LUV Options History — April 2026

In April 2026, LUV traded between $37.56 and $42.78. ATM implied volatility averaged 59.1%, placing in the 69.2% IV rank vs the trailing year. The 30-day expected move averaged 16.9%. IV traded above realized volatility by 8.2% (HV 20d: 50.9%). Max pain ranged from $40.00 to $42.50. Net GEX was positive for 12 of 14 trading days. Term structure was in contango for 1 of 14 days. Put/call ratio averaged 0.99.

Notable Days

2026-04-17: Highest Volume — 43,265 contracts
2026-04-21: Largest IV spike — 17.1% change
2026-04-21: Highest IV Rank — 100.0%
2026-04-21: Largest Expected Move — 19.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$40.02	$37.56	$42.78	$38.28	$40.62
Max Pain	$40.61	$40.00	$42.50	$41.00	$40.00
ATM IV	59.1%	54.9%	67.9%	61.2%	67.9%
Expected Move	16.9%	15.7%	19.5%	17.5%	19.5%
HV 20d	50.9%	46.5%	59.7%	59.7%	49.2%
HV 60d	60.2%	59.0%	61.9%	59.0%	61.9%
IV Rank	69.2%	53.5%	100.0%	60.1%	100.0%
IV Percentile	93.3%	87.7%	100.0%	96.4%	100.0%
Term Structure	-1.7%	-3.6%	1.2%	-1.0%	-0.5%
VWIV	57.5%	53.7%	64.2%	56.3%	64.2%
Skew 25d	5.6%	-2.7%	9.1%	5.8%	-2.7%
Skew 10d	16.1%	-16.8%	35.6%	35.6%	19.3%
Call IV 25d	56.7%	52.7%	71.7%	58.3%	71.7%
Put IV 25d	62.3%	58.6%	68.9%	64.1%	68.9%
Bid-Ask Spread %	24.41	15.67	38.07	30.18	38.07
Gamma HHI	0.15	0.09	0.54	0.09	0.10
Net GEX	6.3M	-680.4K	32.6M	993.7K	3.5M
Net DEX	-40.3M	-251.6M	80.2M	45.6M	-86.8M
Net VEX	-2.0M	-2.2M	-1.9M	-2.0M	-2.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.99	0.37	2.37	0.43	2.00
Total Volume	14,914.714	6,444	43,265	18,414	12,156
Total OI	389,496.214	323,569	411,690	397,312	334,386

Daily Data (14 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
2026-04-01	$38.28	$41.00	61.2%	17.5%	59.7%	60.1%	56.3%	5.8%	-1.0%	993.7K	45.6M	-2.0M	0.43	30.18	12,843	5,571	246,371	150,941
2026-04-02	$37.56	$42.50	62.1%	17.8%	55.6%	61.8%	59.4%	5.7%	-1.0%	-197.2K	80.2M	-1.9M	1.53	23.13	3,744	5,715	252,942	152,829
2026-04-06	$38.09	$40.00	62.1%	17.8%	51.4%	61.8%	57.9%	4.5%	-1.8%	383.6K	49.5M	-2.0M	0.40	20.88	5,799	2,296	246,342	150,068
2026-04-07	$37.98	$40.00	61.6%	17.7%	49.3%	60.8%	59.0%	7.2%	-1.8%	-680.4K	69.1M	-1.9M	1.70	18.19	3,284	5,570	249,094	151,118
2026-04-08	$40.19	$40.00	58.2%	16.7%	53.9%	54.6%	55.7%	7.3%	-2.5%	4.6M	-55.4M	-2.1M	1.01	16.37	12,648	12,801	249,645	154,160
2026-04-09	$40.17	$40.00	57.6%	16.5%	53.2%	53.5%	53.7%	5.7%	-2.8%	4.4M	-47.5M	-2.1M	0.82	25.35	5,865	4,828	251,376	157,872
2026-04-10	$39.47	$42.50	57.3%	16.4%	46.5%	59.7%	55.2%	6.4%	-3.6%	3.4M	3.6M	-1.9M	0.85	20.74	4,742	4,030	252,201	159,489
2026-04-13	$39.24	$42.50	56.7%	16.3%	46.6%	76.3%	56.3%	5.9%	-0.8%	2.8M	16.0M	-1.9M	0.55	24.51	7,658	4,192	244,188	144,081
2026-04-14	$41.47	$40.00	54.9%	15.7%	49.3%	71.3%	55.3%	5.9%	1.2%	10.5M	-108.1M	-2.1M	0.48	33.94	12,287	5,881	248,091	145,164
2026-04-15	$41.96	$40.00	56.0%	16.1%	48.6%	74.4%	56.3%	5.7%	-0.9%	13.0M	-140.6M	-2.1M	0.41	26.41	6,637	2,708	247,360	146,630
2026-04-16	$40.77	$40.00	56.7%	16.3%	49.1%	76.3%	56.6%	5.3%	-2.3%	8.5M	-62.2M	-2.0M	1.00	24.73	3,223	3,221	249,239	147,441
2026-04-17	$42.78	$40.00	57.4%	16.4%	51.3%	78.1%	56.3%	6.0%	-2.5%	32.6M	-251.6M	-2.2M	0.37	15.67	31,591	11,674	249,758	148,592
2026-04-20	$41.70	$40.00	58.0%	16.6%	49.2%	79.6%	62.3%	9.1%	-2.9%	4.7M	-76.3M	-2.1M	2.37	23.53	5,288	12,554	206,645	116,924
2026-04-21	$40.62	$40.00	67.9%	19.5%	49.2%	100.0%	64.2%	-2.7%	-0.5%	3.5M	-86.8M	-2.2M	2.00	38.07	4,047	8,109	209,103	125,283