LUV Options History — September 2025

In September 2025, LUV traded between $31.01 and $33.34. ATM implied volatility averaged 40.2%, placing in the 27.8% IV rank vs the trailing year. The 30-day expected move averaged 11.5%. IV traded above realized volatility by 6.9% (HV 20d: 33.3%). Max pain ranged from $32.50 to $33.00. Net GEX was positive for 11 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 1.34.

Notable Days

  • 2025-09-23: Highest Volume — 46,453 contracts
  • 2025-09-24: Largest IV spike — 29.1% change
  • 2025-09-25: Highest IV Rank — 36.8%
  • 2025-09-03: Largest Expected Move — 12.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$31.97$31.01$33.34$32.16$31.76
Max Pain$32.52$32.50$33.00$32.50$32.50
ATM IV40.2%34.2%45.6%38.8%45.3%
Expected Move11.5%10.8%12.1%12.0%11.7%
HV 20d33.3%26.9%37.9%34.0%34.5%
HV 60d44.0%43.3%44.9%44.4%44.9%
IV Rank27.8%17.8%36.8%25.5%36.4%
IV Percentile71.6%28.6%93.3%64.3%93.3%
Term Structure0.9%-1.7%4.5%0.3%-0.3%
VWIV40.0%37.4%42.8%41.6%40.7%
Skew 25d3.1%-0.8%18.4%4.5%1.9%
Skew 10d7.1%1.1%23.9%6.6%3.5%
Call IV 25d39.2%26.9%47.2%37.2%44.6%
Put IV 25d42.3%37.9%47.3%41.7%46.4%
Bid-Ask Spread %23.373.6644.824.6438.23
Gamma HHI0.130.100.180.120.16
Net GEX358.4K-6.0M4.7M781.6K-6.0M
Net DEX-27.1M-136.5M44.5M-13.1M44.5M
Net VEX-1.4M-1.6M-1.3M-1.4M-1.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.340.492.960.511.85
Total Volume20,599.3337,25746,45314,93126,404
Total OI369,854.667310,611416,383353,776381,138

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$32.16$32.5038.8%12.0%34.0%25.5%41.6%4.5%0.3%781.6K-13.1M-1.4M0.514.649,8645,067176,659177,117
2025-09-03$32.41$33.0038.6%12.1%34.0%25.1%42.8%3.4%0.2%2.0M-37.5M-1.4M0.4928.206,5543,228179,746180,698
2025-09-04$31.02$32.5039.6%11.9%37.9%26.7%40.9%2.9%-0.3%-961.0K41.9M-1.4M0.8938.685,9095,245182,563179,051
2025-09-05$31.20$32.5040.1%11.6%37.7%27.6%40.2%2.8%-0.9%-278.4K27.7M-1.4M1.534.165,3538,212184,634178,489
2025-09-08$31.56$32.5039.0%11.1%37.8%25.8%39.1%2.9%-0.3%659.0K1.1M-1.4M0.933.864,7534,404180,425176,887
2025-09-09$31.01$32.5038.8%11.6%37.8%25.4%40.3%2.3%1.5%-790.7K34.2M-1.3M1.6641.436,72411,133182,840178,302
2025-09-10$31.07$32.5041.0%11.6%32.9%29.2%40.7%2.7%-1.3%-1.1M34.2M-1.3M1.154.349,99311,488185,778184,476
2025-09-11$31.71$32.5036.4%10.9%33.2%21.5%38.6%1.2%2.6%1.1M-13.1M-1.3M1.4637.868,10111,847191,277190,480
2025-09-12$31.86$32.5037.2%10.8%32.9%22.8%37.4%5.1%0.4%2.2M-24.6M-1.4M0.6021.0617,72710,691194,759199,623
2025-09-15$31.23$32.5039.7%11.5%32.6%26.9%39.2%2.7%2.0%-1.6M13.4M-1.3M1.123.916,0586,814184,568191,813
2025-09-16$31.51$32.5038.9%11.1%32.5%25.7%39.5%2.5%4.5%-769.4K-6.3M-1.3M2.5835.626,63517,122187,557197,184
2025-09-17$32.17$32.5038.7%11.1%33.1%25.3%39.1%2.0%3.6%1.9M-62.0M-1.4M0.6544.8214,6769,500192,336211,362
2025-09-18$32.12$32.5038.8%11.1%32.9%25.4%38.8%2.1%1.1%2.9M-52.4M-1.4M0.803.664,0243,233198,133217,423
2025-09-19$32.69$32.5040.5%11.3%33.1%28.3%39.7%1.9%3.2%4.7M-124.1M-1.4M1.3014.0111,42814,908198,367218,016
2025-09-22$32.28$32.5040.8%11.0%26.9%28.8%38.1%0.5%-0.3%899.5K-69.3M-1.3M0.9010.546,5385,915149,024161,587
2025-09-23$33.34$32.5034.2%11.7%29.3%17.8%41.7%2.9%1.0%2.5M-136.5M-1.4M1.6826.3917,35629,097153,192165,994
2025-09-24$33.16$32.5044.2%11.8%28.1%34.5%41.6%18.4%1.5%2.5M-117.1M-1.5M1.848.966,43211,812163,149180,746
2025-09-25$31.77$32.5045.6%11.9%31.9%36.8%41.5%2.4%1.0%-1.3M-3.7M-1.5M2.9642.8011,69034,626164,686190,732
2025-09-26$32.53$32.5043.3%11.0%33.1%33.0%38.1%1.3%0.3%-377.8K-56.6M-1.5M1.8537.508,21415,228172,392213,892
2025-09-29$32.86$32.5045.2%11.6%33.3%36.2%39.8%-0.8%-1.7%-1.5M-49.8M-1.6M1.3640.007,86110,722163,988205,865
2025-09-30$31.76$32.5045.3%11.7%34.5%36.4%40.7%1.9%-0.3%-6.0M44.5M-1.5M1.8538.239,25817,146167,248213,890