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: Nov 20, 2026
Days to expiration: 40
Share price: $41.66
Put/call ratio (OI): 1.01
Put/call ratio (volume): 7.27
ATM implied volatility: 42.9%
Expected move: ±$5.92
Open interest (C / P): 7.24K / 7.29K

LUV options summary

The LUV options chain for the November 20, 2026 expiration lists 10 call and 10 put contracts, with 40 days until expiration. Open interest stands at 7,238 calls and 7,289 puts, a put/call ratio of 1.01, which is fairly balanced between calls and puts. At-the-money implied volatility near the $42.50 strike is 42.9%, which implies the market expects a move of about ±$5.92 (14.2%) in Southwest Airlines stock by expiration.

The most open interest sits at the $47.50 call (5.73K contracts) and the $40.00 put (6.20K contracts).

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

LUV options chain · November 20, 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
—	—	—	—	—	—	27.50	0.00	0.07	0.05	57.0%	1	1
—	—	—	11.37	—	—	30.00	0.00	0.10	0.08	55.3%	68	23
1	—	73.5%	10.42	8.45	9.90	32.50	0.00	0.25	0.14	53.5%	60	446
4	4	54.0%	6.85	6.20	8.35	35.00	0.25	0.46	0.38	48.9%	155	203
50	1	56.2%	5.00	4.15	5.50	37.50	0.52	0.78	0.81	43.2%	777	108
343	2	55.9%	3.25	3.30	3.95	40.00	1.47	1.54	1.50	41.7%	137	6,201
LUV $41.66
302	80	44.8%	2.05	1.94	2.12	42.50	2.23	2.75	2.61	41.0%	3	177
318	14	43.6%	1.14	0.93	1.20	45.00	3.60	4.60	4.91	44.9%	22	109
5,732	31	48.6%	0.59	0.46	0.86	47.50	5.15	7.30	6.19	61.7%	4	5
435	15	49.9%	0.26	0.00	0.53	50.00	8.20	9.60	8.78	50.7%	1	16
53	22	52.7%	0.08	0.00	0.21	55.00	—	—	—	—	—	—

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 November 20, 2026 expiration, the LUV put/call ratio based on open interest is 1.01 (7,289 puts vs 7,238 calls), and 7.27 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 November 20, 2026 is about 42.9%, 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.