LUV Options History — January 2026

In January 2026, LUV traded between $41.14 and $48.99. ATM implied volatility averaged 42.1%, placing in the 26.5% IV rank vs the trailing year. The 30-day expected move averaged 11.8%. IV traded above realized volatility by 13.2% (HV 20d: 28.9%). Max pain ranged from $37.50 to $42.50. Net GEX was positive for 19 of 20 trading days. Term structure was in contango for 2 of 20 days. Put/call ratio averaged 1.16.

Notable Days

  • 2026-01-29: Highest Volume — 133,233 contracts
  • 2026-01-29: Largest IV drop — 21.7% change
  • 2026-01-20: Highest IV Rank — 32.6%
  • 2026-01-26: Largest Expected Move — 13.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$43.11$41.14$48.99$41.34$47.55
Max Pain$41.05$37.50$42.50$37.50$41.50
ATM IV42.1%33.0%45.5%39.9%35.6%
Expected Move11.8%9.3%13.2%9.3%9.8%
HV 20d28.9%22.1%68.1%29.3%68.1%
HV 60d35.9%31.9%47.7%36.3%47.7%
IV Rank26.5%10.2%32.6%22.6%14.9%
IV Percentile73.1%12.7%86.9%65.5%28.2%
Term Structure-1.5%-2.9%1.0%-0.4%1.0%
VWIV41.4%32.9%48.9%32.9%34.0%
Skew 25d3.8%2.3%6.1%3.9%2.6%
Skew 10d7.8%-16.0%30.7%-1.1%7.5%
Call IV 25d40.7%35.1%43.3%38.3%35.1%
Put IV 25d44.5%37.6%48.0%42.2%37.6%
Bid-Ask Spread %37.3516.6972.0530.2726.31
Gamma HHI0.170.110.260.130.19
Net GEX5.3M-408.4K17.8M-408.4K17.8M
Net DEX-298.9M-573.2M-123.6M-252.4M-545.1M
Net VEX-1.4M-1.7M-1.2M-1.2M-1.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.160.223.201.190.25
Total Volume28,280.656,685133,2339,77448,215
Total OI300,154.95220,461365,213301,899365,213

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-01-02$41.34$37.5039.9%9.3%29.3%22.6%32.9%3.9%-0.4%-408.4K-252.4M-1.2M1.1930.274,4735,301132,118169,781
2026-01-05$42.23$40.0041.2%10.7%29.5%24.9%37.5%3.5%-2.3%1.3M-300.7M-1.2M1.0632.703,4603,662132,020168,147
2026-01-06$42.69$40.0040.4%10.7%22.1%23.5%37.4%5.7%-0.9%1.9M-320.0M-1.2M2.9950.736,63819,872133,136169,866
2026-01-07$42.50$40.0041.5%11.1%22.4%25.4%40.2%3.4%-0.9%1.5M-310.2M-1.2M1.4564.465,0267,296135,454174,942
2026-01-08$42.80$40.0042.5%11.5%22.4%27.3%39.0%3.3%-2.2%1.8M-320.4M-1.3M0.2255.3527,8905,999137,984179,182
2026-01-09$44.56$42.5042.8%11.5%24.0%27.7%40.3%3.0%-1.7%6.5M-438.7M-1.3M0.6248.6117,86411,107161,375183,878
2026-01-12$43.89$42.5042.5%11.5%24.1%27.3%41.0%3.6%-1.7%5.3M-394.3M-1.4M0.4725.3516,0597,593167,427183,985
2026-01-13$43.04$42.5042.4%11.9%25.0%27.1%41.3%2.3%-1.1%5.3M-366.4M-1.4M0.6137.176,1003,748172,016187,214
2026-01-14$42.52$42.5043.6%12.1%25.1%29.3%42.0%3.6%-0.6%3.4M-326.8M-1.5M2.0072.055,61411,242173,558188,475
2026-01-15$42.98$42.5044.0%12.1%25.0%29.9%42.8%2.7%-2.2%6.9M-376.8M-1.4M0.5118.5714,8287,518174,708184,207
2026-01-16$43.18$42.5042.7%11.9%23.4%27.6%41.7%2.8%-1.2%6.3M-380.9M-1.5M0.2820.1720,2595,704176,051188,171
2026-01-20$42.15$40.0045.5%13.0%24.7%32.6%45.0%6.1%-2.6%5.1M-158.7M-1.4M0.8632.174,2633,677128,07092,391
2026-01-21$42.81$41.0044.4%12.7%25.2%30.7%45.4%3.6%-2.0%6.7M-194.4M-1.4M1.6624.733,7666,245130,56693,344
2026-01-22$42.58$41.0044.1%12.8%23.6%30.1%43.9%4.3%-2.9%5.9M-170.8M-1.4M1.0026.214,1164,121132,49797,805
2026-01-23$41.93$41.0044.2%12.9%24.0%30.2%45.3%4.0%-1.7%2.1M-140.0M-1.4M0.9735.653,4003,285134,905100,128
2026-01-26$41.96$41.0044.3%13.2%23.9%30.5%45.8%5.4%-2.6%4.5M-148.8M-1.4M0.2416.6932,9828,058126,98495,524
2026-01-27$41.34$41.0044.4%13.2%24.5%30.6%46.9%3.5%-1.8%6.4M-136.2M-1.4M3.0724.663,90811,979155,87299,437
2026-01-28$41.14$41.0042.1%13.1%24.5%26.5%48.9%5.3%0.1%6.2M-123.6M-1.4M3.2059.3618,35858,754158,208101,986
2026-01-29$48.99$41.0033.0%10.3%66.7%10.2%36.8%3.4%-1.4%11.0M-573.2M-1.3M0.4945.7489,26643,967161,644154,830
2026-01-30$47.55$41.5035.6%9.8%68.1%14.9%34.0%2.6%1.0%17.8M-545.1M-1.7M0.2526.3138,4719,744199,453165,760