LUV Options History — July 2025

In July 2025, LUV traded between $30.66 and $37.59. ATM implied volatility averaged 37.8%, placing in the 23.7% IV rank vs the trailing year. The 30-day expected move averaged 10.5%. IV traded below realized volatility by 4.4% (HV 20d: 42.2%). Max pain ranged from $32.50 to $37.50. Net GEX was positive for 13 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 1.40.

Notable Days

2025-07-24: Highest Volume — 153,488 contracts
2025-07-24: Largest IV drop — 28.6% change
2025-07-02: Highest IV Rank — 37.5%
2025-07-23: Largest Expected Move — 13.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$34.86	$30.66	$37.59	$33.39	$30.97
Max Pain	$34.98	$32.50	$37.50	$32.50	$35.00
ATM IV	37.8%	28.5%	45.9%	40.0%	33.3%
Expected Move	10.5%	7.9%	13.1%	10.0%	9.4%
HV 20d	42.2%	31.0%	61.5%	31.9%	60.5%
HV 60d	39.9%	31.9%	55.7%	55.7%	42.6%
IV Rank	23.7%	8.1%	37.5%	27.5%	16.1%
IV Percentile	53.4%	0.8%	93.7%	69.8%	22.6%
Term Structure	-0.4%	-11.2%	6.5%	-0.1%	-0.4%
VWIV	36.3%	23.6%	46.5%	34.7%	23.6%
Skew 25d	3.5%	-7.1%	10.6%	5.0%	2.7%
Skew 10d	9.9%	-12.7%	29.4%	8.0%	5.5%
Call IV 25d	35.4%	27.5%	42.9%	36.8%	31.9%
Put IV 25d	38.9%	29.2%	45.0%	41.8%	34.6%
Bid-Ask Spread %	29.29	5.19	74.68	47.55	8.29
Gamma HHI	0.16	0.07	0.33	0.22	0.14
Net GEX	51.7K	-20.9M	10.0M	2.4M	-4.6M
Net DEX	-122.7M	-420.8M	287.8M	-88.0M	172.7M
Net VEX	-1.5M	-1.6M	-1.3M	-1.6M	-1.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.40	0.27	5.18	0.76	1.58
Total Volume	33,160.909	3,445	153,488	9,462	21,112
Total OI	391,144.545	338,379	461,634	358,254	372,428

Daily Data (22 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
2025-07-01	$33.39	$32.50	40.0%	10.0%	31.9%	27.5%	34.7%	5.0%	-0.1%	2.4M	-88.0M	-1.6M	0.76	47.55	5,381	4,081	166,719	191,535
2025-07-02	$33.82	$32.50	45.9%	9.9%	31.9%	37.5%	36.3%	-7.1%	-3.0%	3.8M	-117.6M	-1.6M	0.79	74.68	4,065	3,195	167,834	193,710
2025-07-03	$34.08	$32.50	38.0%	10.3%	31.7%	24.0%	38.9%	4.6%	0.5%	4.5M	-137.6M	-1.6M	0.64	50.50	2,097	1,348	167,977	194,314
2025-07-07	$33.58	$32.50	38.9%	11.5%	32.3%	25.6%	37.5%	5.1%	0.4%	2.3M	-90.4M	-1.5M	1.13	5.19	7,162	8,114	165,656	191,376
2025-07-08	$33.97	$32.50	40.2%	10.9%	31.0%	27.8%	36.7%	5.0%	-1.8%	3.8M	-119.5M	-1.5M	0.27	29.09	6,619	1,818	169,411	194,501
2025-07-09	$34.59	$32.50	39.0%	10.7%	31.6%	25.9%	37.4%	5.6%	-0.6%	6.4M	-174.9M	-1.5M	0.93	46.74	33,602	31,150	172,095	195,298
2025-07-10	$37.59	$32.50	39.7%	11.0%	42.3%	26.9%	38.4%	-1.4%	-1.4%	8.4M	-420.8M	-1.5M	1.28	14.49	50,846	65,100	189,161	216,437
2025-07-11	$37.13	$35.00	43.3%	11.1%	40.4%	33.1%	39.2%	10.6%	-11.2%	10.0M	-372.2M	-1.5M	0.55	11.11	12,225	6,719	191,972	246,506
2025-07-14	$37.58	$35.00	39.2%	11.2%	38.8%	26.1%	39.1%	3.2%	0.0%	5.0M	-383.1M	-1.4M	0.64	34.33	6,366	4,072	182,227	240,083
2025-07-15	$37.22	$35.00	40.5%	11.5%	36.8%	28.4%	41.0%	3.2%	0.2%	4.8M	-359.0M	-1.4M	0.86	53.09	14,066	12,028	185,542	242,266
2025-07-16	$37.39	$35.00	39.9%	11.4%	36.5%	27.2%	40.5%	2.7%	-0.7%	5.4M	-380.8M	-1.4M	5.18	22.35	3,385	17,548	194,320	247,444
2025-07-17	$36.49	$37.50	39.5%	11.3%	36.3%	26.6%	39.7%	3.7%	-1.1%	2.1M	-291.1M	-1.5M	1.30	12.07	8,126	10,541	194,956	258,166
2025-07-18	$36.66	$37.50	39.0%	11.3%	36.0%	25.7%	39.7%	3.6%	-0.4%	-678.2K	-296.6M	-1.5M	1.93	14.00	4,288	8,255	197,052	264,582
2025-07-21	$36.86	$37.50	40.0%	11.7%	36.0%	27.5%	43.7%	3.0%	-1.3%	701.5K	-177.5M	-1.4M	4.40	15.70	7,014	30,872	148,234	190,145
2025-07-22	$37.38	$37.50	38.9%	11.6%	36.0%	25.6%	41.2%	3.1%	0.2%	-1.1M	-182.8M	-1.6M	1.18	24.42	4,605	5,422	153,104	218,767
2025-07-23	$37.55	$37.50	43.1%	13.1%	36.0%	32.7%	46.5%	6.8%	6.5%	-1.1M	-187.3M	-1.6M	2.26	53.78	23,078	52,150	155,023	221,667
2025-07-24	$33.00	$37.50	30.8%	8.6%	60.1%	11.9%	25.7%	2.6%	1.5%	-15.7M	287.8M	-1.4M	2.25	46.95	47,238	106,250	169,979	262,794
2025-07-25	$33.20	$36.00	28.5%	7.9%	60.1%	8.1%	27.4%	2.5%	1.0%	-20.9M	141.0M	-1.4M	0.76	7.71	17,717	13,426	170,692	245,763
2025-07-28	$32.45	$36.00	29.4%	8.1%	60.2%	9.6%	28.2%	2.8%	0.4%	-6.1M	121.2M	-1.4M	0.62	5.84	14,483	8,951	151,096	202,764
2025-07-29	$31.30	$35.00	31.5%	8.7%	61.5%	13.1%	31.6%	2.5%	1.1%	-4.5M	165.0M	-1.3M	0.55	14.80	11,342	6,293	155,075	202,524
2025-07-30	$30.66	$35.00	32.5%	9.1%	60.6%	14.8%	31.7%	6.4%	0.8%	-4.0M	192.2M	-1.3M	1.04	51.69	13,435	13,955	159,932	204,053
2025-07-31	$30.97	$35.00	33.3%	9.4%	60.5%	16.1%	23.6%	2.7%	-0.4%	-4.6M	172.7M	-1.4M	1.58	8.29	8,168	12,944	162,061	210,367