LUV Options History — December 2023

In December 2023, LUV traded between $26.59 and $30.41. ATM implied volatility averaged 35.2%, placing in the 48.4% IV rank vs the trailing year. The 30-day expected move averaged 9.9%. IV traded below realized volatility by 0.1% (HV 20d: 35.3%). Max pain ranged from $25.00 to $27.50. Net GEX was positive for 19 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 0.82.

Notable Days

  • 2023-12-07: Highest Volume — 46,556 contracts
  • 2023-12-26: Largest IV spike — 7.2% change
  • 2023-12-28: Highest IV Rank — 67.8%
  • 2023-12-20: Largest Expected Move — 10.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$28.90$26.59$30.41$26.59$28.93
Max Pain$25.88$25.00$27.50$25.00$27.50
ATM IV35.2%31.9%39.2%32.1%38.6%
Expected Move9.9%9.5%10.5%9.9%9.7%
HV 20d35.3%33.4%36.7%34.3%36.5%
HV 60d33.8%31.2%35.3%31.2%34.6%
IV Rank48.4%32.5%67.8%33.4%64.9%
IV Percentile67.8%41.7%86.1%46.4%82.1%
Term Structure0.3%-10.8%3.7%-0.3%-0.9%
VWIV35.5%34.1%36.8%35.3%34.8%
Skew 25d1.3%0.5%2.6%2.5%1.1%
Skew 10d2.1%0.0%5.3%3.9%1.7%
Call IV 25d35.3%31.6%39.6%31.6%39.3%
Put IV 25d36.6%33.4%41.2%34.1%40.4%
Bid-Ask Spread %19.338.8738.4438.4423.78
Gamma HHI0.160.100.360.110.10
Net GEX3.6M-5.4M8.7M2.1M2.3M
Net DEX-144.6M-291.7M-60.5M-60.5M-82.8M
Net VEX-1.8M-1.9M-1.7M-1.7M-1.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.820.332.030.561.05
Total Volume23,5698,83546,55631,91314,605
Total OI504,350.85449,019572,531501,082467,414

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-12-01$26.59$25.0032.1%9.9%34.3%33.4%35.3%2.5%-0.3%2.1M-60.5M-1.7M0.5638.4420,50711,406259,396241,686
2023-12-04$27.20$25.0033.9%9.9%34.0%41.9%35.5%2.6%0.9%2.4M-87.6M-1.8M0.818.8711,4899,298255,975242,301
2023-12-05$27.06$25.0033.4%9.9%33.7%39.7%35.2%2.1%1.0%1.9M-79.5M-1.8M0.8815.544,7104,125259,345247,117
2023-12-06$27.95$25.0033.7%10.1%34.9%41.1%36.0%0.7%0.8%3.1M-136.5M-1.8M0.9120.2315,14013,789260,258248,986
2023-12-07$29.11$25.0034.4%10.1%36.5%44.6%36.6%0.8%1.3%4.4M-207.8M-1.8M0.3614.9934,19012,366262,884256,093
2023-12-08$29.02$25.0032.8%9.5%34.0%36.6%34.3%0.9%1.8%5.6M-205.7M-1.8M0.6720.8013,2938,881282,064261,489
2023-12-11$29.26$25.0031.9%9.6%33.4%32.5%34.9%0.7%3.1%6.4M-204.7M-1.9M0.9015.1311,37110,242273,998254,673
2023-12-12$30.41$25.0034.2%9.7%34.2%43.4%34.8%0.5%-0.7%8.7M-291.7M-1.9M0.9713.8218,43717,833277,733260,160
2023-12-13$29.14$25.0034.1%9.6%36.7%43.0%35.0%1.5%-0.5%3.3M-173.8M-1.9M0.429.4531,99513,548279,006272,875
2023-12-14$29.77$25.0034.4%9.7%36.5%44.4%34.1%0.8%-0.9%7.6M-240.2M-1.9M0.5015.6618,8079,420287,954276,951
2023-12-15$28.99$25.0035.3%10.0%36.2%48.7%36.0%0.7%-0.8%-5.4M-156.4M-1.9M0.3321.9121,1026,874291,849280,682
2023-12-18$28.99$25.0034.6%9.9%36.0%45.6%35.3%1.1%3.1%2.9M-121.6M-1.8M0.5819.2617,73110,325240,500234,418
2023-12-19$29.57$25.0034.6%9.9%36.2%45.7%35.5%1.2%3.2%4.5M-158.7M-1.9M0.4629.7514,8446,827244,816240,374
2023-12-20$29.23$27.5036.5%10.5%35.2%54.5%36.8%1.9%-10.8%3.5M-109.1M-1.9M0.3718.2611,8974,382236,397243,646
2023-12-21$29.70$27.5036.1%10.2%35.2%53.0%35.9%1.4%2.8%5.3M-139.7M-1.9M0.5416.5010,0085,436238,406245,694
2023-12-22$29.48$27.5036.4%10.1%35.7%54.1%35.9%1.0%3.7%5.8M-122.6M-1.9M1.6721.475,7629,605239,749248,044
2023-12-26$29.19$27.5039.0%10.2%35.5%66.8%36.4%1.7%-0.1%2.1M-101.2M-1.9M2.0314.435,65711,487230,628218,391
2023-12-27$29.09$27.5039.0%10.1%35.8%66.9%36.2%1.8%-0.0%1.5M-94.0M-1.8M0.9123.894,9824,544233,101227,637
2023-12-28$29.41$27.5039.2%9.8%35.5%67.8%36.2%1.8%-0.9%3.1M-117.3M-1.8M1.5824.425,6088,857234,093230,234
2023-12-29$28.93$27.5038.6%9.7%36.5%64.9%34.8%1.1%-0.9%2.3M-82.8M-1.8M1.0523.787,1207,485234,698232,716