LUV Options History — January 2025

In January 2025, LUV traded between $30.72 and $33.84. ATM implied volatility averaged 36.3%, placing in the 40.4% IV rank vs the trailing year. The 30-day expected move averaged 10.0%. IV traded above realized volatility by 14.1% (HV 20d: 22.2%). Max pain ranged from $32.50 to $32.50. Net GEX was positive for 10 of 20 trading days. Term structure was in contango for 5 of 20 days. Put/call ratio averaged 1.04.

Notable Days

2025-01-30: Highest Volume — 30,270 contracts
2025-01-08: Largest IV spike — 22.8% change
2025-01-08: Highest IV Rank — 68.6%
2025-01-29: Largest Expected Move — 11.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$32.47	$30.72	$33.84	$33.42	$30.72
Max Pain	$32.50	$32.50	$32.50	$32.50	$32.50
ATM IV	36.3%	27.3%	45.2%	36.8%	27.3%
Expected Move	10.0%	8.1%	11.0%	9.2%	8.4%
HV 20d	22.2%	17.2%	26.9%	24.3%	26.9%
HV 60d	26.9%	25.0%	28.7%	26.9%	25.3%
IV Rank	40.4%	11.6%	68.6%	41.7%	11.6%
IV Percentile	52.6%	0.4%	98.0%	55.2%	0.4%
Term Structure	-2.3%	-18.8%	6.9%	-1.5%	6.9%
VWIV	34.7%	27.9%	39.6%	33.2%	29.6%
Skew 25d	3.0%	0.8%	12.6%	1.5%	7.1%
Skew 10d	3.5%	-9.4%	14.2%	2.5%	8.1%
Call IV 25d	34.0%	18.5%	37.2%	36.7%	26.0%
Put IV 25d	37.0%	23.5%	49.3%	38.2%	33.1%
Bid-Ask Spread %	27.53	3.23	56.99	38.11	6.09
Gamma HHI	0.15	0.11	0.23	0.13	0.11
Net GEX	373.2K	-3.2M	4.4M	3.9M	-967.3K
Net DEX	-54.5M	-136.9M	29.9M	-117.0M	29.9M
Net VEX	-1.0M	-1.1M	-956.4K	-1.1M	-956.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.04	0.17	2.10	2.07	0.66
Total Volume	16,384.7	7,610	30,270	10,174	13,682
Total OI	289,010.2	215,916	357,102	316,426	259,499

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
2025-01-02	$33.42	$32.50	36.8%	9.2%	24.3%	41.7%	33.2%	1.5%	-1.5%	3.9M	-117.0M	-1.1M	2.07	38.11	3,317	6,857	148,570	167,856
2025-01-03	$33.57	$32.50	36.7%	8.9%	22.6%	41.6%	30.8%	2.1%	1.3%	3.2M	-120.4M	-1.1M	0.36	32.12	6,440	2,304	149,289	170,266
2025-01-06	$33.84	$32.50	35.7%	9.7%	17.8%	38.3%	34.4%	1.1%	0.9%	4.4M	-136.9M	-1.1M	1.46	49.42	6,308	9,193	149,735	166,960
2025-01-07	$32.86	$32.50	36.8%	10.0%	17.2%	41.8%	34.4%	1.7%	-0.7%	838.4K	-70.5M	-1.1M	0.71	46.07	8,046	5,751	152,106	174,022
2025-01-08	$32.70	$32.50	45.2%	10.2%	17.3%	68.6%	35.8%	12.6%	-18.8%	492.9K	-62.2M	-1.1M	1.15	7.37	4,940	5,687	154,986	177,209
2025-01-10	$33.22	$32.50	35.5%	10.2%	17.7%	37.7%	35.5%	1.7%	-12.0%	-506.9K	-97.6M	-1.1M	0.83	53.25	5,662	4,720	158,052	180,357
2025-01-13	$32.67	$32.50	38.0%	10.5%	18.6%	45.6%	36.3%	2.4%	-1.1%	-246.5K	-70.9M	-1.0M	0.17	3.23	6,478	1,132	151,669	174,449
2025-01-14	$33.03	$32.50	36.4%	10.3%	19.1%	40.6%	35.8%	1.9%	1.8%	404.0K	-94.1M	-1.0M	1.44	4.22	9,134	13,127	153,060	173,975
2025-01-15	$32.88	$32.50	36.7%	10.2%	18.7%	41.6%	34.7%	2.1%	-3.2%	-2.0M	-74.6M	-1.0M	0.43	47.17	13,431	5,724	155,363	181,874
2025-01-16	$32.14	$32.50	36.7%	10.4%	20.1%	41.7%	34.6%	2.3%	-0.1%	-3.2M	-37.4M	-1.1M	1.51	15.39	9,304	14,040	171,882	184,794
2025-01-17	$31.94	$32.50	37.1%	10.3%	20.2%	43.0%	36.0%	1.8%	-1.7%	-618.0K	-27.0M	-1.0M	1.18	46.15	5,267	6,221	174,213	182,889
2025-01-21	$32.97	$32.50	37.8%	10.7%	23.3%	45.0%	35.9%	5.0%	-8.7%	2.0M	-62.5M	-1.0M	1.10	56.99	13,460	14,785	100,642	115,274
2025-01-22	$31.96	$32.50	37.5%	10.7%	25.8%	43.9%	36.7%	2.7%	-0.6%	-13.7K	-21.0M	-1.0M	1.13	6.15	8,031	9,067	109,698	121,280
2025-01-23	$31.93	$32.50	36.1%	10.4%	25.3%	39.7%	35.3%	1.7%	-1.5%	-561.1K	-17.9M	-1.0M	2.10	4.93	4,061	8,539	114,925	124,293
2025-01-24	$31.96	$32.50	34.4%	10.0%	24.6%	34.2%	35.1%	0.8%	-4.2%	-719.8K	-16.9M	-1.0M	0.81	6.60	8,019	6,512	115,279	125,917
2025-01-27	$32.73	$32.50	37.9%	10.3%	25.5%	45.2%	35.2%	2.9%	-4.7%	1.8M	-56.7M	-1.1M	0.44	8.94	9,447	4,150	105,767	118,014
2025-01-28	$31.98	$32.50	36.8%	10.9%	26.6%	41.9%	37.8%	3.1%	-0.4%	756.1K	-29.3M	-1.0M	0.78	36.18	11,215	8,765	107,601	118,813
2025-01-29	$31.63	$32.50	37.8%	11.0%	26.6%	45.1%	39.6%	3.3%	-0.4%	1.0M	-23.4M	-1.0M	1.84	38.14	8,668	15,940	116,710	120,182
2025-01-30	$31.26	$32.50	29.6%	8.1%	26.6%	18.9%	27.9%	2.1%	2.1%	-2.6M	16.6M	-981.2K	0.58	44.00	19,185	11,085	121,376	131,358
2025-01-31	$30.72	$32.50	27.3%	8.4%	26.9%	11.6%	29.6%	7.1%	6.9%	-967.3K	29.9M	-956.4K	0.66	6.09	8,254	5,428	129,326	130,173