LUV Options History — December 2022

In December 2022, LUV traded between $32.25 and $40.05. ATM implied volatility averaged 34.2%, placing in the 16.3% IV rank vs the trailing year. The 30-day expected move averaged 9.7%. IV traded above realized volatility by 2.8% (HV 20d: 31.4%). Max pain ranged from $37.50 to $40.00. Net GEX was positive for 10 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.98.

Notable Days

  • 2022-12-28: Highest Volume — 138,461 contracts
  • 2022-12-27: Largest IV spike — 23.0% change
  • 2022-12-28: Highest IV Rank — 43.2%
  • 2022-12-28: Largest Expected Move — 11.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$36.93$32.25$40.05$40.05$33.59
Max Pain$39.76$37.50$40.00$37.50$40.00
ATM IV34.2%29.2%42.2%30.5%40.6%
Expected Move9.7%8.7%11.6%9.4%10.9%
HV 20d31.4%25.0%40.8%25.0%40.8%
HV 60d31.9%29.6%34.2%33.7%32.0%
IV Rank16.3%0.0%43.2%0.0%37.7%
IV Percentile15.2%0.0%64.3%0.0%56.3%
Term Structure0.8%-0.7%3.6%0.2%0.4%
VWIV34.3%30.3%40.6%33.3%39.5%
Skew 25d4.8%3.5%6.8%3.9%5.7%
Skew 10d10.0%6.8%13.4%10.3%12.2%
Call IV 25d32.2%27.9%39.5%28.7%39.0%
Put IV 25d36.9%31.4%46.3%32.6%44.7%
Bid-Ask Spread %4.102.279.203.652.69
Gamma HHI0.130.080.180.130.18
Net GEX1.0M-8.7M14.2M11.2M-8.7M
Net DEX40.3M-176.8M226.8M-176.8M163.1M
Net VEX-984.5K-1.2M-795.4K-1.2M-996.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.980.323.820.751.67
Total Volume31,672.1438,081138,46119,81264,657
Total OI288,211.714232,913388,228300,033388,228

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2022-12-01$40.05$37.5030.5%9.4%25.0%0.0%33.3%3.9%0.2%11.2M-176.8M-1.2M0.753.6511,3458,467190,597109,436
2022-12-02$39.72$37.5029.2%9.0%25.2%0.0%31.5%3.5%0.4%14.2M-152.0M-1.2M0.323.0717,8785,736195,293112,841
2022-12-05$39.45$40.0032.0%9.0%25.4%9.4%32.0%4.9%0.8%8.3M-103.5M-1.2M0.543.3411,4576,136188,125109,723
2022-12-06$39.78$40.0032.6%9.4%25.4%11.1%33.5%4.6%0.1%9.3M-128.5M-1.2M0.524.287,9264,138191,490112,916
2022-12-07$37.84$40.0034.3%10.0%31.6%16.8%33.6%4.9%0.5%3.6M26.1M-1.1M0.463.9921,58710,016191,998114,633
2022-12-08$37.47$40.0034.6%9.8%31.8%17.8%34.4%4.6%1.2%1.1M56.7M-1.0M0.473.3410,9955,161189,012116,776
2022-12-09$38.00$40.0032.6%9.8%28.4%11.3%34.2%4.4%0.7%1.3M22.9M-1.0M0.473.2410,7275,025189,737117,304
2022-12-12$38.92$40.0033.4%9.6%29.6%14.0%35.6%5.4%-0.4%3.1M-36.3M-1.0M0.946.608,8478,310166,496107,219
2022-12-13$37.77$40.0033.4%9.6%30.9%13.8%33.9%5.2%0.1%607.1K35.9M-960.4K0.386.528,6153,272169,712110,325
2022-12-14$38.05$40.0032.6%9.3%30.4%11.2%31.4%4.9%0.2%1.2M16.1M-974.0K0.653.806,4454,216170,446111,033
2022-12-15$37.30$40.0033.7%9.6%30.8%14.9%33.1%4.8%-0.1%-802.6K59.5M-943.7K0.482.847,1793,426171,921113,221
2022-12-16$37.28$40.0032.6%9.3%30.4%11.1%32.2%4.1%-0.2%-1.3M70.5M-924.9K0.375.748,4363,130172,165114,584
2022-12-19$36.39$40.0033.2%9.5%31.1%13.4%32.2%4.3%3.4%-621.7K90.6M-872.4K0.354.7011,9074,147139,99192,922
2022-12-20$36.45$40.0031.9%9.1%31.0%8.9%31.7%4.7%3.6%-842.0K80.9M-884.3K0.434.245,8892,562143,77092,699
2022-12-21$36.61$40.0030.4%8.7%30.8%4.0%30.3%3.6%2.7%-64.0K76.6M-880.7K0.583.989,7865,630146,84994,108
2022-12-22$35.39$40.0034.7%9.8%32.2%18.1%34.4%3.9%2.7%-1.8M106.5M-877.5K1.183.357,9659,414153,37896,547
2022-12-23$35.97$40.0032.5%9.0%31.7%10.9%32.5%4.4%3.2%-1.7M90.2M-918.7K0.612.585,0283,053156,856101,117
2022-12-27$33.88$40.0040.0%10.7%36.8%35.8%39.4%5.6%-0.4%-1.5M141.1M-798.0K3.829.2021,19881,076151,53297,136
2022-12-28$32.25$40.0042.2%11.6%38.7%43.2%40.6%6.8%-0.7%-7.5M226.8M-795.4K3.152.6033,369105,092161,600143,511
2022-12-29$33.33$40.0040.9%10.6%40.6%38.8%40.0%6.0%-0.6%-7.8M180.6M-949.2K2.442.2727,87567,997177,523177,676
2022-12-30$33.59$40.0040.6%10.9%40.8%37.7%39.5%5.7%0.4%-8.7M163.1M-996.9K1.672.6924,20340,454186,382201,846