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: Mar 19, 2027
Days to expiration: 159
Share price: $41.66
Put/call ratio (OI): 1.99
Put/call ratio (volume): 0.59
ATM implied volatility: 43.9%
Expected move: ±$12.07
Open interest (C / P): 8.13K / 16.21K

LUV options summary

The LUV options chain for the March 19, 2027 expiration lists 20 call and 19 put contracts, with 159 days until expiration. Open interest stands at 8,131 calls and 16,209 puts, a put/call ratio of 1.99, which is more bearish, with puts outnumbering calls. At-the-money implied volatility near the $42.50 strike is 43.9%, which implies the market expects a move of about ±$12.07 (29.0%) in Southwest Airlines stock by expiration.

The most open interest sits at the $52.50 call (1.54K contracts) and the $47.50 put (10.14K contracts).

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

LUV options chain · March 19, 2027

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
20	3	89.6%	19.20	21.70	23.35	20.00	0.00	0.32	0.05	61.2%	10	97
0	—	—	23.54	0.00	0.00	22.50	0.01	0.17	0.12	53.0%	16	135
1	8	126.3%	23.82	19.25	22.60	25.00	0.01	0.32	0.24	51.5%	18	119
47	15	62.4%	15.78	13.80	15.30	27.50	0.31	0.74	0.43	54.3%	16	208
40	1	58.4%	13.50	11.65	13.15	30.00	0.50	0.76	0.69	45.9%	17	266
8	8	61.9%	17.80	9.05	11.65	32.50	0.85	1.28	1.13	45.7%	20	332
123	144	59.7%	9.40	7.90	9.90	35.00	1.38	1.77	1.70	42.8%	19	529
245	11	47.5%	8.15	6.30	7.30	37.50	1.92	2.58	2.49	41.8%	18	1,399
959	3	44.9%	5.23	5.00	5.70	40.00	3.10	3.60	3.52	40.8%	22	401
LUV $41.66
931	1	48.4%	4.25	3.95	4.95	42.50	4.00	4.80	4.82	39.4%	3	1,991
393	8	47.0%	3.18	3.05	3.85	45.00	5.35	6.25	6.00	38.4%	1	469
607	23	43.6%	2.42	2.26	2.71	47.50	6.60	7.95	7.84	37.8%	3	10,144
812	22	43.0%	1.76	1.55	2.04	50.00	9.40	9.80	10.20	36.9%	2	77
1,543	16	41.2%	1.25	1.07	1.40	52.50	13.20	14.45	8.20	58.0%	1	33
993	16	46.0%	0.89	0.84	1.42	55.00	14.30	15.50	9.32	54.4%	12	6
596	16	41.0%	0.65	0.60	0.76	57.50	16.55	17.85	10.92	57.2%	4	3
402	8	43.0%	0.52	0.43	0.67	60.00	0.00	0.00	17.70	—	1	0
214	6	42.4%	0.26	0.23	0.35	65.00	0.00	0.00	19.75	—	1	0
109	2	43.2%	0.15	0.10	0.21	70.00	—	—	—	—	—	—
88	2	56.2%	0.10	0.00	0.50	75.00	33.15	35.35	31.55	64.6%	1	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 March 19, 2027 expiration, the LUV put/call ratio based on open interest is 1.99 (16,209 puts vs 8,131 calls), and 0.59 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 March 19, 2027 is about 43.9%, 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.