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: Dec 18, 2026
Days to expiration: 68
Share price: $41.66
Put/call ratio (OI): 0.66
Put/call ratio (volume): 0.64
ATM implied volatility: 41.0%
Expected move: ±$7.38
Open interest (C / P): 14.11K / 9.34K

LUV options summary

The LUV options chain for the December 18, 2026 expiration lists 23 call and 20 put contracts, with 68 days until expiration. Open interest stands at 14,110 calls and 9,339 puts, a put/call ratio of 0.66, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $42.50 strike is 41.0%, which implies the market expects a move of about ±$7.38 (17.7%) in Southwest Airlines stock by expiration.

The most open interest sits at the $50.00 call (2.25K contracts) and the $40.00 put (2.52K contracts).

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

LUV options chain · December 18, 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
69	1	161.0%	21.53	22.35	25.10	17.50	0.00	0.67	0.13	125.0%	1	280
3	4	149.1%	15.41	21.40	24.25	20.00	0.00	0.08	0.03	75.0%	23	315
0	1	—	23.43	0.00	0.00	22.50	0.01	0.05	0.02	61.7%	2	550
4	1	66.2%	23.07	15.40	16.80	25.00	0.02	0.08	0.29	55.9%	7	181
51	1	116.8%	9.30	14.50	17.75	27.50	0.05	0.14	0.14	51.6%	4	717
249	3	69.3%	11.60	11.00	12.40	30.00	0.01	0.19	0.17	48.4%	1	540
404	3	60.5%	10.95	8.70	10.05	32.50	0.12	0.57	0.32	52.0%	1	724
380	1	53.0%	9.00	6.60	7.80	35.00	0.51	0.65	0.65	42.4%	8	664
519	1	47.6%	5.30	5.40	5.75	37.50	0.90	1.20	1.34	40.9%	1	444
1,105	6	45.3%	3.80	3.85	4.10	40.00	1.93	2.01	2.17	39.0%	7	2,525
LUV $41.66
1,235	28	43.5%	2.70	2.60	2.77	42.50	2.91	3.25	3.45	38.5%	4	407
2,047	46	41.7%	1.48	1.51	1.74	45.00	4.60	4.85	4.96	38.4%	4	538
1,302	8	41.1%	0.97	0.86	1.07	47.50	6.35	7.50	6.75	50.7%	3	784
2,246	7	40.6%	0.57	0.39	0.63	50.00	7.55	9.75	9.06	55.3%	6	481
769	1	41.3%	0.33	0.31	0.39	52.50	9.70	12.00	14.77	58.4%	2	176
755	2	41.1%	0.17	0.15	0.22	55.00	12.05	14.60	15.52	67.0%	2	3
228	7	50.9%	0.24	0.00	0.35	57.50	14.90	19.05	9.25	70.8%	8	8
1,468	2	46.4%	0.07	0.00	0.14	60.00	0.00	0.00	13.05	—	1	0
234	1	47.7%	0.05	0.00	0.10	62.50	—	—	—	—	—	—
195	4	50.5%	0.06	0.00	0.09	65.00	21.65	25.25	23.00	52.1%	1	0
417	4	60.9%	0.04	0.00	0.27	70.00	27.10	30.60	28.31	78.5%	—	2
223	1	74.1%	0.43	0.00	0.48	75.00	—	—	—	—	—	—
207	2	72.8%	0.08	0.00	0.26	80.00	—	—	—	—	—	—

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 December 18, 2026 expiration, the LUV put/call ratio based on open interest is 0.66 (9,339 puts vs 14,110 calls), and 0.64 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 December 18, 2026 is about 41.0%, 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.