021-12-17	$39.76	$45.00	40.7%	11.6%	40.1%	51.6%	43.0%	5.0%	-0.6%	-3.7M	310.2M	-2.8M	0.69	6.32	18,565	12,781	393,565	221,307
2021-12-20	$39.30	$45.00	42.5%	12.2%	39.7%	58.8%	41.9%	5.3%	-1.1%	-683.3K	237.9M	-2.7M	0.36	2.67	23,883	8,513	328,853	193,253
2021-12-21	$40.71	$42.50	38.3%	11.0%	41.4%	42.6%	38.2%	3.5%	0.3%	1.6M	146.6M	-3.0M	0.69	3.46	23,752	16,332	340,278	195,700
2021-12-22	$41.06	$42.50	37.7%	10.8%	41.7%	40.4%	38.0%	3.6%	1.9%	3.3M	109.7M	-3.1M	0.45	2.50	19,523	8,792	349,390	200,569
2021-12-23	$41.87	$42.50	36.4%	10.4%	42.7%	35.4%	36.9%	4.6%	0.5%	3.8M	57.4M	-3.2M	0.59	2.77	28,104	16,674	357,517	202,777
2021-12-27	$41.74	$42.50	38.0%	10.4%	41.3%	41.5%	37.4%	5.1%	-0.7%	3.6M	67.9M	-3.1M	0.55	2.47	18,525	10,168	359,906	202,587
2021-12-28	$42.37	$42.50	36.6%	9.5%	41.5%	36.4%	33.3%	3.1%	0.5%	5.9M	8.8M	-3.2M	0.56	3.01	21,480	12,031	364,063	204,870
2021-12-29	$42.18	$42.50	36.4%	9.4%	41.5%	35.4%	33.1%	3.5%	-1.8%	5.7M	29.3M	-3.2M	0.48	3.00	16,098	7,663	366,128	206,008
2021-12-30	$42.83	$42.50	32.4%	9.2%	40.0%	20.3%	32.7%	1.5%	1.2%	8.8M	-37.2M	-3.2M	0.97	2.96	14,775	14,330	369,661	205,548
2021-12-31	$42.93	$42.50	35.2%	9.1%	33.9%	30.8%	32.8%	0.3%	0.2%	14.1M	-42.6M	-3.2M	0.35	2.74	20,917	7,387	370,191	211,734