LUV Options History — August 2025

In August 2025, LUV traded between $29.04 and $33.33. ATM implied volatility averaged 35.5%, placing in the 19.9% IV rank vs the trailing year. The 30-day expected move averaged 10.5%. IV traded below realized volatility by 14.0% (HV 20d: 49.5%). Max pain ranged from $32.50 to $35.00. Net GEX was positive for 12 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.89.

Notable Days

2025-08-06: Highest Volume — 23,199 contracts
2025-08-12: Largest IV spike — 25.4% change
2025-08-26: Highest IV Rank — 27.1%
2025-08-26: Largest Expected Move — 13.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$31.16	$29.04	$33.33	$29.79	$32.91
Max Pain	$33.69	$32.50	$35.00	$35.00	$32.50
ATM IV	35.5%	28.3%	39.8%	37.6%	36.7%
Expected Move	10.5%	9.6%	13.7%	10.2%	10.8%
HV 20d	49.5%	32.5%	61.5%	61.5%	32.5%
HV 60d	43.7%	42.7%	44.3%	43.3%	44.2%
IV Rank	19.9%	7.8%	27.1%	23.4%	21.9%
IV Percentile	39.6%	0.8%	71.4%	50.0%	47.2%
Term Structure	1.0%	-1.0%	11.4%	11.4%	-0.1%
VWIV	36.8%	33.7%	41.7%	35.0%	38.3%
Skew 25d	2.7%	-5.6%	4.0%	3.3%	3.3%
Skew 10d	6.1%	-12.8%	21.9%	-12.8%	6.2%
Call IV 25d	34.8%	31.8%	41.6%	34.0%	35.7%
Put IV 25d	37.5%	34.0%	39.3%	37.3%	39.0%
Bid-Ask Spread %	18.76	3.54	53.14	50.26	9.06
Gamma HHI	0.14	0.10	0.19	0.15	0.11
Net GEX	195.2K	-4.1M	5.3M	-4.1M	4.3M
Net DEX	64.7M	-98.3M	209.5M	209.5M	-78.3M
Net VEX	-1.4M	-1.5M	-1.2M	-1.3M	-1.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.89	0.23	3.03	0.74	1.11
Total Volume	12,979.762	4,883	23,199	14,588	4,883
Total OI	356,286.667	317,906	379,397	369,631	363,419

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
2025-08-01	$29.79	$35.00	37.6%	10.2%	61.5%	23.4%	35.0%	3.3%	11.4%	-4.1M	209.5M	-1.3M	0.74	50.26	8,373	6,215	164,758	204,873
2025-08-04	$29.77	$35.00	34.3%	10.3%	61.5%	17.8%	37.9%	3.4%	1.8%	-4.0M	197.5M	-1.3M	1.40	5.70	6,831	9,566	162,696	199,174
2025-08-05	$29.98	$35.00	34.4%	10.4%	61.3%	18.1%	38.9%	3.4%	2.5%	-4.0M	188.8M	-1.3M	0.66	45.34	10,531	6,923	166,171	202,769
2025-08-06	$29.79	$35.00	34.2%	10.1%	60.7%	17.6%	34.7%	-5.6%	1.1%	-3.8M	197.0M	-1.3M	2.35	6.42	6,916	16,283	170,685	207,424
2025-08-07	$29.52	$35.00	35.1%	10.1%	50.3%	19.2%	35.3%	3.4%	-0.1%	-3.2M	186.0M	-1.3M	0.71	9.72	5,120	3,612	174,253	199,924
2025-08-08	$29.54	$35.00	33.1%	9.6%	50.5%	15.8%	33.7%	2.3%	1.3%	-3.6M	182.3M	-1.3M	1.19	53.14	5,078	6,062	176,241	201,097
2025-08-11	$29.04	$35.00	28.3%	10.0%	49.8%	7.8%	36.3%	2.6%	-0.3%	-3.6M	201.9M	-1.2M	0.49	40.08	13,313	6,565	171,254	199,396
2025-08-12	$30.63	$35.00	35.5%	10.3%	55.1%	19.9%	35.2%	2.7%	-0.2%	-1.8M	126.1M	-1.3M	0.30	5.37	11,759	3,584	173,224	200,458
2025-08-13	$31.14	$35.00	35.6%	10.3%	55.6%	20.1%	36.2%	2.4%	0.6%	276.2K	95.9M	-1.4M	0.39	5.07	9,874	3,812	176,475	201,213
2025-08-14	$30.79	$35.00	35.5%	10.1%	55.4%	19.9%	36.2%	3.7%	-0.2%	-149.5K	93.8M	-1.3M	3.03	20.25	2,812	8,525	177,984	196,491
2025-08-15	$31.55	$32.50	35.7%	10.1%	56.4%	20.3%	36.3%	2.6%	-0.3%	2.9M	55.2M	-1.4M	0.52	3.54	9,217	4,763	178,664	200,733
2025-08-18	$31.24	$32.50	35.8%	10.2%	56.2%	20.5%	36.1%	3.3%	-0.8%	616.7K	25.4M	-1.4M	0.52	14.17	6,649	3,466	155,657	162,249
2025-08-19	$31.59	$32.50	36.4%	10.4%	56.1%	21.4%	36.5%	3.6%	-1.0%	1.7M	5.0M	-1.4M	0.42	23.18	5,014	2,087	161,466	165,061
2025-08-20	$31.27	$32.50	36.3%	10.4%	55.9%	21.2%	36.6%	3.5%	1.5%	1.5M	21.6M	-1.4M	1.10	8.01	2,688	2,963	164,522	166,132
2025-08-21	$30.95	$32.50	36.7%	10.5%	33.4%	21.9%	37.5%	3.0%	-0.6%	878.3K	39.8M	-1.4M	0.60	8.20	4,801	2,878	165,445	168,187
2025-08-22	$32.72	$32.50	35.0%	10.1%	39.4%	19.1%	35.9%	2.5%	-0.6%	4.2M	-70.0M	-1.4M	0.51	26.48	10,860	5,484	167,022	169,623
2025-08-25	$32.56	$32.50	36.0%	10.6%	38.5%	20.8%	37.7%	3.2%	-0.0%	2.7M	-47.0M	-1.4M	0.43	11.48	5,742	2,472	164,224	168,482
2025-08-26	$33.33	$32.50	39.8%	13.7%	36.8%	27.1%	41.7%	4.0%	6.5%	3.2M	-90.9M	-1.5M	0.23	35.06	17,214	3,914	166,913	169,979
2025-08-27	$33.30	$32.50	36.8%	10.6%	35.8%	22.1%	37.6%	3.4%	0.0%	4.8M	-98.3M	-1.5M	0.39	5.56	4,966	1,951	176,533	170,805
2025-08-28	$33.03	$32.50	36.7%	10.8%	36.0%	22.0%	39.2%	3.0%	-0.6%	5.3M	-81.7M	-1.5M	1.50	7.94	7,515	11,294	178,952	171,392
2025-08-29	$32.91	$32.50	36.7%	10.8%	32.5%	21.9%	38.3%	3.3%	-0.1%	4.3M	-78.3M	-1.5M	1.11	9.06	2,314	2,569	183,730	179,689