LUV Options History — July 2023

In July 2023, LUV traded between $32.78 and $39.20. ATM implied volatility averaged 31.9%, placing in the 21.2% IV rank vs the trailing year. The 30-day expected move averaged 8.9%. IV traded above realized volatility by 1.9% (HV 20d: 30.0%). Max pain ranged from $32.50 to $37.50. Net GEX was positive for 18 of 20 trading days. Term structure was in contango for 2 of 20 days. Put/call ratio averaged 0.72.

Notable Days

2023-07-27: Highest Volume — 152,395 contracts
2023-07-27: Largest IV drop — 12.0% change
2023-07-26: Highest IV Rank — 32.7%
2023-07-26: Largest Expected Move — 10.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$36.64	$32.78	$39.20	$37.11	$34.11
Max Pain	$36.38	$32.50	$37.50	$32.50	$35.00
ATM IV	31.9%	27.5%	34.9%	29.7%	29.0%
Expected Move	8.9%	6.9%	10.4%	6.9%	8.2%
HV 20d	30.0%	21.7%	48.9%	22.4%	48.9%
HV 60d	30.1%	27.9%	36.8%	28.2%	36.5%
IV Rank	21.2%	4.6%	32.7%	12.9%	10.2%
IV Percentile	28.4%	2.8%	52.4%	10.3%	7.9%
Term Structure	-0.8%	-2.0%	0.3%	-0.6%	-0.6%
VWIV	31.9%	27.1%	37.0%	27.1%	29.0%
Skew 25d	2.0%	1.4%	3.1%	1.7%	1.5%
Skew 10d	4.3%	2.1%	7.4%	3.0%	4.0%
Call IV 25d	31.7%	27.5%	34.2%	29.5%	29.4%
Put IV 25d	33.7%	29.5%	36.6%	31.2%	30.8%
Bid-Ask Spread %	3.34	1.97	8.28	2.64	3.88
Gamma HHI	0.14	0.09	0.21	0.12	0.09
Net GEX	5.6M	-4.4M	10.9M	8.1M	2.1M
Net DEX	-229.9M	-394.9M	54.4M	-303.6M	-77.5M
Net VEX	-1.8M	-1.9M	-1.7M	-1.7M	-1.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.72	0.18	2.18	1.28	0.49
Total Volume	30,716.45	8,006	152,395	17,703	34,161
Total OI	352,347.5	311,128	442,913	311,128	378,168

Daily Data (20 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
2023-07-03	$37.11	$32.50	29.7%	6.9%	22.4%	12.9%	27.1%	1.7%	-0.6%	8.1M	-303.6M	-1.7M	1.28	2.64	7,761	9,942	170,652	140,476
2023-07-05	$37.34	$32.50	30.8%	7.6%	21.7%	17.2%	27.4%	2.0%	-1.0%	8.0M	-313.8M	-1.8M	0.28	2.84	20,424	5,727	173,369	146,854
2023-07-06	$36.98	$35.00	31.3%	8.6%	22.9%	19.0%	30.6%	1.6%	-0.9%	8.7M	-295.1M	-1.8M	0.68	8.28	6,672	4,512	181,159	149,020
2023-07-07	$37.72	$35.00	30.8%	8.7%	23.2%	17.0%	30.7%	1.4%	-1.0%	7.5M	-335.4M	-1.8M	0.20	2.02	12,391	2,459	182,174	149,105
2023-07-10	$38.36	$35.00	32.0%	9.0%	22.5%	21.7%	31.4%	2.1%	-0.3%	8.4M	-348.0M	-1.8M	2.18	1.97	7,698	16,790	177,234	138,152
2023-07-11	$39.20	$37.50	32.4%	8.8%	22.6%	23.1%	31.7%	2.2%	-1.4%	8.0M	-394.9M	-1.8M	0.43	2.87	23,300	10,067	179,833	150,682
2023-07-12	$38.72	$37.50	31.8%	9.1%	23.7%	21.0%	31.6%	1.8%	-0.1%	10.9M	-369.4M	-1.9M	0.78	3.17	12,260	9,568	192,651	154,511
2023-07-13	$37.22	$37.50	32.7%	9.1%	28.4%	24.4%	31.8%	1.8%	-1.2%	6.7M	-260.6M	-1.9M	0.33	2.18	26,659	8,805	196,153	158,776
2023-07-14	$36.42	$37.50	32.5%	8.9%	28.6%	23.5%	32.3%	2.3%	-2.0%	4.2M	-209.5M	-1.9M	0.60	2.36	11,616	6,974	202,331	162,537
2023-07-17	$36.23	$37.50	33.4%	9.5%	28.6%	27.0%	33.6%	2.6%	-1.0%	4.2M	-196.8M	-1.9M	0.18	4.41	19,020	3,378	191,493	156,677
2023-07-18	$36.63	$37.50	32.0%	9.1%	28.6%	21.6%	33.0%	2.9%	-0.3%	6.2M	-222.9M	-1.9M	0.39	5.04	5,763	2,243	194,990	158,795
2023-07-19	$37.28	$37.50	33.8%	9.7%	29.0%	28.5%	34.3%	2.2%	-1.5%	8.4M	-271.8M	-1.9M	0.71	2.08	10,314	7,355	197,648	159,850
2023-07-20	$36.95	$37.50	33.3%	9.6%	29.2%	26.4%	33.9%	1.7%	-0.8%	6.3M	-237.1M	-1.9M	0.63	2.27	5,872	3,692	200,284	164,994
2023-07-21	$37.17	$37.50	32.1%	9.2%	29.2%	21.9%	33.8%	1.5%	-0.4%	7.3M	-246.8M	-1.8M	1.38	2.18	6,210	8,565	201,065	166,537
2023-07-24	$37.19	$37.50	32.6%	9.5%	28.7%	23.9%	33.4%	1.7%	-1.9%	4.9M	-219.3M	-1.8M	0.24	3.68	32,570	7,856	175,293	141,704
2023-07-25	$35.53	$37.50	34.4%	10.4%	33.8%	30.9%	36.4%	2.6%	-1.2%	4.3M	-137.5M	-1.8M	0.62	3.38	27,309	16,975	201,700	147,586
2023-07-26	$36.25	$37.50	34.9%	10.4%	31.3%	32.7%	37.0%	2.3%	0.3%	6.7M	-192.0M	-1.9M	1.34	4.81	13,551	18,119	212,997	155,811
2023-07-27	$32.78	$37.50	30.7%	8.6%	47.8%	16.8%	30.6%	3.1%	-0.3%	-4.4M	54.4M	-1.7M	0.60	3.24	95,255	57,140	220,273	172,503
2023-07-28	$33.56	$35.00	27.5%	7.5%	48.6%	4.6%	27.2%	2.0%	0.1%	-4.0M	-19.7M	-1.9M	1.02	3.43	17,513	17,843	250,597	192,316
2023-07-31	$34.11	$35.00	29.0%	8.2%	48.9%	10.2%	29.0%	1.5%	-0.6%	2.1M	-77.5M	-1.9M	0.49	3.88	22,973	11,188	203,740	174,428