LUV Options History — March 2022

In March 2022, LUV traded between $37.03 and $46.01. ATM implied volatility averaged 44.3%, placing in the 55.9% IV rank vs the trailing year. The 30-day expected move averaged 13.2%. IV traded below realized volatility by 5.5% (HV 20d: 49.8%). Max pain ranged from $42.50 to $45.00. Net GEX was positive for 19 of 23 trading days. Term structure was in contango for 7 of 23 days. Put/call ratio averaged 0.67.

Notable Days

2022-03-30: Highest Volume — 35,045 contracts
2022-03-07: Largest IV spike — 21.1% change
2022-03-07: Highest IV Rank — 100.0%
2022-03-07: Largest Expected Move — 19.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$42.34	$37.03	$46.01	$41.87	$46.01
Max Pain	$44.52	$42.50	$45.00	$45.00	$45.00
ATM IV	44.3%	35.5%	59.3%	47.9%	36.4%
Expected Move	13.2%	10.1%	19.6%	14.7%	10.6%
HV 20d	49.8%	36.0%	55.2%	36.0%	49.4%
HV 60d	37.6%	32.1%	39.2%	32.7%	38.8%
IV Rank	55.9%	26.1%	100.0%	79.3%	28.7%
IV Percentile	86.1%	59.9%	100.0%	98.8%	67.1%
Term Structure	-0.2%	-3.4%	2.5%	-0.6%	-0.5%
VWIV	46.2%	34.4%	69.9%	53.4%	35.1%
Skew 25d	6.6%	4.1%	11.1%	7.1%	4.2%
Skew 10d	13.6%	7.3%	20.8%	16.4%	9.1%
Call IV 25d	42.0%	33.9%	54.6%	45.6%	35.0%
Put IV 25d	48.6%	38.6%	65.7%	52.7%	39.2%
Bid-Ask Spread %	9.22	3.98	29.06	5.07	6.00
Gamma HHI	0.08	0.06	0.13	0.09	0.13
Net GEX	3.3M	-678.4K	12.8M	1.0M	12.8M
Net DEX	-5.9M	-201.2M	176.5M	53.6M	-201.2M
Net VEX	-2.5M	-2.7M	-2.1M	-2.5M	-2.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.67	0.22	1.22	0.54	0.43
Total Volume	20,054.739	11,498	35,045	21,347	15,587
Total OI	331,860.261	271,396	379,360	328,284	319,924

Daily Data (23 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
2022-03-01	$41.87	$45.00	47.9%	14.7%	36.0%	79.3%	53.4%	7.1%	-0.6%	1.0M	53.6M	-2.5M	0.54	5.07	13,819	7,528	204,103	124,181
2022-03-02	$42.54	$45.00	44.1%	12.9%	36.1%	64.8%	44.1%	6.8%	-0.9%	1.1M	33.9M	-2.5M	0.31	5.40	13,857	4,344	205,987	126,394
2022-03-03	$41.65	$45.00	44.7%	13.7%	36.1%	66.9%	47.1%	6.9%	-0.3%	197.1K	65.8M	-2.5M	0.37	6.98	14,280	5,295	211,040	127,688
2022-03-04	$40.55	$45.00	49.0%	15.2%	36.7%	83.4%	51.4%	6.9%	-0.5%	-300.3K	104.0M	-2.4M	0.85	5.58	10,211	8,728	214,921	129,464
2022-03-07	$37.03	$45.00	59.3%	19.6%	47.7%	100.0%	69.9%	11.1%	-2.5%	-678.4K	176.5M	-2.1M	0.58	6.58	21,668	12,490	208,606	128,741
2022-03-08	$39.24	$45.00	57.3%	18.2%	52.5%	93.6%	68.0%	8.3%	-3.4%	53.7K	105.3M	-2.4M	0.97	7.36	14,757	14,365	217,560	133,942
2022-03-09	$40.82	$45.00	51.5%	17.0%	53.8%	75.9%	60.5%	8.5%	0.4%	1.2M	57.3M	-2.5M	0.93	6.76	14,862	13,880	221,302	137,905
2022-03-10	$40.80	$45.00	51.3%	16.1%	52.4%	75.2%	56.6%	8.0%	0.2%	1.4M	51.2M	-2.5M	0.72	9.30	7,842	5,658	228,934	142,700
2022-03-11	$40.40	$44.50	52.1%	15.8%	52.4%	77.6%	56.5%	7.8%	-1.4%	-277.4K	69.8M	-2.5M	0.77	3.98	9,974	7,657	229,873	143,495
2022-03-14	$39.95	$45.00	53.3%	14.1%	52.1%	81.2%	47.8%	8.6%	-1.7%	-197.3K	90.7M	-2.4M	1.22	10.44	7,366	9,001	223,506	140,391
2022-03-15	$41.79	$45.00	49.9%	13.4%	55.2%	70.6%	46.9%	6.7%	-0.5%	1.8M	11.2M	-2.6M	0.59	11.31	13,182	7,768	225,451	143,311
2022-03-16	$42.75	$45.00	45.3%	12.4%	53.8%	56.4%	43.4%	6.1%	-1.4%	3.5M	-28.0M	-2.6M	0.84	16.18	11,056	9,336	228,771	144,640
2022-03-17	$42.63	$0.00	42.6%	12.6%	53.6%	48.1%	43.0%	7.3%	-0.3%	3.6M	-15.2M	-2.6M	0.89	29.06	7,297	6,488	230,872	146,547
2022-03-18	$43.49	$45.00	39.9%	11.7%	54.0%	39.8%	40.6%	6.6%	-0.4%	3.4M	-58.0M	-2.6M	0.76	13.82	12,349	9,425	231,701	147,659
2022-03-21	$42.59	$42.50	39.8%	11.6%	54.4%	39.4%	40.4%	6.4%	1.9%	2.8M	-26.3M	-2.5M	1.06	13.18	10,569	11,249	161,543	109,853
2022-03-22	$43.23	$42.50	37.1%	11.0%	54.7%	31.1%	36.4%	5.9%	2.3%	2.7M	-38.1M	-2.5M	0.64	8.92	7,001	4,497	166,833	117,524
2022-03-23	$42.96	$42.50	37.0%	11.2%	53.5%	30.9%	42.1%	5.4%	1.6%	2.3M	-29.8M	-2.5M	0.34	8.14	16,613	5,721	169,629	118,621
2022-03-24	$43.99	$42.50	36.6%	10.7%	54.2%	29.5%	37.3%	4.9%	2.5%	5.9M	-81.7M	-2.6M	0.59	7.33	9,612	5,652	174,869	120,443
2022-03-25	$44.00	$45.00	36.6%	10.5%	53.9%	29.6%	36.4%	5.1%	2.4%	7.9M	-88.6M	-2.6M	0.47	6.75	10,185	4,758	177,766	122,169
2022-03-28	$44.51	$45.00	36.5%	10.5%	53.4%	29.2%	35.8%	5.4%	-0.0%	6.6M	-98.2M	-2.6M	0.68	6.87	7,527	5,116	173,956	112,943
2022-03-29	$45.35	$45.00	35.5%	10.1%	50.4%	26.1%	34.6%	4.3%	-0.2%	8.7M	-136.5M	-2.6M	0.66	8.58	10,625	7,019	176,133	114,389
2022-03-30	$45.63	$45.00	36.2%	10.4%	50.2%	28.3%	34.4%	4.1%	-0.4%	9.6M	-154.1M	-2.6M	0.22	8.41	28,617	6,428	179,534	116,972
2022-03-31	$46.01	$45.00	36.4%	10.6%	49.4%	28.7%	35.1%	4.2%	-0.5%	12.8M	-201.2M	-2.7M	0.43	6.00	10,873	4,714	201,123	118,801