LUV Options History — February 2026

In February 2026, LUV traded between $48.98 and $54.66. ATM implied volatility averaged 41.4%, placing in the 24.1% IV rank vs the trailing year. The 30-day expected move averaged 12.2%. IV traded below realized volatility by 30.5% (HV 20d: 71.8%). Max pain ranged from $40.00 to $50.00. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 1.06.

Notable Days

2026-02-19: Highest Volume — 68,155 contracts
2026-02-17: Largest IV spike — 8.7% change
2026-02-27: Highest IV Rank — 38.0%
2026-02-27: Largest Expected Move — 14.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$51.94	$48.98	$54.66	$49.45	$48.98
Max Pain	$43.37	$40.00	$50.00	$42.50	$50.00
ATM IV	41.4%	34.8%	49.1%	34.8%	49.1%
Expected Move	12.2%	9.8%	14.9%	9.8%	14.9%
HV 20d	71.8%	48.5%	77.2%	68.9%	48.5%
HV 60d	48.4%	46.7%	50.1%	47.8%	50.1%
IV Rank	24.1%	12.2%	38.0%	13.5%	38.0%
IV Percentile	61.9%	22.6%	91.3%	23.4%	91.3%
Term Structure	-0.2%	-3.1%	3.6%	3.6%	-2.3%
VWIV	43.5%	34.0%	52.3%	34.0%	52.3%
Skew 25d	3.4%	1.1%	7.3%	2.9%	3.5%
Skew 10d	8.0%	-10.5%	21.0%	-1.4%	10.8%
Call IV 25d	40.4%	33.7%	48.5%	34.3%	48.5%
Put IV 25d	43.8%	37.0%	52.0%	37.3%	52.0%
Bid-Ask Spread %	34.47	26.55	54.05	26.55	36.66
Gamma HHI	0.17	0.13	0.31	0.16	0.20
Net GEX	8.9M	-2.2M	17.7M	17.7M	-2.2M
Net DEX	-618.7M	-870.5M	-248.8M	-568.8M	-248.8M
Net VEX	-2.2M	-2.9M	-1.6M	-1.6M	-2.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.06	0.15	2.51	0.15	0.67
Total Volume	26,040.316	9,719	68,155	62,320	19,651
Total OI	374,261.895	317,970	477,979	317,970	418,448

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
2026-02-02	$49.45	$42.50	34.8%	9.8%	68.9%	13.5%	34.0%	2.9%	3.6%	17.7M	-568.8M	-1.6M	0.15	26.55	54,272	8,048	177,655	140,315
2026-02-03	$51.03	$42.50	36.3%	10.4%	69.3%	16.1%	36.2%	4.2%	0.8%	15.1M	-665.9M	-1.7M	0.83	27.52	14,060	11,619	188,987	143,055
2026-02-04	$52.73	$42.50	37.3%	10.7%	69.8%	16.4%	39.5%	1.1%	-1.3%	12.4M	-750.9M	-1.7M	0.72	54.05	13,729	9,880	191,197	146,062
2026-02-05	$52.49	$40.00	37.8%	11.4%	69.8%	17.3%	40.2%	2.5%	-1.1%	12.7M	-760.3M	-1.8M	0.90	38.78	7,164	6,464	197,986	149,639
2026-02-06	$54.27	$40.00	35.3%	10.9%	70.2%	12.7%	39.5%	3.2%	0.9%	10.4M	-850.9M	-1.7M	1.94	27.29	9,575	18,603	202,337	153,177
2026-02-09	$53.66	$40.00	35.0%	10.9%	69.8%	12.2%	38.0%	2.3%	1.8%	11.2M	-731.4M	-1.8M	0.95	29.30	4,996	4,723	186,659	147,253
2026-02-10	$54.41	$40.00	35.9%	11.0%	69.2%	13.8%	39.8%	5.3%	2.4%	10.1M	-771.3M	-1.8M	1.20	27.17	8,356	10,037	190,023	149,807
2026-02-11	$51.30	$40.00	37.1%	11.2%	72.8%	16.1%	39.8%	3.4%	1.6%	13.6M	-606.5M	-1.9M	2.51	30.73	4,028	10,114	192,624	154,818
2026-02-12	$50.88	$40.00	40.4%	12.0%	72.7%	22.0%	41.8%	2.7%	1.9%	13.2M	-590.4M	-1.9M	0.84	37.09	22,119	18,671	193,927	155,926
2026-02-13	$51.16	$40.00	41.1%	12.2%	72.7%	23.4%	42.5%	3.4%	1.6%	13.0M	-616.9M	-2.2M	0.49	33.31	25,375	12,419	212,332	167,283
2026-02-17	$54.66	$42.50	44.7%	12.9%	75.5%	30.0%	46.7%	2.9%	-1.4%	9.4M	-868.1M	-2.4M	1.36	30.63	8,723	11,853	231,970	177,663
2026-02-18	$54.59	$42.50	43.4%	12.4%	74.4%	27.5%	44.3%	3.0%	-1.3%	7.6M	-870.5M	-2.4M	2.24	31.96	5,462	12,244	232,448	185,499
2026-02-19	$52.52	$42.50	46.7%	13.5%	76.7%	33.5%	48.5%	3.1%	-2.8%	10.0M	-724.5M	-2.5M	1.06	30.21	33,062	35,093	235,523	194,860
2026-02-20	$52.16	$47.50	45.1%	13.1%	76.7%	30.6%	46.0%	3.4%	-2.1%	16.4M	-704.9M	-2.9M	0.55	38.46	8,043	4,413	256,990	220,989
2026-02-23	$50.99	$47.50	47.0%	13.8%	77.1%	34.1%	50.3%	7.3%	-1.6%	1.1M	-375.8M	-2.8M	0.98	34.51	7,841	7,710	200,548	167,168
2026-02-24	$50.64	$47.50	46.4%	13.7%	77.2%	33.1%	49.1%	4.3%	-0.5%	193.7K	-356.9M	-2.8M	0.83	42.25	8,921	7,389	204,026	169,791
2026-02-25	$50.08	$47.50	46.0%	13.7%	77.1%	32.4%	48.2%	3.3%	-1.5%	-1.6M	-322.9M	-2.8M	1.68	45.27	5,555	9,322	209,894	173,839
2026-02-26	$50.83	$49.00	47.1%	13.9%	76.9%	34.3%	49.0%	2.9%	-3.1%	-2.0M	-368.7M	-2.8M	0.23	33.24	28,694	6,538	211,613	178,645
2026-02-27	$48.98	$50.00	49.1%	14.9%	48.5%	38.0%	52.3%	3.5%	-2.3%	-2.2M	-248.8M	-2.9M	0.67	36.66	11,735	7,916	236,232	182,216