LUV Options History — February 2023

In February 2023, LUV traded between $33.44 and $36.80. ATM implied volatility averaged 30.8%, placing in the 8.0% IV rank vs the trailing year. The 30-day expected move averaged 8.9%. IV traded above realized volatility by 5.9% (HV 20d: 24.8%). Max pain ranged from $35.00 to $36.00. Net GEX was positive for 7 of 19 trading days. Term structure was in contango for 13 of 19 days. Put/call ratio averaged 0.90.

Notable Days

2023-02-01: Highest Volume — 29,566 contracts
2023-02-21: Largest IV spike — 13.4% change
2023-02-21: Highest IV Rank — 14.3%
2023-02-22: Largest Expected Move — 9.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$35.01	$33.44	$36.80	$35.86	$33.70
Max Pain	$35.05	$35.00	$36.00	$36.00	$35.00
ATM IV	30.8%	28.9%	32.7%	28.9%	31.1%
Expected Move	8.9%	8.2%	9.5%	8.6%	9.3%
HV 20d	24.8%	22.9%	28.4%	28.4%	22.9%
HV 60d	33.8%	33.1%	34.5%	33.9%	33.1%
IV Rank	8.0%	1.8%	14.3%	2.1%	9.0%
IV Percentile	5.3%	0.4%	13.5%	0.4%	7.1%
Term Structure	0.1%	-1.4%	1.6%	0.8%	-0.3%
VWIV	31.5%	28.7%	33.1%	31.4%	33.1%
Skew 25d	5.0%	4.1%	5.8%	4.5%	5.1%
Skew 10d	10.1%	8.7%	11.8%	10.4%	10.2%
Call IV 25d	28.8%	26.9%	30.9%	27.3%	29.5%
Put IV 25d	33.8%	31.2%	36.3%	31.8%	34.7%
Bid-Ask Spread %	2.65	1.78	4.18	3.42	2.71
Gamma HHI	0.11	0.09	0.18	0.11	0.09
Net GEX	-476.7K	-5.6M	5.6M	1.4M	-2.0M
Net DEX	-15.6M	-93.8M	45.6M	-21.5M	20.3M
Net VEX	-1.4M	-1.5M	-1.4M	-1.4M	-1.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.90	0.29	2.69	0.75	1.18
Total Volume	20,347.105	12,269	29,566	29,566	16,023
Total OI	270,134.842	242,609	286,367	267,220	277,330

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
2023-02-01	$35.86	$36.00	28.9%	8.6%	28.4%	2.1%	31.4%	4.5%	0.8%	1.4M	-21.5M	-1.4M	0.75	3.42	16,911	12,655	125,499	141,721
2023-02-02	$36.80	$35.00	29.8%	8.6%	27.1%	4.9%	31.5%	4.1%	0.5%	5.6M	-93.8M	-1.4M	0.60	2.56	17,776	10,746	131,712	146,668
2023-02-03	$36.34	$35.00	30.1%	8.5%	27.7%	5.7%	31.5%	4.9%	0.6%	5.4M	-53.4M	-1.4M	0.35	2.39	16,856	5,962	131,221	149,002
2023-02-06	$36.00	$35.00	30.5%	9.2%	23.9%	7.0%	31.8%	5.3%	1.6%	1.5M	-35.4M	-1.4M	0.69	1.78	9,921	6,860	124,683	125,853
2023-02-07	$36.27	$35.00	30.1%	8.4%	23.4%	5.8%	29.9%	5.1%	-1.4%	3.2M	-52.4M	-1.4M	0.41	2.09	13,786	5,616	128,257	128,026
2023-02-08	$35.47	$35.00	31.2%	9.0%	24.3%	9.4%	31.1%	5.1%	0.2%	771.7K	-19.4M	-1.4M	0.29	1.96	17,027	4,876	136,485	130,161
2023-02-09	$35.00	$35.00	31.5%	9.0%	24.7%	10.4%	31.9%	5.6%	0.0%	-2.4M	-1.4M	-1.4M	0.37	3.18	20,311	7,520	151,396	130,997
2023-02-10	$34.58	$35.00	30.8%	8.9%	23.0%	8.2%	32.0%	5.5%	0.3%	-3.0M	18.5M	-1.4M	0.70	1.96	10,675	7,509	154,079	132,288
2023-02-13	$35.13	$35.00	31.8%	9.1%	23.9%	11.3%	32.3%	5.1%	0.0%	-480.7K	-25.2M	-1.4M	1.06	2.70	8,072	8,531	137,288	119,535
2023-02-14	$35.50	$35.00	30.3%	8.7%	24.4%	6.5%	31.3%	5.1%	0.2%	-84.1K	-45.1M	-1.4M	1.48	2.03	7,497	11,068	140,677	124,205
2023-02-15	$35.66	$35.00	29.6%	8.5%	23.8%	4.3%	30.3%	4.4%	-0.9%	1.0M	-59.4M	-1.5M	0.86	2.46	8,632	7,463	143,843	131,014
2023-02-16	$35.30	$35.00	29.8%	8.5%	23.8%	4.7%	29.8%	4.4%	0.2%	-480.1K	-35.6M	-1.4M	0.86	2.50	8,278	7,135	148,247	131,327
2023-02-17	$35.31	$35.00	28.9%	8.2%	23.2%	1.8%	28.7%	4.3%	0.7%	-2.3M	-40.4M	-1.5M	1.08	2.21	8,433	9,130	148,503	133,225
2023-02-21	$33.95	$35.00	32.7%	9.4%	26.6%	14.3%	32.4%	5.8%	0.1%	-2.5M	17.2M	-1.4M	0.73	4.18	16,070	11,761	131,206	111,403
2023-02-22	$33.53	$35.00	32.3%	9.5%	26.7%	12.8%	32.9%	5.3%	-0.4%	-3.1M	30.8M	-1.4M	2.69	3.05	7,584	20,436	142,250	117,732
2023-02-23	$33.70	$35.00	31.3%	9.1%	26.8%	9.7%	32.3%	4.6%	0.1%	-3.5M	26.8M	-1.5M	1.53	3.29	4,853	7,416	146,015	128,636
2023-02-24	$33.44	$35.00	32.7%	9.2%	24.4%	14.1%	32.4%	5.1%	-0.4%	-5.6M	45.6M	-1.5M	1.11	3.21	6,457	7,162	147,824	134,058
2023-02-27	$33.56	$35.00	31.4%	9.2%	23.0%	10.0%	32.6%	4.9%	-0.1%	-2.7M	27.0M	-1.5M	0.36	2.75	14,372	5,215	142,255	127,941
2023-02-28	$33.70	$35.00	31.1%	9.3%	22.9%	9.0%	33.1%	5.1%	-0.3%	-2.0M	20.3M	-1.5M	1.18	2.71	7,336	8,687	146,375	130,955