LUV Options History — September 2023

In September 2023, LUV traded between $26.62 and $31.43. ATM implied volatility averaged 30.5%, placing in the 19.2% IV rank vs the trailing year. The 30-day expected move averaged 8.4%. IV traded above realized volatility by 10.1% (HV 20d: 20.4%). Max pain ranged from $28.00 to $32.50. Net GEX was positive for 0 of 20 trading days. Term structure was in contango for 11 of 20 days. Put/call ratio averaged 1.39.

Notable Days

  • 2023-09-06: Highest Volume — 49,854 contracts
  • 2023-09-25: Largest IV spike — 12.8% change
  • 2023-09-27: Highest IV Rank — 52.0%
  • 2023-09-26: Largest Expected Move — 10.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$28.77$26.62$31.43$31.43$26.99
Max Pain$31.30$28.00$32.50$32.50$28.00
ATM IV30.5%25.2%39.5%25.2%38.0%
Expected Move8.4%6.6%10.4%6.6%9.8%
HV 20d20.4%17.8%23.7%20.0%22.4%
HV 60d33.8%32.8%35.2%34.6%33.0%
IV Rank19.2%0.0%52.0%0.0%46.7%
IV Percentile28.9%0.0%86.1%0.0%82.1%
Term Structure0.6%-1.9%4.0%0.6%-1.9%
VWIV29.6%23.6%34.7%23.6%33.5%
Skew 25d3.5%2.6%5.1%3.0%3.9%
Skew 10d7.3%5.7%10.0%5.7%7.4%
Call IV 25d29.2%23.5%38.2%23.5%37.0%
Put IV 25d32.6%26.6%43.0%26.6%40.9%
Bid-Ask Spread %2.351.843.292.282.30
Gamma HHI0.160.110.320.110.14
Net GEX-4.5M-14.1M-1.4M-2.2M-1.7M
Net DEX116.3M53.9M162.4M53.9M122.9M
Net VEX-1.3M-1.5M-1.2M-1.5M-1.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.390.214.300.403.48
Total Volume25,813.2512,99949,85419,34536,883
Total OI348,916.45289,403395,281380,549348,488

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-09-01$31.43$32.5025.2%6.6%20.0%0.0%23.6%3.0%0.6%-2.2M53.9M-1.5M0.402.2813,8115,534198,480182,069
2023-09-05$30.88$32.5026.4%8.1%20.2%4.5%28.4%3.1%0.6%-4.0M89.5M-1.5M2.082.027,34115,305194,882179,313
2023-09-06$30.04$32.5027.0%8.0%17.8%6.6%30.8%3.3%0.4%-7.8M128.8M-1.4M4.301.889,40140,453197,111180,239
2023-09-07$29.45$32.5028.1%8.0%18.4%10.4%28.0%3.7%0.7%-8.6M162.4M-1.4M2.352.417,33717,264199,618188,511
2023-09-08$29.52$32.5026.2%7.7%18.1%3.5%28.6%3.5%0.6%-14.1M151.6M-1.3M1.702.329,40815,967201,881186,663
2023-09-11$29.46$32.5027.5%7.7%18.1%8.2%27.5%3.2%-1.2%-5.0M108.8M-1.3M0.212.0417,9923,814200,363173,246
2023-09-12$29.20$32.5027.1%7.6%18.1%6.8%26.4%2.9%-0.8%-3.1M115.5M-1.3M1.392.167,71710,716208,641172,540
2023-09-13$28.79$32.5027.3%7.6%18.2%7.7%27.4%2.9%-0.7%-4.0M142.4M-1.3M1.632.3715,85025,831211,462175,975
2023-09-14$28.86$32.5026.7%7.5%18.5%5.5%26.7%3.1%-0.9%-4.0M133.7M-1.3M1.132.2813,94315,767213,053176,437
2023-09-15$29.63$32.5026.5%7.7%21.2%4.8%28.3%2.7%0.4%-1.4M92.3M-1.4M1.781.8412,65322,523213,872181,409
2023-09-18$29.16$32.5027.9%8.0%21.6%9.8%28.7%2.6%3.8%-3.4M74.8M-1.3M1.582.326,0949,605148,661140,742
2023-09-19$28.86$32.5029.1%8.3%21.7%14.0%29.2%3.2%4.0%-3.9M89.1M-1.3M0.632.508,1475,109151,537147,477
2023-09-20$28.61$30.0029.2%8.4%21.5%14.5%29.5%3.2%3.5%-4.1M99.0M-1.3M1.222.326,2577,626154,378149,216
2023-09-21$28.37$30.0031.8%8.9%21.3%24.0%30.1%3.5%3.3%-4.3M108.0M-1.3M1.323.295,5957,404157,415150,321
2023-09-22$28.06$30.0032.0%8.8%21.4%25.0%30.2%3.5%4.0%-7.2M119.2M-1.3M0.762.5113,97710,571159,070149,903
2023-09-25$27.45$30.0036.1%9.3%22.1%39.9%33.0%4.0%-1.3%-4.0M131.4M-1.2M0.632.3213,8758,713159,465146,956
2023-09-26$26.62$30.0038.9%10.4%23.7%50.0%33.5%5.1%-1.5%-3.5M147.8M-1.2M0.702.4921,66315,131163,639147,465
2023-09-27$26.77$30.0039.5%10.1%20.5%52.0%34.7%4.6%-1.3%-3.1M146.6M-1.2M0.302.4728,2088,364171,441154,261
2023-09-28$27.27$28.0038.9%9.8%22.6%50.0%33.7%4.3%-1.2%-1.7M108.9M-1.3M0.232.8011,7512,665187,442154,687
2023-09-29$26.99$28.0038.0%9.8%22.4%46.7%33.5%3.9%-1.9%-1.7M122.9M-1.3M3.482.308,23428,649193,153155,335