LUV Options History — May 2025

In May 2025, LUV traded between $28.94 and $33.55. ATM implied volatility averaged 38.1%, placing in the 24.3% IV rank vs the trailing year. The 30-day expected move averaged 11.1%. IV traded below realized volatility by 5.9% (HV 20d: 44.1%). Max pain ranged from $27.50 to $31.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.69.

Notable Days

  • 2025-05-05: Highest Volume — 53,166 contracts
  • 2025-05-15: Largest IV spike — 28.9% change
  • 2025-05-06: Highest IV Rank — 37.1%
  • 2025-05-01: Largest Expected Move — 12.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$31.55$28.94$33.55$28.94$33.52
Max Pain$30.14$27.50$31.00$27.50$31.00
ATM IV38.1%29.5%45.7%42.7%33.2%
Expected Move11.1%10.0%12.6%12.6%10.0%
HV 20d44.1%26.2%93.2%93.2%29.2%
HV 60d61.2%60.6%62.2%60.6%61.9%
IV Rank24.3%9.7%37.1%32.0%16.0%
IV Percentile55.7%1.2%93.7%88.9%18.3%
Term Structure-0.8%-9.6%6.3%1.2%0.1%
VWIV39.1%34.8%44.7%44.7%34.8%
Skew 25d3.6%-15.0%9.5%6.0%5.5%
Skew 10d12.2%-9.0%44.8%15.1%44.8%
Call IV 25d35.3%21.0%43.0%41.3%31.6%
Put IV 25d38.9%22.2%47.6%47.2%37.0%
Bid-Ask Spread %24.676.5548.2743.9848.27
Gamma HHI0.160.080.360.100.19
Net GEX3.9M-5.6M10.1M3.6M5.9M
Net DEX-114.0M-241.7M169.9K-64.6M-198.5M
Net VEX-1.9M-2.0M-1.6M-1.6M-2.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.690.261.210.630.88
Total Volume21,516.4767,40153,16640,9387,401
Total OI435,899.667386,445481,686435,559452,798

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-05-01$28.94$27.5042.7%12.6%93.2%32.0%44.7%6.0%1.2%3.6M-64.6M-1.6M0.6343.9825,05115,887219,954215,605
2025-05-02$29.94$27.5042.4%11.8%88.2%31.4%42.5%6.2%0.3%10.1M-151.5M-1.7M0.4233.8928,10111,782228,779221,181
2025-05-05$30.16$30.0044.0%12.4%79.1%34.3%43.4%6.2%0.0%2.2M-49.0M-1.7M0.4541.6636,60516,561190,463195,982
2025-05-06$29.94$30.0045.7%12.4%78.7%37.1%43.0%4.1%-1.5%2.8M-30.2M-1.8M0.406.847,4402,993204,770209,723
2025-05-07$30.48$30.0033.1%12.2%76.1%15.8%42.8%3.2%-7.7%3.7M-64.0M-1.8M0.9442.766,9556,570205,858210,829
2025-05-08$31.29$30.0041.5%11.3%55.9%29.9%41.6%5.5%-0.1%5.8M-117.9M-1.8M0.356.5512,4114,345205,641213,697
2025-05-09$31.20$30.0040.5%11.8%35.2%28.3%41.3%5.7%-6.2%2.8M-108.0M-1.8M1.077.1310,95511,691204,468215,045
2025-05-12$31.12$30.0042.1%11.0%35.3%31.0%38.6%-12.1%-9.6%1.7M-90.0M-1.7M0.6613.117,7315,089200,385216,778
2025-05-13$31.66$30.0037.6%10.4%34.3%23.4%38.3%0.4%-1.5%1.9M-126.9M-1.8M0.2628.4933,0208,574203,575220,657
2025-05-14$31.43$30.0029.5%10.8%34.8%9.7%39.2%-15.0%-0.7%3.8M-136.3M-1.9M1.2127.6215,73718,975232,295222,830
2025-05-15$31.79$30.0038.0%10.5%29.4%24.1%38.8%9.5%0.7%4.6M-164.1M-2.0M0.6411.495,3673,409243,143235,771
2025-05-16$32.70$30.0036.2%10.4%29.4%21.0%35.6%5.7%1.1%8.0M-241.7M-2.0M0.4044.3016,8306,772244,722236,964
2025-05-19$32.47$30.0037.0%10.4%26.2%22.4%36.2%5.2%1.0%4.1M-124.5M-2.0M0.6222.8510,4396,483210,494209,895
2025-05-20$32.50$31.0036.8%10.5%26.4%22.0%36.5%5.0%0.3%4.5M-125.2M-2.0M0.626.795,1853,220217,283215,046
2025-05-21$31.86$31.0038.7%11.1%27.6%25.2%38.4%6.4%-1.1%3.6M-75.8M-2.0M0.9942.674,8724,845220,493216,500
2025-05-22$31.38$31.0038.0%10.9%26.9%24.0%38.0%5.1%-2.4%2.5M-39.7M-1.9M1.1137.699,33510,350223,754218,263
2025-05-23$31.02$31.0041.3%11.1%27.1%29.7%37.8%6.8%-2.0%-5.6M169.9K-1.9M0.667.388,2655,467227,848225,328
2025-05-27$32.67$31.0035.3%10.6%30.8%19.6%36.4%6.0%6.3%4.3M-132.0M-1.9M0.6611.4610,2076,768215,585215,416
2025-05-28$32.86$31.0035.8%10.8%30.9%20.4%37.2%5.6%-0.0%5.0M-144.9M-2.0M0.7112.605,7024,077221,369219,999
2025-05-29$33.55$31.0031.8%10.0%30.6%13.6%35.9%5.3%5.6%6.7M-209.9M-1.9M0.8220.5416,66913,710223,030221,677
2025-05-30$33.52$31.0033.2%10.0%29.2%16.0%34.8%5.5%0.1%5.9M-198.5M-2.0M0.8848.273,9413,460224,891227,907