LUV Options History — March 2025

In March 2025, LUV traded between $28.16 and $34.86. ATM implied volatility averaged 37.0%, placing in the 42.5% IV rank vs the trailing year. The 30-day expected move averaged 11.2%. IV traded above realized volatility by 1.7% (HV 20d: 35.3%). Max pain ranged from $30.00 to $35.00. Net GEX was positive for 13 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 1.16.

Notable Days

  • 2025-03-11: Highest Volume — 91,478 contracts
  • 2025-03-10: Largest IV spike — 22.8% change
  • 2025-03-10: Highest IV Rank — 64.1%
  • 2025-03-10: Largest Expected Move — 15.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$32.06$28.16$34.86$30.38$33.74
Max Pain$32.00$30.00$35.00$30.00$35.00
ATM IV37.0%32.8%43.8%37.6%40.4%
Expected Move11.2%9.3%15.1%11.9%10.9%
HV 20d35.3%19.4%42.0%19.4%41.0%
HV 60d28.0%21.4%30.8%23.6%30.6%
IV Rank42.5%29.2%64.1%44.5%53.5%
IV Percentile55.1%24.6%97.6%61.9%83.3%
Term Structure-0.9%-17.3%6.7%2.2%-1.7%
VWIV39.1%32.9%49.6%40.9%38.4%
Skew 25d4.4%-8.9%8.9%6.8%8.9%
Skew 10d10.8%-2.6%31.7%5.3%9.5%
Call IV 25d35.5%29.6%55.5%33.6%35.1%
Put IV 25d39.9%34.3%46.5%40.4%44.0%
Bid-Ask Spread %30.633.7076.9039.2049.91
Gamma HHI0.140.080.340.090.13
Net GEX2.8M-3.1M13.3M429.7K-1.4M
Net DEX-100.8M-335.4M106.7M121.7K-70.5M
Net VEX-1.3M-1.8M-1.0M-1.0M-1.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.160.363.030.571.91
Total Volume31,269.04812,23491,47813,48918,820
Total OI329,851.571241,713411,001241,713355,433

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-03-03$30.38$30.0037.6%11.9%19.4%44.5%40.9%6.8%2.2%429.7K121.7K-1.0M0.5739.208,6094,880111,234130,479
2025-03-04$29.58$30.0037.9%12.2%21.4%45.4%41.6%5.3%0.0%-388.3K32.6M-1.0M0.9210.8814,65013,491116,507132,847
2025-03-05$29.82$30.0038.5%11.9%21.6%47.4%41.3%2.6%0.1%-401.3K28.3M-1.1M0.3832.6213,9895,381126,747143,579
2025-03-06$29.63$30.0037.5%12.8%21.4%44.2%43.8%4.5%-7.8%-678.9K33.4M-1.1M1.4435.745,0057,229137,366147,634
2025-03-07$29.14$30.0035.6%12.1%21.9%38.1%44.3%2.6%-17.3%-3.1M72.6M-1.1M0.8245.7510,6318,724140,515152,259
2025-03-10$28.16$30.0043.8%15.1%24.4%64.1%49.6%-8.9%-2.4%-2.7M106.7M-1.0M0.7921.5011,8029,342140,502154,990
2025-03-11$30.61$30.0040.6%13.5%38.6%53.8%47.4%5.8%-0.5%1.9M-39.8M-1.2M1.2835.7640,09851,380146,019160,374
2025-03-12$30.14$30.0038.5%12.0%38.5%47.2%42.0%4.5%-1.6%-33.9K6.4M-1.2M1.4010.4611,64016,297160,706186,924
2025-03-13$31.10$30.0039.8%12.8%40.0%51.5%45.2%4.6%1.3%4.1M-87.3M-1.3M0.7335.3632,24023,697166,655189,933
2025-03-14$31.73$30.0034.9%10.7%40.5%35.9%38.9%4.3%0.1%4.9M-172.5M-1.4M1.2634.1812,80216,111184,598201,331
2025-03-17$32.27$32.5032.8%9.9%40.7%29.2%35.2%4.5%6.7%6.4M-170.0M-1.4M1.075.3011,47512,285169,530185,022
2025-03-18$32.61$32.5034.2%10.2%40.6%33.5%37.1%4.8%3.3%6.4M-188.5M-1.4M0.363.7014,2925,134172,257189,631
2025-03-19$33.57$32.5033.8%10.1%41.5%32.2%34.0%4.9%2.0%7.2M-266.1M-1.4M1.1335.5617,50819,747176,643190,972
2025-03-20$34.36$0.0032.8%9.9%42.0%29.2%34.9%5.0%5.9%6.7M-304.5M-1.4M0.6176.9045,13627,444179,374204,181
2025-03-21$34.82$35.0034.0%9.7%40.9%33.0%35.2%4.2%5.3%13.3M-335.4M-1.5M1.2324.5110,99713,569188,782222,219
2025-03-24$34.86$32.5035.4%9.7%40.9%37.2%33.9%5.5%-0.3%5.3M-206.6M-1.5M2.2713.518,60119,490144,485160,604
2025-03-25$34.70$35.0035.3%9.3%41.0%37.1%32.9%5.3%-7.3%5.5M-191.0M-1.5M0.9410.189,2388,722149,032167,821
2025-03-26$34.25$35.0037.6%9.7%41.5%44.3%34.3%5.5%-1.2%4.6M-154.7M-1.6M3.0328.539,46728,663154,373173,857
2025-03-27$34.09$35.0037.3%9.6%41.5%43.5%34.1%5.1%-1.3%2.0M-123.7M-1.7M1.1949.176,1767,346157,607194,175
2025-03-28$33.61$35.0038.4%10.6%42.0%46.9%35.5%6.0%-4.3%-956.2K-85.6M-1.7M1.1244.5120,97823,564160,780198,906
2025-03-31$33.74$35.0040.4%10.9%41.0%53.5%38.4%8.9%-1.7%-1.4M-70.5M-1.8M1.9149.916,47512,345150,651204,782