LUV Options History — February 2022

In February 2022, LUV traded between $43.47 and $47.40. ATM implied volatility averaged 37.8%, placing in the 40.9% IV rank vs the trailing year. The 30-day expected move averaged 10.9%. IV traded above realized volatility by 6.1% (HV 20d: 31.8%). Max pain ranged from $42.50 to $45.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 12 of 19 days. Put/call ratio averaged 0.63.

Notable Days

2022-02-09: Highest Volume — 35,388 contracts
2022-02-11: Largest IV spike — 12.6% change
2022-02-28: Highest IV Rank — 62.5%
2022-02-28: Largest Expected Move — 12.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$45.35	$43.47	$47.40	$45.22	$43.94
Max Pain	$44.74	$42.50	$45.00	$42.50	$45.00
ATM IV	37.8%	33.4%	43.5%	35.1%	43.5%
Expected Move	10.9%	9.7%	12.8%	10.2%	12.8%
HV 20d	31.8%	27.6%	35.9%	28.1%	35.9%
HV 60d	33.6%	32.8%	35.4%	35.4%	33.4%
IV Rank	40.9%	24.0%	62.5%	30.7%	62.5%
IV Percentile	71.5%	43.3%	97.2%	55.2%	97.2%
Term Structure	0.2%	-1.1%	1.8%	0.5%	-1.0%
VWIV	38.7%	35.2%	43.6%	37.2%	43.6%
Skew 25d	4.6%	2.4%	6.6%	3.6%	6.3%
Skew 10d	9.9%	5.2%	15.2%	6.0%	14.1%
Call IV 25d	36.4%	33.1%	41.0%	34.3%	41.0%
Put IV 25d	41.0%	35.5%	47.4%	37.9%	47.4%
Bid-Ask Spread %	4.94	2.96	16.42	4.65	6.65
Gamma HHI	0.11	0.09	0.13	0.11	0.11
Net GEX	7.6M	1.7M	14.0M	8.1M	2.7M
Net DEX	-131.0M	-267.8M	-13.7M	-141.1M	-18.1M
Net VEX	-2.8M	-3.0M	-2.6M	-2.9M	-2.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.63	0.37	0.99	0.84	0.47
Total Volume	21,042.526	13,153	35,388	21,991	20,661
Total OI	383,627.737	307,797	411,998	400,720	323,388

Daily Data (19 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
2022-02-01	$45.22	$42.50	35.1%	10.2%	28.1%	30.7%	37.2%	3.6%	0.5%	8.1M	-141.1M	-2.9M	0.84	4.65	11,919	10,072	267,901	132,819
2022-02-02	$44.28	$42.50	35.2%	10.4%	28.9%	30.9%	38.3%	4.1%	0.5%	6.6M	-87.3M	-2.9M	0.45	3.45	20,286	9,170	270,428	134,916
2022-02-03	$43.47	$45.00	37.6%	10.9%	29.2%	40.1%	37.2%	4.0%	0.4%	4.3M	-29.8M	-2.8M	0.44	2.96	11,536	5,041	269,063	137,781
2022-02-04	$43.84	$45.00	34.8%	10.1%	29.4%	29.3%	35.8%	3.9%	0.2%	7.1M	-49.6M	-2.8M	0.37	3.25	16,848	6,298	273,498	138,500
2022-02-07	$44.61	$45.00	35.0%	10.2%	27.6%	30.1%	37.0%	4.3%	0.9%	6.3M	-95.6M	-2.8M	0.42	3.75	14,845	6,244	266,490	135,765
2022-02-08	$45.79	$45.00	34.4%	10.3%	29.1%	27.8%	36.3%	3.6%	1.2%	9.8M	-180.7M	-2.9M	0.86	3.13	14,083	12,112	270,201	137,166
2022-02-09	$47.06	$45.00	33.4%	9.7%	30.1%	24.0%	35.2%	2.4%	0.3%	12.4M	-266.3M	-3.0M	0.44	3.18	24,608	10,780	274,371	136,675
2022-02-10	$46.48	$45.00	35.6%	10.0%	30.1%	32.6%	35.6%	3.9%	-1.1%	13.5M	-237.3M	-2.9M	0.53	3.61	12,652	6,732	274,077	135,950
2022-02-11	$45.47	$45.00	40.1%	11.6%	31.0%	49.7%	41.2%	5.5%	0.2%	10.6M	-158.2M	-2.9M	0.73	5.01	16,471	12,084	273,490	136,651
2022-02-14	$45.26	$45.00	40.4%	11.6%	31.0%	50.7%	40.9%	4.8%	1.8%	7.4M	-133.5M	-2.8M	0.76	5.27	10,553	7,973	264,882	133,899
2022-02-15	$47.10	$45.00	37.5%	10.8%	34.1%	39.8%	37.9%	4.3%	-0.1%	12.2M	-244.2M	-2.9M	0.53	5.38	12,876	6,868	266,986	135,397
2022-02-16	$47.40	$45.00	36.0%	10.3%	33.2%	34.0%	36.4%	4.0%	0.2%	14.0M	-267.8M	-2.9M	0.66	4.90	9,411	6,169	268,374	136,383
2022-02-17	$46.47	$45.00	38.0%	10.8%	34.2%	41.5%	42.7%	5.2%	1.0%	11.7M	-200.2M	-2.8M	0.82	16.42	7,232	5,921	270,564	137,438
2022-02-18	$46.09	$45.00	38.7%	11.0%	32.9%	44.1%	37.5%	4.9%	1.0%	4.6M	-180.3M	-2.8M	0.72	3.56	8,451	6,100	270,408	138,447
2022-02-22	$45.64	$45.00	39.7%	11.6%	33.2%	47.9%	39.6%	4.4%	-0.5%	4.2M	-90.8M	-2.7M	0.99	4.33	8,576	8,450	188,983	118,814
2022-02-23	$44.11	$45.00	41.9%	12.2%	35.5%	56.2%	41.4%	6.3%	-0.7%	1.7M	-13.7M	-2.6M	0.74	3.96	8,621	6,338	193,437	123,097
2022-02-24	$44.37	$45.00	42.9%	12.2%	35.5%	60.1%	42.3%	6.6%	-0.4%	2.2M	-26.4M	-2.7M	0.54	6.00	16,356	8,757	196,397	123,822
2022-02-25	$45.01	$45.00	38.9%	11.2%	34.8%	44.9%	38.9%	5.1%	-0.4%	5.3M	-68.2M	-2.7M	0.60	4.40	11,704	7,010	205,879	126,590
2022-02-28	$43.94	$45.00	43.5%	12.8%	35.9%	62.5%	43.6%	6.3%	-1.0%	2.7M	-18.1M	-2.6M	0.47	6.65	14,096	6,565	200,578	122,810