LUV Options History — March 2026

In March 2026, LUV traded between $36.30 and $48.34. ATM implied volatility averaged 58.1%, placing in the 54.5% IV rank vs the trailing year. The 30-day expected move averaged 16.8%. IV traded above realized volatility by 6.1% (HV 20d: 52.1%). Max pain ranged from $41.00 to $52.50. Net GEX was positive for 18 of 22 trading days. Term structure was in contango for 6 of 22 days. Put/call ratio averaged 1.07.

Notable Days

  • 2026-03-13: Highest Volume — 59,532 contracts
  • 2026-03-17: Largest IV drop — 9.1% change
  • 2026-03-30: Highest IV Rank — 70.2%
  • 2026-03-12: Largest Expected Move — 21.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$41.21$36.30$48.34$48.34$37.73
Max Pain$45.27$41.00$52.50$50.00$41.00
ATM IV58.1%50.8%66.7%50.8%62.7%
Expected Move16.8%15.4%21.0%15.7%18.0%
HV 20d52.1%43.7%59.0%47.5%59.0%
HV 60d55.0%50.1%59.1%50.1%59.1%
IV Rank54.5%41.2%70.2%41.2%62.9%
IV Percentile96.4%92.5%98.8%94.4%98.0%
Term Structure-0.8%-8.1%5.5%-2.0%-1.3%
VWIV57.4%52.4%63.2%57.5%60.0%
Skew 25d6.6%4.2%9.0%4.2%8.9%
Skew 10d12.6%-5.8%35.1%4.1%33.9%
Call IV 25d55.4%49.0%61.2%49.0%59.6%
Put IV 25d62.0%53.1%70.0%53.1%68.5%
Bid-Ask Spread %30.5213.3455.6855.6823.65
Gamma HHI0.120.090.220.220.09
Net GEX1.9M-866.0K5.8M2.9M153.9K
Net DEX29.1M-260.1M239.2M-260.1M68.8M
Net VEX-2.3M-2.8M-1.9M-2.8M-2.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.070.202.411.780.51
Total Volume23,546.3188,27659,53215,07910,823
Total OI435,347.636360,364500,284397,676391,574

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-03-02$48.34$50.0050.8%15.7%47.5%41.2%57.5%4.2%-2.0%2.9M-260.1M-2.8M1.7855.685,4289,651228,663169,013
2026-03-03$47.85$50.0053.9%17.2%45.3%46.8%61.7%5.0%-2.0%2.1M-222.0M-2.8M1.9955.229,22318,326231,033173,512
2026-03-04$47.31$50.0052.1%16.2%43.7%43.5%58.5%4.5%-2.3%1.0M-183.7M-2.8M1.1940.083,7754,501233,862182,891
2026-03-05$44.10$52.5055.9%15.4%47.4%50.3%60.5%6.5%-1.9%743.9K-3.0M-2.5M2.4132.3712,91231,145234,517184,060
2026-03-06$41.22$52.5060.5%16.6%51.7%58.9%57.4%7.5%-8.1%-20.9K161.7M-2.4M1.0330.8419,85220,425240,014205,801
2026-03-09$42.69$52.5056.5%15.7%51.9%51.4%56.1%8.1%-3.8%917.6K73.5M-2.4M0.6951.5319,04013,080243,165203,535
2026-03-10$42.94$50.0057.1%16.2%52.3%52.5%55.3%6.3%-0.1%2.0M23.5M-2.6M0.5046.6010,4805,191256,345209,242
2026-03-11$41.83$45.0057.8%15.5%51.7%53.8%55.0%9.0%-3.4%1.7M87.8M-2.5M0.2630.3520,8925,502263,802211,228
2026-03-12$38.86$45.0059.4%21.0%53.7%56.7%59.6%8.8%-0.5%111.3K239.2M-2.2M2.0720.2011,87824,604269,063213,875
2026-03-13$38.72$42.5061.6%17.5%53.8%60.8%59.5%7.7%-2.7%-866.0K232.4M-2.2M0.2025.0849,6759,857276,338214,257
2026-03-16$39.99$42.5060.0%17.4%55.8%57.9%58.5%5.7%3.2%2.7M127.1M-2.4M0.6513.3413,1878,539272,666213,712
2026-03-17$41.03$42.5054.6%15.6%49.8%47.9%54.2%7.1%4.2%4.7M59.8M-2.4M0.7622.617,1785,461281,037219,247
2026-03-18$40.15$42.5054.3%15.4%49.6%47.5%56.0%4.4%5.5%3.9M76.6M-2.3M1.9129.908,24715,745283,843211,750
2026-03-19$41.13$42.5055.8%16.0%50.7%50.1%52.4%5.7%2.7%5.8M-9.5M-2.4M0.6516.299,4156,155288,654210,428
2026-03-20$39.25$42.5055.8%15.8%52.1%50.1%56.2%5.1%3.3%-719.0K108.6M-2.1M1.4819.526,3239,336296,254188,039
2026-03-23$40.41$42.5057.6%16.6%54.2%53.4%54.7%7.3%-2.1%4.2M-55.3M-2.2M0.8525.989,0947,725225,813134,551
2026-03-24$39.77$42.5059.1%17.0%54.2%56.1%52.7%6.6%-1.7%3.3M-17.5M-2.1M0.3219.2721,4746,946231,680139,098
2026-03-25$40.34$42.5059.5%16.9%55.0%57.0%55.5%5.5%0.2%4.3M-53.8M-2.2M0.6728.5612,4128,296234,853140,604
2026-03-26$39.35$42.5062.2%17.7%54.3%61.8%56.0%7.1%-3.1%2.7M-12.1M-2.2M0.5529.2413,7427,507242,701145,927
2026-03-27$37.24$41.5065.2%18.4%55.8%67.3%62.9%5.9%-0.4%539.8K83.2M-2.0M1.5727.455,8479,207244,884148,356
2026-03-30$36.30$41.0066.7%18.8%55.9%70.2%63.2%8.8%-2.1%-686.7K114.8M-1.9M1.4727.654,0225,901240,494147,267
2026-03-31$37.73$41.0062.7%18.0%59.0%62.9%60.0%8.9%-1.3%153.9K68.8M-2.0M0.5123.657,1473,676241,773149,801