LUV Options History — December 2025

In December 2025, LUV traded between $34.75 and $42.34. ATM implied volatility averaged 34.7%, placing in the 16.0% IV rank vs the trailing year. The 30-day expected move averaged 9.8%. IV traded above realized volatility by 0.6% (HV 20d: 34.2%). 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 13 of 22 days. Put/call ratio averaged 1.74.

Notable Days

2025-12-29: Highest Volume — 51,770 contracts
2025-12-29: Largest IV spike — 9.9% change
2025-12-01: Highest IV Rank — 23.5%
2025-12-02: Largest Expected Move — 11.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$39.81	$34.75	$42.34	$34.75	$41.48
Max Pain	$34.89	$32.50	$37.50	$32.50	$37.50
ATM IV	34.7%	30.6%	39.9%	37.6%	39.9%
Expected Move	9.8%	8.4%	11.6%	11.6%	8.9%
HV 20d	34.2%	29.1%	39.9%	39.6%	29.1%
HV 60d	37.3%	36.2%	38.4%	36.3%	36.2%
IV Rank	16.0%	5.9%	23.5%	23.5%	22.5%
IV Percentile	26.1%	4.0%	65.5%	48.8%	65.5%
Term Structure	1.2%	-1.7%	6.7%	0.5%	-1.7%
VWIV	35.7%	30.5%	40.2%	40.2%	32.1%
Skew 25d	3.5%	2.1%	6.3%	4.6%	3.1%
Skew 10d	8.0%	-2.5%	18.6%	10.4%	4.7%
Call IV 25d	33.6%	29.5%	38.8%	33.9%	38.3%
Put IV 25d	37.1%	32.0%	42.5%	38.5%	41.5%
Bid-Ask Spread %	30.02	16.85	63.27	24.39	22.29
Gamma HHI	0.17	0.11	0.28	0.17	0.13
Net GEX	2.1M	-5.4M	6.1M	3.2M	-45.2K
Net DEX	-311.3M	-490.2M	-128.5M	-128.5M	-260.0M
Net VEX	-1.2M	-1.4M	-1.1M	-1.2M	-1.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.74	0.03	11.16	0.59	1.66
Total Volume	22,262.682	5,925	51,770	7,997	6,200
Total OI	321,214.955	272,970	397,924	272,970	300,598

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
2025-12-01	$34.75	$32.50	37.6%	11.6%	39.6%	23.5%	40.2%	4.6%	0.5%	3.2M	-128.5M	-1.2M	0.59	24.39	5,039	2,958	136,142	136,828
2025-12-02	$35.61	$32.50	37.4%	11.6%	39.9%	23.0%	39.5%	4.5%	-0.5%	4.3M	-172.1M	-1.2M	1.13	63.27	6,655	7,501	138,297	138,319
2025-12-03	$35.70	$32.50	35.3%	10.7%	38.6%	19.5%	39.6%	4.9%	-0.5%	5.3M	-182.5M	-1.1M	2.39	50.61	5,377	12,839	139,028	140,180
2025-12-04	$35.70	$32.50	33.3%	10.1%	33.6%	16.1%	35.1%	6.3%	1.0%	5.2M	-173.9M	-1.2M	0.40	20.51	4,222	1,703	142,236	145,008
2025-12-05	$37.95	$32.50	34.4%	10.3%	38.6%	18.1%	37.5%	3.1%	1.2%	6.1M	-297.9M	-1.1M	2.02	26.84	16,416	33,095	144,482	145,565
2025-12-08	$38.16	$35.00	36.6%	10.8%	38.2%	21.8%	39.2%	2.1%	1.7%	4.1M	-260.8M	-1.2M	0.37	35.15	23,368	8,552	140,723	165,178
2025-12-09	$38.41	$35.00	34.9%	10.1%	38.1%	18.8%	35.7%	2.8%	0.5%	5.3M	-308.9M	-1.3M	0.60	20.24	8,970	5,376	157,319	169,458
2025-12-10	$39.63	$35.00	34.3%	9.8%	37.4%	17.8%	36.4%	3.9%	-0.1%	5.6M	-375.5M	-1.2M	0.75	43.21	6,913	5,196	158,584	171,795
2025-12-11	$40.59	$35.00	34.4%	10.1%	36.2%	18.1%	37.1%	3.3%	1.1%	5.5M	-426.7M	-1.2M	0.95	23.10	15,236	14,539	160,158	174,317
2025-12-12	$41.27	$35.00	33.9%	9.7%	35.5%	17.1%	35.5%	3.7%	-0.0%	5.1M	-452.6M	-1.2M	1.17	22.49	14,655	17,142	162,396	178,517
2025-12-15	$41.77	$35.00	35.4%	10.1%	34.9%	19.8%	37.8%	3.6%	-0.2%	3.9M	-446.5M	-1.2M	1.53	28.20	9,920	15,134	160,654	184,379
2025-12-16	$42.34	$35.00	34.1%	9.8%	31.1%	12.2%	36.9%	3.2%	0.3%	4.3M	-490.2M	-1.2M	0.52	16.85	24,283	12,699	166,567	189,425
2025-12-17	$41.38	$35.00	34.0%	9.7%	33.7%	12.0%	35.4%	3.7%	0.6%	2.6M	-426.9M	-1.3M	4.37	35.70	8,009	35,018	169,531	196,051
2025-12-18	$40.88	$35.00	34.7%	10.0%	34.5%	13.3%	35.2%	3.2%	-0.4%	-1.7M	-371.1M	-1.4M	2.64	19.20	3,440	9,084	172,875	222,562
2025-12-19	$41.05	$35.00	32.9%	9.5%	32.1%	10.0%	38.3%	3.5%	-0.9%	-5.4M	-380.0M	-1.4M	0.94	21.18	11,318	10,631	172,920	225,004
2025-12-22	$42.14	$35.00	32.8%	8.9%	29.6%	9.8%	32.5%	2.5%	4.6%	-205.3K	-342.7M	-1.3M	0.93	21.77	4,706	4,368	141,816	174,848
2025-12-23	$41.70	$35.00	30.6%	8.5%	30.6%	5.9%	31.5%	2.8%	5.7%	-879.0K	-319.2M	-1.3M	1.90	60.63	2,367	4,489	143,840	175,447
2025-12-24	$41.52	$35.00	30.9%	8.5%	30.3%	6.4%	34.2%	3.3%	5.3%	-1.7M	-311.3M	-1.3M	0.03	31.90	44,493	1,422	144,753	177,843
2025-12-26	$41.33	$37.50	32.8%	8.4%	30.2%	9.8%	30.5%	2.5%	6.7%	-3.1M	-238.5M	-1.3M	1.39	22.69	2,638	3,655	127,641	179,070
2025-12-29	$41.19	$37.50	36.0%	8.7%	30.0%	15.7%	34.2%	2.6%	2.7%	-871.5K	-235.0M	-1.2M	11.16	27.27	4,259	47,511	126,703	173,197
2025-12-30	$41.30	$37.50	38.4%	8.7%	29.6%	19.9%	31.1%	3.7%	-0.2%	-371.8K	-246.7M	-1.2M	0.79	22.92	4,690	3,693	128,643	167,832
2025-12-31	$41.48	$37.50	39.9%	8.9%	29.1%	22.5%	32.1%	3.1%	-1.7%	-45.2K	-260.0M	-1.2M	1.66	22.29	2,332	3,868	131,374	169,224