LUV Options History — January 2022

In January 2022, LUV traded between $42.54 and $45.85. ATM implied volatility averaged 38.2%, placing in the 42.3% IV rank vs the trailing year. The 30-day expected move averaged 11.0%. IV traded above realized volatility by 11.8% (HV 20d: 26.4%). Max pain ranged from $42.50 to $43.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.68.

Notable Days

2022-01-28: Highest Volume — 35,728 contracts
2022-01-21: Largest IV spike — 11.7% change
2022-01-26: Highest IV Rank — 65.0%
2022-01-26: Largest Expected Move — 13.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$44.47	$42.54	$45.85	$44.08	$44.55
Max Pain	$42.52	$42.50	$43.00	$42.50	$42.50
ATM IV	38.2%	34.9%	44.2%	35.8%	36.7%
Expected Move	11.0%	8.9%	13.3%	9.0%	11.1%
HV 20d	26.4%	21.8%	34.1%	34.1%	29.1%
HV 60d	34.7%	34.0%	35.3%	34.9%	35.3%
IV Rank	42.3%	29.8%	65.0%	33.1%	36.7%
IV Percentile	71.3%	52.8%	96.0%	59.1%	66.3%
Term Structure	-0.4%	-2.6%	1.3%	-0.1%	0.2%
VWIV	39.5%	32.1%	49.2%	32.1%	39.6%
Skew 25d	3.0%	0.9%	5.5%	0.9%	4.1%
Skew 10d	5.9%	2.9%	10.5%	3.5%	6.1%
Call IV 25d	37.6%	34.5%	43.1%	35.6%	35.8%
Put IV 25d	40.6%	36.6%	47.7%	36.6%	40.0%
Bid-Ask Spread %	4.20	2.34	10.83	3.13	3.53
Gamma HHI	0.14	0.10	0.29	0.14	0.12
Net GEX	9.7M	2.0M	17.2M	9.2M	6.6M
Net DEX	-148.0M	-288.2M	12.0M	-136.7M	-103.4M
Net VEX	-3.1M	-3.4M	-2.8M	-3.3M	-2.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.68	0.32	1.40	0.43	0.43
Total Volume	25,230.7	15,559	35,728	25,932	25,073
Total OI	513,152.05	349,390	579,386	563,280	393,328

Daily Data (20 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
2022-01-03	$44.08	$42.50	35.8%	9.0%	34.1%	33.1%	32.1%	0.9%	-0.1%	9.2M	-136.7M	-3.3M	0.43	3.13	18,171	7,761	364,795	198,485
2022-01-04	$44.61	$42.50	34.9%	8.9%	32.5%	29.8%	32.9%	1.0%	0.2%	11.2M	-188.6M	-3.3M	0.87	2.34	14,599	12,704	369,367	200,119
2022-01-05	$44.02	$42.50	36.2%	9.6%	32.6%	34.5%	33.1%	3.3%	-0.9%	10.0M	-127.7M	-3.2M	1.00	4.58	10,305	10,345	369,873	199,441
2022-01-06	$43.99	$42.50	36.8%	10.6%	32.4%	37.1%	37.2%	2.4%	-0.3%	9.8M	-125.0M	-3.2M	0.87	3.29	8,955	7,769	371,023	201,519
2022-01-07	$45.43	$42.50	37.1%	10.8%	31.7%	38.1%	37.9%	1.6%	-0.1%	13.0M	-269.0M	-3.4M	0.54	3.39	21,947	11,907	372,798	202,784
2022-01-10	$45.08	$42.50	37.8%	10.8%	27.8%	40.8%	38.2%	2.5%	0.1%	10.3M	-203.1M	-3.3M	0.69	3.67	12,530	8,601	365,901	199,001
2022-01-11	$45.85	$42.50	36.0%	10.6%	24.0%	33.9%	37.2%	1.8%	1.3%	12.5M	-288.2M	-3.3M	0.93	2.44	12,131	11,230	369,106	200,571
2022-01-12	$45.26	$42.50	35.8%	10.2%	24.3%	33.3%	36.0%	1.8%	-0.1%	11.8M	-216.6M	-3.2M	0.82	2.98	8,875	7,280	370,478	202,080
2022-01-13	$45.72	$42.50	35.5%	10.2%	24.1%	32.0%	37.0%	1.3%	0.8%	13.3M	-272.2M	-3.3M	0.44	3.23	22,707	10,045	372,951	203,602
2022-01-14	$45.75	$42.50	35.4%	10.2%	22.9%	31.5%	37.3%	2.9%	0.4%	14.6M	-274.1M	-3.2M	0.86	2.91	11,242	9,670	374,405	204,981
2022-01-18	$45.54	$42.50	38.0%	10.9%	23.3%	41.6%	38.6%	1.9%	-1.8%	13.7M	-249.2M	-3.1M	0.81	3.05	8,611	6,948	368,294	198,945
2022-01-19	$44.69	$42.50	37.4%	10.7%	24.2%	39.2%	38.6%	2.4%	-1.1%	14.8M	-147.8M	-3.0M	0.43	5.21	15,532	6,657	368,302	200,227
2022-01-20	$44.65	$42.50	37.3%	10.7%	21.8%	38.9%	38.2%	2.2%	-1.2%	17.2M	-150.1M	-3.0M	0.48	5.35	15,092	7,235	370,029	200,618
2022-01-21	$43.53	$42.50	41.6%	12.2%	24.2%	55.4%	48.7%	4.5%	-2.6%	5.6M	-47.8M	-2.9M	1.40	3.44	10,131	14,145	368,213	201,058
2022-01-24	$43.55	$42.50	42.9%	12.7%	23.4%	60.3%	45.6%	5.3%	0.5%	4.0M	-33.9M	-2.9M	0.70	6.04	14,768	10,265	225,863	123,527
2022-01-25	$43.98	$42.50	43.2%	12.8%	23.4%	61.2%	47.4%	5.5%	-1.9%	5.1M	-61.6M	-2.9M	0.32	6.46	25,825	8,238	232,613	127,485
2022-01-26	$43.75	$43.00	44.2%	13.3%	23.1%	65.0%	49.2%	4.6%	-1.2%	5.3M	-58.1M	-3.0M	0.43	10.83	22,639	9,845	250,692	130,776
2022-01-27	$42.82	$42.50	42.2%	12.5%	24.5%	57.6%	43.9%	4.8%	-0.8%	4.3M	-18.2M	-2.8M	0.72	4.35	16,948	12,160	258,408	132,092
2022-01-28	$42.54	$42.50	39.0%	11.6%	24.0%	45.1%	41.0%	4.9%	-0.2%	2.0M	12.0M	-2.8M	0.40	3.79	25,608	10,120	263,576	135,715
2022-01-31	$44.55	$42.50	36.7%	11.1%	29.1%	36.7%	39.6%	4.1%	0.2%	6.6M	-103.4M	-2.9M	0.43	3.53	17,474	7,599	262,346	130,982