LUV Options History — January 2023

In January 2023, LUV traded between $32.39 and $36.97. ATM implied volatility averaged 35.8%, placing in the 22.3% IV rank vs the trailing year. The 30-day expected move averaged 10.3%. IV traded below realized volatility by 6.3% (HV 20d: 42.2%). Max pain ranged from $35.00 to $40.00. Net GEX was positive for 13 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 1.25.

Notable Days

  • 2023-01-26: Highest Volume — 70,141 contracts
  • 2023-01-26: Largest IV drop — 11.4% change
  • 2023-01-03: Highest IV Rank — 44.6%
  • 2023-01-05: Largest Expected Move — 11.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$35.77$32.39$36.97$32.39$35.69
Max Pain$35.85$35.00$40.00$40.00$36.00
ATM IV35.8%28.3%42.6%42.6%29.8%
Expected Move10.3%8.3%11.7%11.2%9.2%
HV 20d42.2%32.0%45.9%41.9%32.0%
HV 60d33.9%32.6%34.4%32.6%34.0%
IV Rank22.3%0.0%44.6%44.6%4.8%
IV Percentile28.3%0.0%67.5%67.5%1.2%
Term Structure-0.5%-2.5%0.6%-0.4%0.1%
VWIV37.3%29.5%41.2%40.2%34.4%
Skew 25d5.3%4.5%6.1%6.1%5.2%
Skew 10d11.2%8.4%13.0%12.0%12.0%
Call IV 25d34.0%25.9%39.9%39.9%28.3%
Put IV 25d39.2%30.7%46.1%46.1%33.5%
Bid-Ask Spread %2.832.014.652.022.88
Gamma HHI0.120.060.370.100.10
Net GEX163.1K-10.2M9.0M-6.6M237.1K
Net DEX24.3M-42.1M213.0M213.0M-11.2M
Net VEX-1.1M-1.4M-918.0K-918.0K-1.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.250.602.192.001.06
Total Volume31,656.8512,13270,14155,77515,764
Total OI317,299.9199,100369,318344,453264,167

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-01-03$32.39$40.0042.6%11.2%41.9%44.6%40.2%6.1%-0.4%-6.6M213.0M-918.0K2.002.0218,57837,197173,651170,802
2023-01-04$33.59$40.0040.4%10.9%45.1%37.0%39.0%5.2%-0.5%-2.1M142.7M-975.7K1.493.2414,67221,824182,392175,908
2023-01-05$33.53$35.0040.0%11.7%44.7%35.7%40.9%5.5%-0.9%-2.4M147.8M-968.2K1.652.676,83211,279184,625180,914
2023-01-06$35.00$35.0039.0%11.0%45.5%32.6%41.2%4.8%-0.7%2.3M56.0M-1.0M1.012.3131,94132,163186,062183,256
2023-01-09$35.56$35.0039.0%11.2%45.9%32.5%40.8%5.6%0.4%-213.7K75.8M-1.1M1.082.4115,30216,582176,028172,782
2023-01-10$36.05$35.0039.2%11.3%45.9%33.2%38.2%5.2%0.6%528.3K29.1M-1.1M1.172.018,5169,970178,587172,502
2023-01-11$36.00$35.0039.3%11.4%44.8%33.4%40.7%5.8%0.2%693.1K33.4M-1.1M1.592.168,69213,857182,654174,402
2023-01-12$36.89$35.0037.4%10.5%44.8%27.3%38.5%5.5%-1.0%2.4M-42.1M-1.1M0.912.5110,96810,002185,102172,727
2023-01-13$36.91$35.0035.6%10.0%44.7%21.1%36.7%4.5%-1.2%4.0M-42.0M-1.1M0.932.1115,18814,158187,684174,477
2023-01-17$36.86$35.0035.9%10.2%44.2%22.1%37.4%4.9%-0.4%2.7M-27.5M-1.1M0.832.8411,3189,359187,151163,958
2023-01-18$36.25$35.0038.7%11.1%44.5%31.4%38.9%5.7%-2.5%1.9M18.6M-1.1M1.142.3113,46215,290192,097166,443
2023-01-19$36.50$35.0036.7%10.5%43.8%24.8%39.8%5.5%-0.1%2.7M-2.9M-1.1M1.252.685,3836,749196,010169,107
2023-01-20$36.97$35.0033.9%9.8%44.0%15.7%37.0%5.1%-1.1%9.0M-30.8M-1.1M1.033.198,5148,729196,997170,253
2023-01-23$36.58$35.0033.9%10.2%44.2%15.6%36.4%5.3%-1.1%950.3K-32.6M-1.0M2.192.6910,02221,99288,916110,184
2023-01-24$36.64$35.0033.7%10.1%42.3%14.7%35.5%5.3%-0.7%582.5K-27.9M-1.1M0.883.479,9328,70694,737122,357
2023-01-25$36.70$36.5032.9%10.1%42.0%12.3%35.7%5.0%-0.8%380.4K-32.1M-1.2M1.894.6514,89328,113100,155126,896
2023-01-26$35.45$36.5029.2%8.3%37.9%0.0%29.5%5.1%0.1%-10.2M52.0M-1.2M1.353.0929,80540,336108,013148,485
2023-01-27$36.16$36.5028.3%8.3%33.0%0.0%29.8%4.8%0.2%-3.2M-21.1M-1.3M0.603.4228,98517,480119,547158,411
2023-01-30$35.69$36.5030.8%9.5%32.0%8.1%35.4%5.0%-0.1%-475.7K-11.9M-1.3M1.013.9915,24415,340114,183133,376
2023-01-31$35.69$36.0029.8%9.2%32.0%4.8%34.4%5.2%0.1%237.1K-11.2M-1.4M1.062.887,6618,103122,304141,863