LUV Options History — October 2025

In October 2025, LUV traded between $30.14 and $34.75. ATM implied volatility averaged 45.7%, placing in the 37.0% IV rank vs the trailing year. The 30-day expected move averaged 12.6%. IV traded above realized volatility by 11.2% (HV 20d: 34.4%). Max pain ranged from $32.50 to $35.00. Net GEX was positive for 6 of 23 trading days. Term structure was in contango for 3 of 23 days. Put/call ratio averaged 1.71.

Notable Days

2025-10-23: Highest Volume — 94,050 contracts
2025-10-23: Largest IV drop — 21.5% change
2025-10-16: Highest IV Rank — 51.0%
2025-10-16: Largest Expected Move — 14.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$32.39	$30.14	$34.75	$32.38	$30.36
Max Pain	$34.63	$32.50	$35.00	$32.50	$34.50
ATM IV	45.7%	36.7%	54.0%	46.2%	37.9%
Expected Move	12.6%	10.6%	14.8%	11.9%	11.1%
HV 20d	34.4%	30.3%	38.5%	35.2%	37.5%
HV 60d	38.5%	33.2%	45.0%	45.0%	35.3%
IV Rank	37.0%	22.0%	51.0%	37.8%	23.9%
IV Percentile	83.6%	49.2%	96.0%	94.4%	57.9%
Term Structure	-1.4%	-8.6%	4.0%	-1.7%	1.4%
VWIV	44.3%	37.2%	51.2%	41.9%	39.5%
Skew 25d	1.6%	-2.7%	4.4%	1.4%	1.2%
Skew 10d	6.0%	-10.7%	39.2%	9.8%	9.3%
Call IV 25d	44.9%	36.4%	53.7%	45.5%	36.7%
Put IV 25d	46.6%	37.2%	55.7%	46.9%	37.8%
Bid-Ask Spread %	36.35	11.17	75.57	35.81	19.11
Gamma HHI	0.15	0.10	0.29	0.14	0.21
Net GEX	-4.1M	-14.4M	4.0M	-3.6M	-4.8M
Net DEX	1.1M	-153.2M	184.9M	-12.2M	178.1M
Net VEX	-1.4M	-1.5M	-1.3M	-1.5M	-1.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.71	0.42	3.44	1.16	2.25
Total Volume	35,309.652	10,149	94,050	11,572	10,149
Total OI	385,755.652	322,075	442,633	382,479	378,898

Daily Data (23 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
2025-10-01	$32.38	$32.50	46.2%	11.9%	35.2%	37.8%	41.9%	1.4%	-1.7%	-3.6M	-12.2M	-1.5M	1.16	35.81	5,358	6,214	167,622	214,857
2025-10-02	$32.36	$32.50	46.1%	11.8%	31.1%	37.7%	41.2%	0.8%	-1.9%	-3.6M	-14.4M	-1.5M	1.76	38.03	8,901	15,668	168,904	218,196
2025-10-03	$32.66	$32.50	45.8%	11.9%	31.2%	37.3%	41.5%	1.2%	-1.8%	-1.1M	-45.5M	-1.5M	0.92	16.89	30,910	28,374	174,637	219,873
2025-10-06	$32.50	$35.00	46.8%	12.8%	31.1%	38.9%	44.5%	2.2%	-0.7%	-3.8M	-13.6M	-1.5M	0.74	24.51	13,815	10,207	170,392	218,982
2025-10-07	$32.50	$35.00	47.2%	12.8%	30.3%	39.6%	44.6%	1.7%	-0.7%	-3.5M	-19.4M	-1.5M	2.28	11.17	4,836	11,046	180,064	223,273
2025-10-08	$32.53	$35.00	47.9%	13.1%	30.3%	40.8%	46.0%	1.7%	-1.6%	-3.8M	-20.7M	-1.5M	1.20	27.53	12,427	14,902	180,763	224,845
2025-10-09	$31.66	$35.00	49.4%	13.2%	31.2%	43.3%	45.9%	1.3%	-2.3%	-9.4M	60.4M	-1.5M	0.44	33.13	59,958	26,406	185,026	231,913
2025-10-10	$31.30	$35.00	50.0%	13.4%	31.4%	44.3%	47.2%	1.5%	-0.8%	-14.4M	86.4M	-1.5M	1.91	54.69	11,268	21,533	208,874	233,759
2025-10-13	$31.88	$35.00	49.9%	13.6%	31.3%	44.1%	47.8%	2.5%	-1.4%	-2.5M	10.3M	-1.4M	0.53	27.48	10,350	5,484	180,394	192,307
2025-10-14	$33.27	$35.00	51.6%	14.3%	34.5%	47.1%	49.6%	4.4%	-1.3%	2.0M	-119.1M	-1.5M	2.54	38.97	11,775	29,876	185,871	198,977
2025-10-15	$33.80	$35.00	49.8%	13.9%	34.2%	44.0%	49.5%	2.6%	-2.8%	4.0M	-151.7M	-1.5M	2.76	50.18	10,099	27,824	189,086	201,523
2025-10-16	$33.05	$35.00	54.0%	14.8%	35.3%	51.0%	51.2%	2.0%	-2.4%	802.2K	-77.0M	-1.5M	1.94	32.96	12,519	24,246	192,555	213,630
2025-10-17	$33.68	$35.00	51.1%	14.2%	35.4%	46.2%	48.6%	2.0%	-2.3%	25.5K	-153.2M	-1.5M	0.42	26.53	17,994	7,572	195,963	216,704
2025-10-20	$34.39	$35.00	49.8%	14.0%	35.6%	44.0%	49.6%	2.0%	-0.9%	801.1K	-128.6M	-1.5M	0.85	32.09	15,543	13,265	153,603	168,472
2025-10-21	$34.75	$35.00	49.6%	14.1%	34.1%	43.7%	49.0%	1.7%	-2.6%	1.2M	-147.7M	-1.5M	3.44	36.74	12,149	41,850	160,402	176,899
2025-10-22	$33.80	$35.00	49.8%	14.3%	35.6%	44.0%	50.6%	2.3%	-2.8%	-2.1M	-70.0M	-1.5M	1.33	35.17	26,874	35,710	164,763	199,849
2025-10-23	$31.88	$35.00	39.1%	11.3%	38.5%	26.0%	39.2%	1.7%	-0.2%	-12.7M	111.5M	-1.4M	2.65	56.38	25,739	68,311	180,854	228,411
2025-10-24	$32.09	$35.00	36.7%	10.6%	37.6%	22.0%	37.2%	0.5%	-0.9%	-11.5M	73.1M	-1.4M	1.82	61.31	12,805	23,307	190,769	218,390
2025-10-27	$32.27	$35.00	36.8%	10.8%	37.4%	22.1%	37.7%	1.0%	0.8%	-4.8M	34.7M	-1.4M	3.16	26.50	7,016	22,170	169,440	192,178
2025-10-28	$31.09	$35.00	37.2%	10.6%	37.8%	22.8%	38.0%	2.9%	4.0%	-6.0M	109.2M	-1.3M	1.18	29.00	6,727	7,925	171,785	186,856
2025-10-29	$30.59	$35.00	40.7%	11.2%	37.4%	28.7%	39.2%	-2.7%	-8.6%	-6.7M	149.0M	-1.3M	2.65	75.57	8,123	21,551	174,897	188,032
2025-10-30	$30.14	$34.50	37.0%	11.1%	37.6%	22.3%	39.6%	1.8%	-0.3%	-7.3M	184.9M	-1.3M	1.43	46.37	5,498	7,848	178,835	200,057
2025-10-31	$30.36	$34.50	37.9%	11.1%	37.5%	23.9%	39.5%	1.2%	1.4%	-4.8M	178.1M	-1.3M	2.25	19.11	3,123	7,026	180,240	198,658