LUV Options History — April 2023

In April 2023, LUV traded between $29.95 and $32.81. ATM implied volatility averaged 35.4%, placing in the 29.1% IV rank vs the trailing year. The 30-day expected move averaged 9.9%. IV traded above realized volatility by 6.9% (HV 20d: 28.5%). Max pain ranged from $32.00 to $32.50. Net GEX was positive for 14 of 19 trading days. Term structure was in contango for 5 of 19 days. Put/call ratio averaged 1.13.

Notable Days

2023-04-18: Highest Volume — 83,836 contracts
2023-04-27: Largest IV drop — 15.3% change
2023-04-26: Highest IV Rank — 38.3%
2023-04-26: Largest Expected Move — 11.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$31.75	$29.95	$32.81	$31.73	$30.29
Max Pain	$32.47	$32.00	$32.50	$32.50	$32.00
ATM IV	35.4%	30.3%	37.6%	35.5%	30.3%
Expected Move	9.9%	8.4%	11.2%	9.2%	8.4%
HV 20d	28.5%	22.3%	35.3%	35.3%	24.4%
HV 60d	27.0%	26.3%	28.6%	28.6%	27.2%
IV Rank	29.1%	8.3%	38.3%	29.5%	8.3%
IV Percentile	32.6%	6.0%	50.4%	29.8%	6.0%
Term Structure	-0.5%	-1.6%	0.4%	0.0%	0.3%
VWIV	35.5%	30.2%	41.4%	32.2%	30.2%
Skew 25d	5.7%	4.8%	6.9%	5.9%	4.9%
Skew 10d	11.5%	9.9%	14.1%	11.1%	10.4%
Call IV 25d	33.4%	28.1%	35.7%	33.5%	28.1%
Put IV 25d	39.1%	33.0%	41.4%	39.4%	33.0%
Bid-Ask Spread %	3.08	2.18	3.98	3.25	3.88
Gamma HHI	0.07	0.06	0.10	0.09	0.08
Net GEX	622.2K	-3.8M	2.7M	675.8K	-2.1M
Net DEX	6.1M	-44.4M	91.6M	8.0M	67.4M
Net VEX	-1.5M	-1.6M	-1.3M	-1.6M	-1.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.13	0.27	2.91	1.32	1.03
Total Volume	19,279.842	6,425	83,836	23,268	22,075
Total OI	289,899.895	270,543	319,993	270,543	319,993

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
2023-04-03	$31.73	$32.50	35.5%	9.2%	35.3%	29.5%	32.2%	5.9%	0.0%	675.8K	8.0M	-1.6M	1.32	3.25	10,021	13,247	147,546	122,997
2023-04-04	$31.59	$32.50	35.8%	9.4%	35.2%	30.6%	33.0%	6.3%	-0.3%	1.1M	9.6M	-1.6M	0.27	3.50	8,853	2,364	153,312	125,109
2023-04-05	$31.51	$32.50	36.2%	9.5%	34.7%	32.6%	33.4%	6.9%	-0.7%	627.4K	17.7M	-1.6M	1.23	3.55	3,167	3,904	152,959	125,639
2023-04-06	$31.57	$32.50	35.9%	9.9%	34.2%	31.0%	34.1%	6.2%	-0.6%	-133.6K	12.6M	-1.6M	0.81	3.15	3,542	2,883	153,952	126,748
2023-04-10	$32.09	$32.50	36.7%	10.3%	34.4%	34.5%	36.2%	5.9%	-0.5%	1.7M	-9.4M	-1.6M	1.49	2.91	3,844	5,731	150,720	123,758
2023-04-11	$32.81	$32.50	35.3%	10.1%	30.8%	28.8%	35.9%	5.8%	0.3%	2.7M	-44.4M	-1.6M	0.28	2.97	8,997	2,497	152,661	128,486
2023-04-12	$32.22	$32.50	37.5%	10.5%	30.4%	37.8%	37.5%	6.6%	-1.0%	2.5M	-16.7M	-1.6M	1.22	2.95	9,837	12,013	157,424	129,144
2023-04-13	$32.28	$32.50	36.9%	10.2%	28.7%	35.4%	38.8%	6.2%	-1.6%	2.6M	-15.2M	-1.6M	1.21	3.98	3,312	4,005	158,127	136,454
2023-04-14	$31.73	$32.50	35.9%	10.1%	28.8%	31.3%	35.6%	5.5%	-0.9%	563.4K	14.4M	-1.6M	1.13	2.47	5,688	6,410	159,215	137,418
2023-04-17	$32.19	$32.50	34.9%	9.9%	28.5%	27.3%	34.3%	5.1%	0.4%	1.5M	-11.4M	-1.6M	0.37	2.62	7,169	2,667	152,869	131,300
2023-04-18	$32.09	$32.50	35.7%	10.2%	28.6%	30.3%	38.1%	5.2%	-0.4%	1.4M	-6.2M	-1.5M	2.91	3.50	21,447	62,389	155,910	132,574
2023-04-19	$32.47	$32.50	35.5%	10.2%	26.2%	29.8%	36.1%	4.8%	-0.4%	1.8M	-33.9M	-1.6M	1.19	3.77	6,209	7,392	163,327	147,524
2023-04-20	$32.14	$32.50	34.6%	9.9%	24.5%	26.0%	34.6%	5.0%	0.0%	905.8K	-15.6M	-1.6M	0.86	2.18	4,875	4,191	165,886	147,478
2023-04-21	$32.09	$32.50	34.1%	9.8%	22.3%	23.7%	34.8%	5.3%	-0.6%	1.0M	-10.9M	-1.6M	2.12	2.57	3,544	7,512	166,971	147,955
2023-04-24	$32.13	$32.50	34.3%	10.0%	22.3%	24.6%	36.8%	5.3%	-1.1%	610.8K	-8.4M	-1.5M	0.35	2.38	11,572	4,053	150,642	127,854
2023-04-25	$31.37	$32.50	37.6%	10.9%	23.6%	38.1%	38.6%	6.1%	-0.9%	-618.4K	26.6M	-1.5M	0.82	2.62	7,042	5,776	148,938	130,345
2023-04-26	$30.93	$32.50	37.6%	11.2%	23.8%	38.3%	41.4%	5.7%	-0.9%	-1.2M	40.8M	-1.4M	1.34	3.21	6,977	9,378	150,687	132,438
2023-04-27	$29.95	$32.50	31.9%	9.1%	25.0%	14.5%	33.0%	5.3%	-0.0%	-3.8M	91.6M	-1.3M	1.57	3.08	24,000	37,734	155,647	138,091
2023-04-28	$30.29	$32.00	30.3%	8.4%	24.4%	8.3%	30.2%	4.9%	0.3%	-2.1M	67.4M	-1.4M	1.03	3.88	10,855	11,220	164,957	155,036