LUV Options History — March 2023

In March 2023, LUV traded between $29.59 and $34.16. ATM implied volatility averaged 35.7%, placing in the 29.8% IV rank vs the trailing year. The 30-day expected move averaged 10.1%. IV traded above realized volatility by 9.0% (HV 20d: 26.7%). Max pain ranged from $32.50 to $35.00. Net GEX was positive for 2 of 23 trading days. Term structure was in contango for 10 of 23 days. Put/call ratio averaged 1.02.

Notable Days

  • 2023-03-13: Highest Volume — 29,366 contracts
  • 2023-03-13: Largest IV spike — 14.3% change
  • 2023-03-15: Highest IV Rank — 51.0%
  • 2023-03-13: Largest Expected Move — 11.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$31.64$29.59$34.16$33.72$32.45
Max Pain$33.80$32.50$35.00$35.00$32.50
ATM IV35.7%28.8%41.0%31.1%35.7%
Expected Move10.1%8.2%11.7%9.4%8.7%
HV 20d26.7%20.7%34.8%22.9%34.8%
HV 60d31.9%28.2%33.6%33.1%28.2%
IV Rank29.8%1.6%51.0%9.1%30.3%
IV Percentile35.5%0.4%63.9%7.9%31.7%
Term Structure0.4%-0.8%3.2%-0.3%-0.1%
VWIV34.8%29.0%41.0%32.4%31.3%
Skew 25d6.1%4.0%7.7%5.1%5.9%
Skew 10d12.5%7.2%17.1%9.8%12.8%
Call IV 25d33.3%27.5%38.6%29.6%33.0%
Put IV 25d39.4%31.5%46.2%34.7%38.9%
Bid-Ask Spread %3.492.505.463.683.95
Gamma HHI0.140.090.500.090.11
Net GEX-2.1M-7.7M2.5M-1.8M2.5M
Net DEX55.5M-36.0M167.6M18.3M-36.0M
Net VEX-1.5M-1.6M-1.4M-1.5M-1.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.020.303.840.770.77
Total Volume15,208.1748,40929,36610,77412,313
Total OI286,433.217250,542322,292288,742278,755

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-03-01$33.72$35.0031.1%9.4%22.9%9.1%32.4%5.1%-0.3%-1.8M18.3M-1.5M0.773.686,0714,703151,228137,514
2023-03-02$33.92$35.0030.3%8.8%22.9%6.4%31.9%5.3%-0.1%-1.0M9.4M-1.5M0.793.025,6554,450154,125139,467
2023-03-03$34.16$35.0029.1%8.2%20.7%2.6%29.0%4.0%0.1%-475.1K-7.6M-1.5M0.612.508,0694,926155,895141,710
2023-03-06$33.69$35.0028.8%8.9%20.8%1.6%29.8%4.3%0.4%-2.0M20.1M-1.5M0.823.159,6277,865149,829134,018
2023-03-07$33.39$35.0030.9%9.1%20.7%8.3%29.7%4.5%0.4%-2.5M28.6M-1.5M1.433.385,7888,269154,893139,289
2023-03-08$33.84$35.0029.6%8.3%21.3%4.3%31.4%4.6%0.4%-1.5M7.4M-1.6M1.073.419,69810,329156,752142,233
2023-03-09$33.16$32.5032.8%9.6%21.0%15.5%32.5%5.1%-0.1%-3.2M32.7M-1.5M0.533.379,1124,837159,871141,380
2023-03-10$32.66$32.5034.6%10.1%21.2%25.4%35.2%5.3%-0.6%-3.5M56.9M-1.6M0.824.956,2815,157163,686143,119
2023-03-13$31.18$32.5039.6%11.7%26.0%45.2%36.3%6.3%1.5%-4.0M111.0M-1.4M1.202.5713,37815,988154,700137,682
2023-03-14$30.48$35.0038.6%11.0%25.5%41.4%36.0%6.6%-0.2%-4.5M147.6M-1.4M1.464.736,7989,908162,078146,583
2023-03-15$29.77$35.0041.0%11.5%25.2%51.0%41.0%7.6%-0.8%-4.7M167.6M-1.4M1.533.017,08410,833164,227147,784
2023-03-16$30.46$35.0038.9%11.0%27.3%43.3%36.4%7.7%-0.5%-4.9M136.2M-1.5M0.392.7114,8945,859168,182148,479
2023-03-17$30.05$35.0040.2%11.4%27.3%48.9%39.9%7.6%-0.6%-7.7M128.6M-1.5M3.842.844,03715,511176,459145,833
2023-03-20$30.07$35.0037.9%10.8%27.3%39.5%38.3%7.3%2.5%-1.7M71.9M-1.4M0.373.078,5793,161136,434114,108
2023-03-21$31.14$35.0035.4%10.1%28.7%29.1%34.1%5.8%2.7%-509.1K36.5M-1.5M0.303.1817,9995,480140,426115,667
2023-03-22$30.34$32.5036.1%10.3%29.6%32.0%34.9%6.6%3.2%-50.0K59.3M-1.5M0.605.179,5805,702149,286118,133
2023-03-23$29.59$32.5040.1%11.4%30.2%48.5%39.5%7.3%1.0%-1.9M84.8M-1.4M0.595.468,5925,067149,479118,986
2023-03-24$29.63$32.5039.7%11.2%30.3%46.9%39.7%6.9%1.9%-2.2M86.2M-1.4M2.083.515,80312,082152,428121,301
2023-03-27$30.20$32.5039.1%10.5%31.5%44.2%37.5%6.6%-0.2%-2.0M63.6M-1.4M1.084.266,0236,524143,254118,537
2023-03-28$30.63$32.5038.2%10.3%32.1%40.5%35.5%6.5%-0.4%-1.3M46.8M-1.5M0.512.735,5622,847145,964121,390
2023-03-29$31.34$32.5037.5%9.3%33.5%37.6%33.5%6.2%-0.2%-2.1K16.3M-1.5M1.152.904,5975,292148,922122,589
2023-03-30$31.88$32.5036.6%9.3%34.1%34.1%35.5%6.4%-0.4%863.0K-8.7M-1.6M0.852.825,1064,352150,456124,833
2023-03-31$32.45$32.5035.7%8.7%34.8%30.3%31.3%5.9%-0.1%2.5M-36.0M-1.6M0.773.956,9625,351151,802126,953