Southwest Airlines (LUV) Options Chain

NYSE: LUVConsumer DiscretionaryAir Freight/Delivery ServicesUSD

41.66+0.30 (+0.73%)

At close: Oct 9, 4:00 PM ET · Delayed 15 min

Expiration date

Expiration: Oct 16, 2026
Days to expiration: 5
Share price: $41.66
Put/call ratio (OI): 0.58
Put/call ratio (volume): 2.33
ATM implied volatility: 39.8%
Expected move: ±$1.94
Open interest (C / P): 20.57K / 11.99K

LUV options summary

The LUV options chain for the October 16, 2026 expiration lists 30 call and 28 put contracts, with 5 days until expiration. Open interest stands at 20,566 calls and 11,993 puts, a put/call ratio of 0.58, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $41.50 strike is 39.8%, which implies the market expects a move of about ±$1.94 (4.7%) in Southwest Airlines stock by expiration.

The most open interest sits at the $42.50 call (7.06K contracts) and the $42.50 put (2.86K contracts).

Summary generated from market data by MetaCap's automated system. Methodology

LUV options chain · October 16, 2026

LUV calls and puts by strike price. Shaded cells are in the money.
Calls							Puts
OI	Vol	IV	Last	Bid	Ask	Strike	Bid	Ask	Last	IV	Vol	OI
2	1	278.5%	16.41	15.80	17.05	25.00	0.00	0.03	0.03	162.5%	—	1
3	2	134.4%	11.41	12.40	15.95	27.50	0.00	0.75	0.20	232.8%	1	20
5	1	107.8%	12.75	9.90	13.45	30.00	0.00	0.10	0.05	128.1%	2	528
11	10	162.9%	8.60	8.50	9.60	32.50	0.00	0.45	0.05	136.3%	90	298
—	—	—	—	—	—	33.00	0.00	0.01	0.02	68.8%	—	1
—	—	—	—	—	—	34.00	0.00	0.75	0.12	134.0%	—	1
14	2	102.3%	8.09	5.20	8.55	35.00	0.01	0.05	0.02	68.8%	20	1,388
—	—	—	—	—	—	35.50	0.00	0.75	0.06	112.7%	—	8
—	—	—	—	—	—	36.00	0.00	0.75	0.07	105.7%	3	12
—	—	—	—	—	—	36.50	0.00	0.02	0.01	50.8%	10	9
—	—	—	—	—	—	37.00	0.01	0.04	0.04	52.3%	46	129
34	1	73.2%	3.77	2.96	5.85	37.50	0.00	0.10	0.03	57.4%	30	1,261
12	2	85.5%	3.37	3.30	5.00	38.00	0.00	0.10	0.07	51.8%	45	49
218	19	59.6%	3.25	3.15	3.40	38.50	0.00	0.07	0.09	42.2%	11	87
20	20	70.2%	2.53	1.98	3.15	39.00	0.00	0.13	0.14	43.4%	12	192
—	—	—	—	—	—	39.50	0.12	0.18	0.18	41.6%	1,562	143
1,289	126	41.0%	1.90	1.84	1.93	40.00	0.19	0.26	0.21	40.3%	226	2,655
166	6	60.8%	1.21	1.40	1.94	40.50	0.30	0.55	0.34	48.9%	59	106
279	28	39.6%	1.11	1.11	1.21	41.00	0.25	1.40	0.59	53.2%	22	1,715
328	67	39.8%	0.94	0.84	0.93	41.50	0.13	0.77	0.72	39.8%	45	172
LUV $41.66
841	101	39.3%	0.66	0.61	0.68	42.00	0.76	1.05	1.10	40.6%	8	191
7,057	415	39.3%	0.45	0.41	0.49	42.50	0.85	1.35	1.59	40.2%	504	2,857
1,496	123	38.0%	0.32	0.24	0.32	43.00	1.51	1.77	2.27	44.0%	1	132
308	17	47.3%	0.04	0.04	0.36	43.50	—	—	—	—	—	—
62	134	41.5%	0.14	0.06	0.18	44.00	2.06	3.15	2.99	79.2%	1	0
50	18	47.1%	0.06	0.02	0.18	44.50	—	—	—	—	—	—
3,592	68	40.6%	0.07	0.03	0.07	45.00	2.95	4.60	4.14	71.0%	1	38
198	11	49.0%	0.05	0.01	0.10	45.50	—	—	—	—	—	—
985	2	50.2%	0.16	0.02	0.13	46.00	—	—	—	—	—	—
—	—	—	0.19	—	—	46.50	—	—	—	—	—	—
284	1	55.9%	0.13	0.00	0.12	47.00	—	—	—	—	—	—
2,209	4	49.2%	0.01	0.00	0.02	47.50	5.45	7.35	5.74	107.6%	4	0
745	10	48.4%	0.01	0.00	0.01	48.00	—	—	—	—	—	—
7	2	78.9%	0.08	0.00	0.21	49.00	—	—	—	—	—	—
268	4	62.5%	0.01	0.00	0.03	50.00	6.80	9.90	11.40	59.4%	34	0
76	1	126.1%	0.08	0.00	0.75	51.00	—	—	—	—	—	—
7	5	81.3%	0.03	0.00	0.01	55.00	11.95	15.40	16.39	153.5%	57	0

In-the-money callsIn-the-money puts. IV = implied volatility, OI = open interest (contracts). Each contract covers 100 shares. Quotes delayed at least 15 minutes.

Frequently asked questions

What is the LUV put/call ratio?

For the October 16, 2026 expiration, the LUV put/call ratio based on open interest is 0.58 (11,993 puts vs 20,566 calls), and 2.33 based on today's volume. A ratio above 1 means more puts than calls.

What is LUV's implied volatility?

At-the-money implied volatility for LUV options expiring October 16, 2026 is about 39.8%, an annualized estimate of how much the market expects Southwest Airlines stock to move.

How many LUV option expiration dates are there?

LUV has 13 listed expiration dates, from Oct 16, 2026 to Jan 19, 2029.

What does "in the money" mean?

A call is in the money when the strike price is below the current share price; a put is in the money when the strike is above it. In-the-money contracts have intrinsic value and are shaded in the table.