LUV Options History — November 2025

In November 2025, LUV traded between $29.69 and $35.20. ATM implied volatility averaged 41.6%, placing in the 30.1% IV rank vs the trailing year. The 30-day expected move averaged 11.8%. IV traded below realized volatility by 0.0% (HV 20d: 41.6%). Max pain ranged from $32.50 to $34.50. Net GEX was positive for 8 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 0.91.

Notable Days

2025-11-04: Highest Volume — 28,404 contracts
2025-11-04: Largest IV drop — 12.3% change
2025-11-03: Highest IV Rank — 38.3%
2025-11-21: Largest Expected Move — 12.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$32.47	$29.69	$35.20	$30.27	$34.95
Max Pain	$32.74	$32.50	$34.50	$34.50	$32.50
ATM IV	41.6%	37.5%	46.4%	46.4%	37.5%
Expected Move	11.8%	10.6%	12.4%	11.4%	11.1%
HV 20d	41.6%	37.3%	44.4%	37.5%	39.3%
HV 60d	36.1%	35.1%	37.4%	35.3%	36.3%
IV Rank	30.1%	23.2%	38.3%	38.3%	23.2%
IV Percentile	74.3%	46.8%	89.7%	89.7%	46.8%
Term Structure	0.0%	-14.0%	7.3%	-14.0%	2.5%
VWIV	41.5%	38.4%	44.1%	39.9%	39.5%
Skew 25d	4.5%	-0.0%	20.8%	1.9%	6.7%
Skew 10d	6.4%	-22.8%	17.8%	10.6%	1.0%
Call IV 25d	38.2%	23.5%	42.5%	35.7%	32.7%
Put IV 25d	42.7%	35.9%	46.1%	37.6%	39.4%
Bid-Ask Spread %	52.08	23.27	74.02	55.81	52.57
Gamma HHI	0.16	0.10	0.36	0.17	0.36
Net GEX	-27.9K	-4.4M	8.3M	-4.4M	8.3M
Net DEX	-13.2M	-160.6M	151.5M	121.3M	-157.9M
Net VEX	-1.3M	-1.4M	-1.1M	-1.3M	-1.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.91	0.26	3.56	0.76	0.56
Total Volume	12,794.474	4,473	28,404	12,929	5,235
Total OI	332,181	262,517	362,119	330,498	282,122

Daily Data (19 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
2025-11-03	$30.27	$34.50	46.4%	11.4%	37.5%	38.3%	39.9%	1.9%	-14.0%	-4.4M	121.3M	-1.3M	0.76	55.81	7,333	5,596	158,299	172,199
2025-11-04	$29.69	$34.00	40.7%	12.2%	37.9%	28.7%	43.2%	3.2%	-1.0%	-4.4M	151.5M	-1.2M	3.56	54.22	6,234	22,170	163,064	174,129
2025-11-05	$31.55	$33.50	41.0%	12.2%	44.4%	29.1%	41.7%	4.3%	2.2%	-3.0M	41.8M	-1.4M	0.42	59.66	14,800	6,211	166,220	183,710
2025-11-06	$31.47	$32.50	41.1%	12.1%	43.4%	29.3%	42.8%	2.6%	1.2%	-2.3M	38.4M	-1.4M	0.85	71.76	6,472	5,520	172,841	185,929
2025-11-07	$32.24	$32.50	44.4%	11.9%	44.0%	34.9%	41.8%	2.9%	7.3%	-84.0K	-11.8M	-1.4M	0.49	74.02	8,392	4,101	174,749	187,370
2025-11-10	$32.72	$32.50	40.0%	11.8%	43.9%	27.5%	40.9%	2.5%	1.1%	6.8K	-34.0M	-1.4M	0.66	35.64	11,022	7,278	169,931	180,117
2025-11-11	$32.06	$32.50	44.5%	11.9%	41.6%	35.0%	41.7%	-0.0%	-1.8%	-1.7M	16.2M	-1.3M	0.93	41.03	2,689	2,488	171,897	182,674
2025-11-12	$33.35	$32.50	40.0%	12.0%	43.8%	27.5%	41.8%	20.8%	7.2%	662.9K	-82.6M	-1.4M	0.52	69.47	8,580	4,461	172,501	183,605
2025-11-13	$32.99	$32.50	42.2%	12.0%	43.2%	31.2%	41.7%	2.6%	-0.5%	547.9K	-53.2M	-1.4M	0.52	52.85	4,421	2,287	174,378	185,734
2025-11-14	$32.81	$32.50	40.3%	11.5%	42.6%	28.0%	41.4%	2.1%	-0.3%	-716.0K	-32.7M	-1.3M	1.89	53.55	4,520	8,563	173,950	185,916
2025-11-17	$31.82	$32.50	43.0%	12.3%	43.0%	32.4%	43.2%	2.5%	-1.6%	-1.8M	37.7M	-1.2M	1.09	48.43	3,373	3,685	166,705	173,961
2025-11-18	$32.01	$32.50	42.7%	12.2%	42.8%	32.0%	43.2%	2.9%	0.4%	-1.5M	25.0M	-1.2M	0.52	44.16	2,943	1,530	167,444	174,139
2025-11-19	$32.00	$32.50	42.4%	12.1%	41.9%	31.4%	42.9%	4.4%	-0.1%	-1.5M	28.4M	-1.2M	0.75	71.55	5,191	3,914	167,838	174,618
2025-11-20	$31.26	$32.50	42.7%	12.3%	37.3%	32.0%	44.1%	3.1%	-0.2%	-2.9M	69.6M	-1.1M	2.19	52.94	4,520	9,919	167,504	174,402
2025-11-21	$32.84	$32.50	43.1%	12.4%	41.3%	32.6%	41.9%	5.0%	0.4%	4.5M	-74.9M	-1.2M	0.35	38.54	10,077	3,483	169,625	168,390
2025-11-24	$33.39	$32.50	39.0%	10.8%	41.7%	25.8%	39.5%	7.1%	0.6%	1.2M	-56.6M	-1.2M	0.43	40.95	6,141	2,653	128,333	134,184
2025-11-25	$34.39	$32.50	40.6%	11.1%	40.1%	28.5%	38.5%	4.6%	-1.4%	3.0M	-115.6M	-1.2M	0.26	49.05	18,411	4,733	132,210	135,417
2025-11-26	$35.20	$32.50	37.9%	10.6%	39.8%	24.0%	38.4%	5.6%	-1.8%	5.4M	-160.6M	-1.2M	0.59	23.27	8,902	5,247	137,700	137,634
2025-11-28	$34.95	$32.50	37.5%	11.1%	39.3%	23.2%	39.5%	6.7%	2.5%	8.3M	-157.9M	-1.2M	0.56	52.57	3,356	1,879	141,726	140,396