LUV Options History — May 2023

In May 2023, LUV traded between $28.59 and $30.70. ATM implied volatility averaged 32.3%, placing in the 16.2% IV rank vs the trailing year. The 30-day expected move averaged 9.3%. IV traded above realized volatility by 2.5% (HV 20d: 29.7%). Max pain ranged from $30.00 to $35.00. Net GEX was positive for 2 of 22 trading days. Term structure was in contango for 9 of 22 days. Put/call ratio averaged 0.82.

Notable Days

  • 2023-05-10: Highest Volume — 27,377 contracts
  • 2023-05-04: Largest IV spike — 17.3% change
  • 2023-05-04: Highest IV Rank — 34.4%
  • 2023-05-24: Largest Expected Move — 10.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$29.55$28.59$30.70$30.63$29.93
Max Pain$32.80$30.00$35.00$30.00$30.50
ATM IV32.3%28.8%36.7%28.8%31.6%
Expected Move9.3%8.4%10.3%8.4%9.2%
HV 20d29.7%23.8%33.2%23.8%30.1%
HV 60d28.8%26.7%29.8%26.7%29.7%
IV Rank16.2%1.9%34.4%1.9%13.7%
IV Percentile18.3%0.4%47.2%0.4%15.5%
Term Structure-0.2%-3.6%3.3%0.1%-0.6%
VWIV33.1%30.1%38.2%30.7%33.3%
Skew 25d5.6%3.5%7.0%4.7%5.3%
Skew 10d11.1%9.0%14.0%10.0%11.4%
Call IV 25d30.3%27.4%32.8%27.4%29.9%
Put IV 25d35.9%32.1%39.8%32.1%35.2%
Bid-Ask Spread %2.841.565.473.842.38
Gamma HHI0.100.070.180.090.08
Net GEX-2.3M-6.9M165.4K-1.1M-967.9K
Net DEX54.3M2.2M110.7M35.5M16.6M
Net VEX-1.5M-1.5M-1.4M-1.4M-1.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.820.331.990.930.35
Total Volume14,1097,82227,37713,6439,245
Total OI335,534.045301,822356,069301,822343,648

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-05-01$30.63$30.0028.8%8.4%23.8%1.9%30.7%4.7%0.1%-1.1M35.5M-1.4M0.933.847,0716,572156,706145,116
2023-05-02$29.95$30.0032.0%9.1%23.8%15.1%33.4%5.5%-0.2%-2.3M64.1M-1.4M1.282.805,2476,692161,040149,154
2023-05-03$30.70$30.0031.3%9.5%25.7%12.2%33.6%5.2%0.4%-488.2K25.3M-1.5M0.465.479,3054,326163,035152,372
2023-05-04$29.31$35.0036.7%10.3%30.3%34.4%36.8%7.0%-0.5%-3.6M88.9M-1.4M0.534.3612,0846,424164,727153,993
2023-05-05$29.63$35.0032.2%9.5%30.7%16.0%33.1%6.4%1.3%-4.8M75.1M-1.4M0.984.396,5496,440170,248157,542
2023-05-08$29.59$35.0032.3%9.5%29.8%16.5%33.1%6.1%0.4%-2.9M74.8M-1.4M0.721.739,3666,718163,228152,723
2023-05-09$29.70$35.0031.9%9.3%28.3%14.9%32.8%5.5%0.5%-2.7M68.9M-1.4M1.992.315,19710,324168,685157,443
2023-05-10$29.23$35.0032.8%9.1%28.2%18.6%32.4%6.4%-1.5%-4.0M91.2M-1.4M0.331.6220,6296,748171,688165,776
2023-05-11$28.95$35.0032.1%9.1%28.1%15.7%32.8%6.2%-0.6%-5.1M97.7M-1.4M0.562.509,3855,209176,450167,879
2023-05-12$28.59$35.0032.8%9.9%27.9%18.6%35.6%5.8%3.3%-6.9M110.7M-1.4M0.922.099,3258,542180,810169,297
2023-05-15$28.98$35.0030.6%8.8%27.9%9.4%32.1%5.1%0.6%-3.4M82.5M-1.4M0.922.316,3935,873179,863164,019
2023-05-16$28.61$35.0034.4%10.0%28.0%25.2%32.4%5.1%-3.6%-3.9M98.4M-1.4M0.352.047,8252,776182,696165,565
2023-05-17$29.91$32.5031.1%8.9%32.7%11.3%32.4%3.5%-1.8%-587.4K27.6M-1.5M0.684.7411,1457,569187,363166,110
2023-05-18$30.05$32.5031.3%9.0%32.7%12.4%31.6%5.2%0.1%165.4K2.2M-1.5M0.361.567,9702,842189,193162,806
2023-05-19$29.46$32.5030.9%8.7%33.2%10.5%30.8%4.5%1.6%101.3K31.0M-1.5M1.101.798,4339,314193,515162,554
2023-05-22$29.38$32.5031.2%8.7%33.2%12.1%30.1%5.6%-0.5%-1.6M40.3M-1.5M0.832.566,7355,591176,864153,420
2023-05-23$29.59$32.5032.1%9.5%32.6%15.6%32.7%5.7%-0.3%-1.1M29.3M-1.5M1.092.535,3695,840179,779155,400
2023-05-24$29.02$32.5035.1%10.3%32.9%27.8%38.2%6.2%-0.9%-2.6M61.5M-1.5M1.782.863,3796,021182,054159,577
2023-05-25$29.36$30.5034.5%10.0%31.4%25.4%34.9%6.5%-0.7%-1.7M36.0M-1.5M0.492.975,2562,566184,816160,737
2023-05-26$29.66$30.5031.5%9.4%31.4%13.3%32.6%5.7%-0.0%-889.4K19.3M-1.5M0.502.697,3353,646186,816162,200
2023-05-30$29.77$30.0032.3%9.5%31.1%16.4%33.6%5.7%-0.4%-407.3K18.6M-1.5M0.932.968,8498,273180,689154,153
2023-05-31$29.93$30.5031.6%9.2%30.1%13.7%33.3%5.3%-0.6%-967.9K16.6M-1.5M0.352.386,8372,408184,787158,861