LUV Options History — January 2024

In January 2024, LUV traded between $27.30 and $31.13. ATM implied volatility averaged 38.7%, placing in the 65.5% IV rank vs the trailing year. The 30-day expected move averaged 11.1%. IV traded above realized volatility by 1.5% (HV 20d: 37.3%). Max pain ranged from $27.50 to $30.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 0.94.

Notable Days

2024-01-18: Highest Volume — 76,732 contracts
2024-01-25: Largest IV drop — 13.8% change
2024-01-18: Highest IV Rank — 88.4%
2024-01-18: Largest Expected Move — 12.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$29.46	$27.30	$31.13	$28.41	$29.91
Max Pain	$29.76	$27.50	$30.00	$27.50	$30.00
ATM IV	38.7%	32.4%	43.5%	39.6%	32.9%
Expected Move	11.1%	9.6%	12.6%	10.2%	9.8%
HV 20d	37.3%	31.4%	40.5%	35.0%	39.3%
HV 60d	36.3%	34.8%	37.7%	34.8%	35.8%
IV Rank	65.5%	35.0%	88.4%	69.6%	37.1%
IV Percentile	81.7%	47.6%	97.2%	88.5%	52.4%
Term Structure	-1.1%	-3.5%	0.7%	-0.8%	0.3%
VWIV	39.2%	33.6%	44.4%	38.2%	34.9%
Skew 25d	2.3%	1.4%	7.6%	1.5%	1.8%
Skew 10d	3.7%	-0.2%	6.3%	1.0%	3.1%
Call IV 25d	38.2%	32.2%	43.3%	39.4%	32.3%
Put IV 25d	40.6%	34.1%	47.6%	40.9%	34.1%
Bid-Ask Spread %	11.86	3.87	36.59	26.27	36.59
Gamma HHI	0.14	0.09	0.42	0.10	0.16
Net GEX	4.8M	-1.5M	19.8M	833.8K	6.1M
Net DEX	-112.1M	-208.6M	20.2M	-49.9M	-99.6M
Net VEX	-1.7M	-1.8M	-1.6M	-1.8M	-1.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.94	0.23	2.02	1.20	1.15
Total Volume	28,748.333	8,440	76,732	17,164	15,331
Total OI	460,905.095	391,323	530,838	446,907	434,658

Daily Data (21 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
2024-01-02	$28.41	$27.50	39.6%	10.2%	35.0%	69.6%	38.2%	1.5%	-0.8%	833.8K	-49.9M	-1.8M	1.20	26.27	7,795	9,369	227,707	219,200
2024-01-03	$27.30	$27.50	40.8%	10.4%	37.4%	75.5%	37.0%	2.1%	-1.3%	-1.5M	20.2M	-1.7M	1.52	23.48	11,743	17,821	230,005	224,939
2024-01-04	$27.95	$30.00	39.6%	11.1%	38.2%	69.7%	38.8%	2.0%	-0.8%	-95.2K	-19.4M	-1.7M	0.94	4.43	12,080	11,331	236,522	232,167
2024-01-05	$29.04	$30.00	39.0%	10.8%	38.9%	67.0%	38.1%	1.4%	-0.9%	3.5M	-98.7M	-1.8M	0.79	14.00	8,546	6,759	240,501	235,635
2024-01-08	$29.16	$30.00	39.4%	11.0%	36.1%	68.6%	39.3%	1.9%	-0.8%	2.8M	-100.2M	-1.7M	1.17	12.16	9,424	11,054	234,678	227,339
2024-01-09	$29.31	$30.00	38.0%	10.8%	36.1%	62.2%	38.5%	1.8%	-0.6%	3.2M	-112.9M	-1.7M	1.11	3.96	3,995	4,445	238,457	234,258
2024-01-10	$29.66	$30.00	39.1%	10.9%	36.3%	67.1%	38.2%	1.8%	-0.9%	4.2M	-137.9M	-1.7M	0.34	4.35	27,983	9,457	238,834	236,114
2024-01-11	$29.74	$30.00	38.7%	10.9%	33.4%	65.4%	38.5%	1.9%	-0.6%	6.3M	-151.3M	-1.7M	0.79	4.18	14,105	11,078	253,007	238,140
2024-01-12	$28.55	$30.00	39.8%	11.4%	33.1%	70.6%	40.2%	2.2%	0.3%	1.6M	-53.2M	-1.7M	0.39	4.39	30,008	11,691	261,592	246,729
2024-01-16	$28.63	$30.00	43.4%	12.4%	32.1%	87.9%	42.9%	2.4%	-3.5%	2.7M	-70.9M	-1.7M	1.44	4.07	8,256	11,927	254,203	231,189
2024-01-17	$28.11	$30.00	42.6%	12.2%	31.4%	84.3%	42.5%	2.6%	-2.2%	1.1M	-34.1M	-1.6M	2.02	4.21	5,000	10,104	256,067	237,906
2024-01-18	$29.98	$30.00	43.5%	12.6%	39.2%	88.4%	44.4%	2.4%	-2.6%	6.1M	-179.3M	-1.7M	0.27	5.02	60,278	16,454	257,644	237,998
2024-01-19	$29.96	$30.00	42.3%	12.3%	38.6%	82.6%	43.2%	2.4%	-1.9%	19.8M	-194.1M	-1.8M	1.46	4.55	12,377	18,036	295,291	235,547
2024-01-22	$30.23	$30.00	41.0%	12.2%	38.4%	76.6%	43.1%	2.4%	-1.1%	5.9M	-143.2M	-1.8M	0.86	7.45	11,424	9,776	206,058	185,265
2024-01-23	$31.13	$30.00	39.5%	12.0%	39.3%	69.1%	43.0%	2.4%	-2.2%	6.8M	-198.0M	-1.8M	0.23	19.65	22,083	5,022	211,672	191,621
2024-01-24	$31.12	$30.00	40.6%	12.4%	39.2%	74.4%	43.6%	7.6%	-1.7%	8.0M	-208.6M	-1.8M	0.44	19.85	37,966	16,758	222,475	192,645
2024-01-25	$30.41	$30.00	35.0%	10.4%	40.0%	47.3%	36.6%	2.5%	0.1%	9.4M	-171.3M	-1.8M	0.59	35.00	43,932	25,876	248,588	205,356
2024-01-26	$29.94	$30.00	32.4%	9.6%	40.5%	35.0%	33.6%	1.9%	-2.1%	1.2M	-124.7M	-1.7M	0.59	7.19	18,149	10,671	250,079	218,109
2024-01-29	$30.04	$30.00	33.2%	10.0%	40.3%	38.9%	35.2%	1.9%	0.7%	6.4M	-112.0M	-1.7M	0.80	4.34	7,389	5,942	218,909	203,034
2024-01-30	$30.16	$30.00	32.9%	9.8%	39.8%	37.2%	34.4%	1.6%	0.6%	7.0M	-114.9M	-1.7M	1.74	3.87	4,480	7,800	221,857	207,012
2024-01-31	$29.91	$30.00	32.9%	9.8%	39.3%	37.1%	34.9%	1.8%	0.3%	6.1M	-99.6M	-1.7M	1.15	36.59	7,126	8,205	222,884	211,774